Terry Smith defends weakest returns since inception for Fundsmith Equity

Annual letter to investors

Jayna Rana
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Terry Smith reiterated his three-step investment process in this year's annual letter to investors
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Terry Smith reiterated his three-step investment process in this year's annual letter to investors

Terry Smith, manager of the £16.4bn Fundsmith Equity fund, has highlighted strong long-term performance and low transaction costs against his rivals, in a bid to defend the weakest returns since inception the fund saw last year.

In his annual letter to shareholders, released every January, Smith acknowledged the fund had returned 2.2% over 2018, which was the "weakest [performance] in absolute terms since inception". However,...

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