Fundsmith Stewardship Fund I 

The investment objective of the Company is to achieve long term growth in value. The Company will invest in equities on a global basis. The Company’s approach is to be a long term investor in its chosen stocks. It will not adopt short-term trading strategies. The Company has stringent investment criteria which the ACD and the Investment Manager adhere to in selecting securities for the Company’s investment portfolio. These criteria aim to ensure that the Company invests in high quality businesses which in the opinion of the ACD and Investment Manager are those: that can sustain a high return on operating capital employed; whose advantages are difficult to replicate; which do not require significant leverage to generate returns; with a high degree of certainty of growth from reinvestment of their cash flows at high rates of return; that are resilient to change, particularly technological innovation; and whose valuation is considered to be attractive.