Fundsmith's profit decline forces Terry Smith to take second pay cut

Pay reduced to £27.9m

Star stock picker Terry Smith has seen his income from his Fundsmith investment business snipped for the second consecutive year as profits continued to slide.

Smith took home at least £27.9m before tax, down from £31.2m a year ago, according to the firm's accounts filed on Companies House on Friday (8 November). In the 12-months to 31 March 2024, Fundsmith's profits fell to £46.4m, down from £50m last year, a figure that has resulted in the 17 profit-taking members receiving reduced pay outs.  Terry Smith: Nvidia is too unpredictable for Fundsmith to invest in This comes as Smith's flagship fund, Fundsmith Equity, which manages £22.8bn for its investors, continues to underperform its MSCI World benchmark having made 8.4% versus 19.3%, re...