저자: TerrySmith · 외국인
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영상은 Terry Smith의 경력과 Fundsmith 펀드 운용 철학을 소개한다. 좋은 기업을 적정가에 사고 오래 보유하는 전략으로 2010~2025년 연평균 13.18%, 누적 612.9%의 수익률을 냈고 MSCI World 대비 145% 높은 성과라고 설명한다. 다만 2023~2025년은 시장 대비 부진했고 운용자산은 249억 파운드에서 240억 파운드로 줄었다. 펀드 회전율은 낮고 운용보수는 연 1.04%다. 최근에는 AI 대규모 투자의 실질 수익성과 엔비디아의 고평가에 의문을 제기했다. 예측 발언(가격 방향)은 없다.
다듬은 글
Terre Smith is a remarkable person who is a British fund manager . He was born on May 15, 1953, in East London, England . He is currently considered one of the UK's most successful and well-known investment managers . Terry Smith was raised in an ordinary family. He attended Stratford Grammar School and graduated from University College, Cardiff University in 1974 with a degree in history.
He graduated with a first-class degree . His interest in finance began at a young age, and he began working at Barclays Bank in 1973-1974 . Palmov worked as a manager at the branch . He later moved to the bank's finance department, where he delved into stock analysis. In 1976, he became a member of the Chartered Institute of Bankers.
As an important step for his future career, he received a master's degree from Henley Management College in 1979. This education helped him develop a deeper understanding of financial markets and strategic thinking skills. In 1984, Terry Greenveld joined the company as an analyst. He later joined Barclays Zote vet and was named the best banking analyst in London between 1984 and 1989 .
In 1990, he was appointed head of UK corporate research at Philip and True, a US company . 1992 was a turning point in Terror Smith's career. He published a book called Accounting for Growth. This work openly criticized the methods of manipulating corporate accounting and exposed how financial statements were used to mislead investors.
The book caused a huge stir. It sold over 100,000 copies in three weeks and became a bestseller. But this success came at a high price. Terry Smith was fired. UBS Philips and Drew did not approve of his views. The book analyzed methods used to manipulate the financial statements of bankrupt companies such as Poly Pek Bridge and Comment and Colorli .
This case created a real wave in the financial world and led to changes in many accounting standards . After being laid off, Terry Smith joined Collins Stuart and began working there in 1992 . He quickly found his place in the company's management and became director in 1996. In 2000, he was promoted to CEO after executing a management buyout transaction.
The same year, the company was listed on the London Stock Exchange. In 2003, Gold Stuart acquired Tolet Liberty and then took over Preburn in 2004. As a result, Tullert Perbon was founded, which became the second largest dealer company in the world . In 2006, Collins Stewart and Perbon were split into two, and Terry Smith served as chairman of Collins Stewart from 2006 to 2010 .
In 2014, he retired from Tullet Perbon and dedicated himself full time to the company he founded, F smith, and made that decision. On the first day of November 2010, Terror Smith founded his own fund management company, Font Smith. This London-based company is based on a very simple yet effective strategy.
Buy good companies. Don't overpay and do nothing. This approach reflects a long-term investment philosophy. The Smith Equity Fund has shown excellent results since its inception . From 2010 to the end of 2025, the fund generated an average annual return of 13.18%. On a cumulative level, the fund has shown a growth of 612.9%.
This is a 145% higher result than the MSCI World index. Throughout the period, the Fund ranked third out of 155 funds in the Investment Association Global Sector . With a 322% higher return than the industry average. The company initially managed just £1.5 billion in funds. By the end of 2024, the amount of assets under management reached 24.9 billion pounds sterling.
By the end of 2025, this figure had reached 24 billion pounds sterling. This decline is mainly due to market conditions over the past two years and the withdrawal of funds by some investors . Termite's investment approaches are very clear and understandable. and typically invests in 2030 high-quality companies .
Its main criteria are companies with high capital efficiency, businesses with advantages that are difficult for competitors to replicate, companies that do not require high debt, businesses that are resistant to technological change, and companies that are valued at a fair price . This is often called the English Ven Buffot .
Because his long-term investment strategy resembles Buffett's approach. Terry Smith cites the Tour de France cycling race as an example . No cyclist has ever won every stage and never will . Similarly, in investing, patience is key, and the winner is the investor who finds a good strategy and sticks to it .
The Fansmith portfolio has a very low turnover rate. In 2025, the portfolio turnover was 12.7%, up 7%. This reflects a long-term holding strategy. The company does not use derivatives and does not hedge currency risk. Management fees are 1.04% per year , which shows that this fund provides high-quality service at competitive prices .
Fmith's portfolio includes some of the most powerful companies in the world. This includes companies such as Microsoft, Metaplatforms, L'Oreal, Novo, Nordisk, Philip Morris International, ST Lauder . Recently, the portfolio has included Eselor luxury brand Ray-Ban metal smart eyeglass manufacturer and Zodis, a leading company in the field of health care .
The years 23-204 were more difficult times for Fond Smith . Although the fund has returned an average of 13.6% per year , it has lagged behind MSC World for the past five years. The fund showed a growth of 0.8% in 2025. The MSI World index grew by 12.8% and 8%. This is largely due to market conditions, which have seen significant investments in technology and artificial intelligence companies.
From 2018 onwards. Smith founded the Smithson investment trust. This investment trust focuses on small and medium- sized global companies . The Trust raised £822.5 million in funding in its initial public offering. This was the largest amount in the history of UK-based investment trusts. Through April 2025, the Trust has generated a return of 42.6%.
In addition, in 2017, he launched a fund steering fund, previously known as the fmith stainbale equity fund . This fund uses the same strategy as the underlying fund. Terry Smith also has a keen interest in history , especially military history. In 2008, he started and led the Sir Kit Park Memorial Company .
This company aimed to erect a statue of Sirgit Park, commander of 11th Group during the Battle of Britain during World War II, in the square of the parties . The battle was set and opened on September 15, 2017, at the age of 7000 . In 2012, Terry Smith was appointed a Fellow of the New Zealand Literacy Order .
In 2016, Cardiff University awarded him an honorary membership. Termit was previously married to a woman named Barbari and has two daughters . Later, this family divorced, and after 13 years of relationship, she started a family with a new partner and divorced him too. Since 2021, he has been embroiled in several legal disputes with his former partner .
According to 2025 data, the net worth of Terry Smith is estimated at around £220 million. The Times Rich List estimated his fortune at £300 million . His wealth comes mainly from fansmith fund management and performance fees. It also comes from personal investments in their own funds . He currently has over £250 million of personal investment in fansmith funds.
He currently lives on the island of Moravshus and runs his company from there. He is interested in boxing, and he is also a cyclist and a Muay Thai fighter. Terry Smith is a strong critic of the fee structures of investment management companies . This highlights the fact that many managers turn over their stocks too many times , causing investors to lose a large portion of their returns to excessive management fees and expenses .
He also said this many times . Last year we spent £98m on trading on a £3.5bn fund of funds. That is, total sales and marketing expenses were 0.0005% . FCA statistics show that the average UK fund manager spends 1.5% on trading. This is a big hit to efficiency. He wrote regular articles for the Financial Times and, until 2013, wrote extensively on financial and political issues on a blog called Terry Smith Stayen Tolg .
He has been critical of the Eurosceptic European Union and has supported the UK's exit from the European Union . Recently, Terror Smith has raised questions about the huge capital that tech giants are spending on artificial intelligence . He explained why he didn't buy companies like Nvidia and their overvaluation.
In a 25-year investor letter, he raised questions about whether artificial intelligence investments would yield real returns and focused on the free cash flow metrics of portfolio companies. Terry Smith's success in finance is undeniable. He came from an ordinary family and became one of the most famous investors in the world.
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