Fundsmith’s defining moment

The bear market is putting Terry Smith's quality growth strategy to the test - is he right to be defiant as value outperforms?

Photo by Anne Nygård

Terry Smith, the fund manager, has spent more than a decade outwitting the market with his particular brand of ‘quality’ investing. Buying highly profitable, cash generative, financially stable firms without overpaying and then sitting tight has paid off handsomely for the Fundsmith Equity Fund. After 12 years since launch, it’s currently sitting at a size of about £22+ billion.

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