WHAT WE ARE SAYING

Net Asset Value(s)

06 August, 2020 10:13:04 | By Fundsmith

Net Asset Value(s)

05 August, 2020 09:49:14 | By Fundsmith

Monthly Factsheet as at 31 July 2020

05 August, 2020 09:48:25 | By Fundsmith

Half-year Report

04 August, 2020 12:51:27 | By Fundsmith

Net Asset Value(s)

04 August, 2020 10:32:17 | By Fundsmith

Total Voting Rights

03 August, 2020 11:23:36 | By Fundsmith

Net Asset Value(s)

03 August, 2020 10:10:45 | By Fundsmith

Net Asset Value(s)

31 July, 2020 10:33:20 | By Fundsmith

Net Asset Value(s)

30 July, 2020 10:44:56 | By Fundsmith

Net Asset Value(s)

29 July, 2020 11:04:02 | By Fundsmith

What others are saying

Interactive Investor video interviews with Michael O'Brien

09 July, 2020 | By Lee Wild

Fundsmith Emerging Equities Trust portfolio manager Michael O’Brien talks to interactive investor about his fund, including how he identifies investment opportunities, ethical considerations and the decision-making process.

Trustnet - Fundsmith’s O’Brien: Emerging economies’ growth to outpace developed markets despite coronavirus

29 May, 2020 | By Abraham Darwyne

Fundsmith emerging equities trust manager Michael O’Brien believes companies selected with the Fundsmith ethos will still ultimately benefit from the trends that drive emerging market growth.

Shares - Turn to Fundsmith to play emerging markets

14 March, 2019 | By James Crux

FEET offers defensive and disciplined exposure to the globe’s fastest growing markets. Emerging economies are faring better than their developed market counterparts despite the US/China trade spat. We believe the best way to get exposure is via an actively-managed fund rather than picking stocks individually as you can lean on the expertise of a fund manager who has the right resources to properly research these markets.

What Terry Smith IS SAYING

Financial Times - There are only two types of investors

02 July, 2020 | By Terry Smith

I last wrote about the problems of so-called market timing in these pages in 2013 (Market timing: don’t try this at home). With the Covid-19 pandemic dominating the news and recent volatility on world stock markets, you may have heard a lot about market timing again...

Financial Times - Never let a crisis go to waste

30 April, 2020 | By Terry Smith

We now have a fully-fledged economic crisis caused by the reaction to the Covid-19 pandemic. What should you do about it in terms of investment? I would strongly advise avoiding the approach of many investment advisers or analysts...

Money Observer - Fundsmith’s Terry Smith: forecasters are like Michael Fish

03 January, 2019 | By Terry Smith

Tumult, turbulence and turmoil are just the words beginning with the letter T used by commentators to describe the behaviour of stock markets in October. I think it’s always good to look at the definition of the words we are being asked to accept. For example: turmoil, noun: a state of great disturbance, confusion, or uncertainty . synonyms: confusion, upheaval(s), turbulence, tumult, disorder.

Financial Times - Busting the myths of investment: Do equities outperform bonds?

07 November, 2018 | By Terry Smith

As an equity fund manager, questioning the investment myth that equities outperform bonds is the equivalent of coprolalia, an occasional characteristic of Tourette’s syndrome in which the sufferer involuntarily utters socially inappropriate remarks.

Financial Times - Busting the myths of investment: who needs income?

03 October, 2018 | By Terry Smith

There seems to be something so alluring about dividend income that it often seems to lead investors to abandon common sense or be encouraged to do so by the investment industry. For example, how many times have you heard it said that the majority of returns from investment in equities comes from reinvestment of the dividends?

Financial Times - Busting the myths of investment

01 September, 2018 | By Terry Smith

Adding small-caps to a global equity portfolio adds value without heightening the risk. If you are an investor you may have encountered these two adages. First, that in order to earn a higher return you must take greater risk. Second, asset allocation is the most important contributor to performance.

Financial Times – ESG? SRI? Is your green portfolio really green?

18 January, 2018 | By Terry Smith

You decide to buy a car. You tell the dealer you want to be environmentally responsible and trust him to supply something appropriate. You had an electric car in mind but he supplies a hybrid. Not too bad, but when it arrives you find that the internal-combustion part of the power plant is a diesel supplied by a German maker caught lying about emissions.

Financial Times – AstraZeneca is beginning to look like Tesco

04 August, 2017 | By Terry Smith

It might be tempting to view last week’s fall in the AstraZeneca share price in isolation, related to the results of the “Mystic” lung cancer drug trial. However, I suspect that AstraZeneca’s problems go much deeper than a setback for a single drug.