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,...
Songs from writers Johntá Austin, Sean Garrett and Rico Love
Analysts in bullish mood
Uncertainty has resulted in 2% less growth
Expected to complete in Q2