WHAT WE ARE SAYING

Net Asset Value(s)

11 December, 2018 10:05:18 | By Fundsmith

Net Asset Value(s)

10 December, 2018 10:30:41 | By Fundsmith

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07 December, 2018 10:07:20 | By Fundsmith

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06 December, 2018 10:02:04 | By Fundsmith

Fact Sheet as at 30 November 2018

04 December, 2018 15:35:21 | By Fundsmith

Net Asset Value(s)

04 December, 2018 10:04:56 | By Fundsmith

Net Asset Value(s)

03 December, 2018 09:38:01 | By Fundsmith

Net Asset Value(s)

30 November, 2018 09:55:50 | By Fundsmith

Net Asset Value(s)

29 November, 2018 09:53:31 | By Fundsmith

Net Asset Value(s)

28 November, 2018 10:05:46 | By Fundsmith

What Terry Smith IS SAYING

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.

Financial Times – The unique advantage of equity investment

20 April, 2017 | By Terry Smith

Investment in stocks and shares – equities – has a unique advantage over other asset classes which in my experience is rarely understood and almost never discussed. Equities can compound in value in a way that investments in other asset classes, such as bonds and real estate, cannot. The reason for this is quite simple: companies retain a portion of the profits they generate to reinvest in the business.

Financial Times: Emerging Markets ETFs and the Jaws of Death

19 February, 2017 | By Terry Smith

In his latest article and podcast for FT Money, Terry Smith discusses why it may seem a strange position for an active fund manager to adopt but he is in favour of passive or index investment; the problems with emerging market ETFs; and the types of companies that these ETFs invest in.

Financial Times - A Hitchhiker’s Guide to emerging markets

01 August, 2014 | By Terry Smith

In my last column for FT Money* I tried to get to the bottom of why so many investors have had such a bad experience pursuing the superior economic growth in emerging markets. This begs a further question: is there a better way to invest in the developing world?