Terry Smith, chief executive, Fundsmith
Running a £20bn fund doesn’t guarantee good treatment from the companies you invest in, as Terry Smith, the manager of the Fundsmith Equity Fund, has found. When Amadeus, the Spanish company that provides booking software for airlines and other travel providers, raised €1.5bn to help see it through the coronavirus crisis by issuing new shares and convertible bonds at the start of April, Fundsmith wasn’t asked to take part in the fundraising, Smith tells Sky News.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
However, the crisis has created other opportunities for Smith, who invested in sportswear giant Nike and coffee chain Starbucks after the two firms had seen their shares fall almost 40%. “They are both good businesses that we have long wanted to own and we thought we had an opportunity there.” He also sold Clorox, which makes cleaning products, having bought it just four months ago, after its share price rose by almost 30% in the first four months of the year.
-
Football fans issued warning over ticket scams ahead of 2026 World CupSantander customers lost more to football scams in the first six months of 2025 compared to the same period in 2024, when total losses surged due to the Euros
-
Nationwide fined £44 million over “inadequate” anti-money laundering systemsFailings in Nationwide’s financial crime processes between October 2016 to July 2021 meant one criminal was able to deposit £26 million from fraudulent Covid furlough payments in just eight days.
-
Who is Christopher Harborne, crypto billionaire and Reform UK’s new mega-donor?Christopher Harborne came into the spotlight when it emerged he had given £9 million to Nigel Farage's Reform UK. How did he make his millions?
-
The best Christmas gifts for your loved onesWe round up the best Christmas gifts with a touch of luxury to delight, surprise and amaze family and friends this festive season
-
Leading European companies offer long-term growth prospectsOpinion Alexander Darwall, lead portfolio manager, European Opportunities Trust, picks three European companies where he'd put his money
-
How to harness the power of dividendsDividends went out of style in the pandemic. It’s great to see them back, says Rupert Hargreaves
-
Why Trustpilot is a stock to watch for exposure to the e-commerce marketTrustpilot has built a defensible position in one of the most critical areas of the internet: the infrastructure of trust, says Jamie Ward
-
Tetragon Financial: An exotic investment trust producing stellar returnsTetragon Financial has performed very well, but it won't appeal to most investors – there are clear reasons for the huge discount, says Rupert Hargreaves
-
How to capitalise on the pessimism around Britain's stock marketOpinion There was little in the Budget to prop up Britain's stock market, but opportunities are hiding in plain sight. Investors should take advantage while they can
-
London claims victory in the Brexit warsOpinion JPMorgan Chase's decision to build a new headquarters in London is a huge vote of confidence and a sign that the City will remain Europe's key financial hub
