Fundsmith Equity Fund and its forthright manager Terry Smith need little introduction. Launched in November 2010, this concentrated global fund has generated an annualised return of 18.9% to date, well ahead of the 12.5% posted by the MSCI World Index. Smith is now 68 so, similar to Lindsell Train, succession plans at Fundsmith have become a frequent topic of discussion along with how performance might be impacted should the fund's assets continue to grow from their current level of £27bn.

Fundsmith Equity Fund was launched some eighteen months after the low point for stocks after the financi...