Marco compounder moderno (Fundsmith)

Estrategia de inversión de Terry Smith

Terry Smith's Fundsmith framework - 'buy great companies, don't overpay, do nothing.' Modern proof that the value-investing playbook still works: Smith has beaten the global index by ~5% annualised over 15+ years running Fundsmith. The strictest scorer of the seven by design. No banks, no cyclicals, no commodity producers - they fail the quality floor.

Última revisión: 1 de enero de 2026

La estrategia, en lenguaje sencillo

ROCE ≥ 20% - Smith's hard floor. Sustained 5-year ROCE ≥ 18%.
Gross margin ≥ 45% AND operating margin ≥ 20% - pricing power that survives a downturn.
FCF / Net income ≥ 95% - Smith's 'owner earnings = reported earnings' rule.
Net margin ≥ 15% - real bottom-line profitability, not accounting.
Almost no debt - net debt / EBITDA ≤ 1.5×.
Revenue CAGR ≥ 7% and EPS CAGR ≥ 10% - compounding, not just defending.
P/E ≤ 35 - pay up for quality, but not at any price.

From Fundsmith Annual Shareholder Letters (2010–) and Smith's Investing for Growth (2020).

Top 10 acciones con alta puntuación Terry Smith

n.º 1	LUG.ST	100/100 · A	Strong Smith fit - ROCE bar cleared, margins durable, FCF = earnings, no debt. 10/12 criteria met.
n.º 2	5274.TWO	100/100 · A	Strong Smith fit - ROCE bar cleared, margins durable, FCF = earnings, no debt. 11/12 criteria met.

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