Terry Smith, manager of the £27bn Fundsmith Equity fund, has written an unexpected letter to shareholders defending the fund from headlines which predicted its demise earlier this year.
In the letter, Smith highlights articles from Citywire and City A.M. in May which focused on the outflows from the vehicle in the midst of the much-anticipated rotation from growth to value investing. He wrote: "If you have been reading what investment commentators have been saying during this period you might be rather surprised that our fund has fared so well. You might even be surprised that we are still here. "I realise that some commentators do not want the facts to get in the way of a good story but our performance versus the 'value' stocks and Covid recovery plays tells its own...
To continue reading this article...
Join Professional Adviser
- Unlimited access to real-time news, industry insights and market intelligence.
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters.
- Make smart business decisions with the latest developments in regulation, investing retirement and protection.
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes.