Fundsmith的费用
如前所述，丰德史密斯的主要目标是创造卓越的投资回报。然而，费用随时间推移会对回报产生重大拖累。我创立丰德史密斯，旨在提供一支由韧性十足的全球成长型企业组成的高质量投资组合，我们长期持有这些企业，并收取合理费用，且无任何隐藏成本。
As stated before, our main focus at Fundsmith is on producing superior investment returns. However, fees produce a major drag on returns over time. I founded Fundsmith to offer a high quality portfolio of resilient global growth companies which we hold for the long term and for which we charge a reasonable fee with no hidden costs.
丰德史密斯股票基金的综合费率（TER）将极低，因为交易成本将微乎其微。正如我们其他地方所述，投资基金可能产生各种费用，例如法律费、会计费、管理费、托管费、营销费和差旅费等，仅举几例。哪怕仅有几个基点的差异，长期来看也会对投资者的最终投资业绩产生显著影响。
The TER on the Fundsmith Equity Fund will be very low, as the cost of dealing will be minimal. As we have stated elsewhere, there are all manner of expenses which can be charged to an investment fund, such as legal fees, accounting, administration, custody, marketing and travel expenses, to name a few examples. Just a few basis points' difference can have a significant effect on investors' ultimate investment performance over time.
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作为共同投资者，我和我的合伙人已与客户一同投资，并支付与其他所有投资者相同的费用。因此，我们有动力将所有计入综合费率的成本压至绝对最低。
As co-investors, I and my partners have invested alongside our clients and pay the same fee as all other investors. Therefore, we have an incentive to keep all costs that contribute to the TER to an absolute minimum.