Fundsmith LLP (‘Fundsmith’), the fund management company founded by Terry Smith, announces the appointment of Scott Chivers as Sales Director to independent financial advisors (‘IFAs’), strengthening its customer relationship team.

Fundsmith is aware of an article published in The Sunday Times on 24 March 2019 alleging that we fail to abide by FCA rules on portfolio disclosure. Fundsmith has always prided itself on being at the vanguard of investor communications and The Sunday Times has now published a prominent apology.

Technically speaking, Terry Smith is not a hedge fund manager. The UK based fund manager, founded and manages the Fundsmith Fund, which today manages more than $20 billion of assets for clients, which mostly include small UK-based investors.

On 24th March, The Sunday Times wrote an article suggesting that we were in breach of the FCA rules by failing to publish our full portfolio online. Today they have published a prominent apology, confirming there is no FCA or other obligation to do so and that we disclose our full portfolio of investments upon request. As we informed them ahead of publication of the original article, The Sunday Times has confirmed that we are not in breach. “We apologise to Mr Smith for this error.”

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.

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.