Never one to care much what the rest of the world thinks of him, Terry Smith has contentedly ploughed his own furrow since setting up his own investment management firm nine years ago. With a distinctive, selective, long-term investment style, Fundsmith made its name with the unlisted £18 billion Equity Fund, which was launched in 2010.
Turn the clock forward to October last year and Fundsmith launched the Smithson Investment Trust, one of two listed vehicles that it manages — something it did in part to cater to the weight of investor demand and in part to capitalise on the relative investment success of companies smaller than those the fund generally had invested in.
This trust, valued at just above £1.3 billion, is similarly distinctive