Terry Smith on activism, ESG and what has changed since 2010

Terry Smith, manager of the £22.9bn Fundsmith Equity fund, answers questions about activism, ESG and finding good companies.  The fund manager struggled last year, with his fund falling 13.8% in 2022, compared to a 7.8% drop in the MSCI World index in sterling with dividends reinvested, according to FE fundinfo. However, from the fund's inception in 2010 it has returned 486.8%, or 15.5% annualised. Over the same time frame the average IA Global fund made 154.8% and the index made 204.3% total returns. Smith defended his strategy and holdings in his annual shareholder letter, published...