Star fund manager Terry Smith’s flagship Fundsmith Equity fund has exited its position in British multinational alcoholic beverage company Diageo, following a sustained period of toppling share prices.
Over the past three months, Diageo's share price has struggled, dropping 6.5% from 2,656.5p in June to 2,450p in early September, according to data from MarketWatch. Fundsmith Equity drops out of interactive investor's top ten most-bought funds From September last year the share price fell even further to just shy of 23%. According to Fundsmith's latest factsheet, it "exited our position in Diageo during the month" (August). Fundsmith did not respond to a request for comment on the move. Smith's fund is renowned for holding "companies that are good value and which [it] intends...
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