Fundsmith Equity Fund Breaks Through £500M AUM

The Fundsmith Equity Fund launched in November 2010 by Terry Smith as the main vehicle for his own investments has reached £533m of assets under management. Since launch the Fund has outperformed by 18.1% delivering a return of 28.0% versus the MSCI World’s 9.9% return* and it is currently ranked 1st out of more than 200 funds in the IMA Global sector since launch and over one year to 31st July**.

BBC Question Time

David Dimbleby chairs Question Time from Luton. On the panel: Transport Secretary Justine Greening MP, Shadow Olympics Minister Tessa Jowell MP, former leader of the Liberal Democrats Paddy Ashdown, comic actor & broadcaster Tony Robinson and the businessman Terry Smith.

Financial Times - What Buffett has known since 1979

Terry Smith writes to the Financial Times to point out that investors are only starting to realise what Warren Buffett has known for decades - that return on capital employed is the best measure of managerial performance.

Financial Times - Poor and Confused Outlook Continues for Retail Investors.

Sir, I refer to Alice Ross's article " Market timing errors prove too costly " (FT Money, November 20). The article quoted Skandia saying that behaviour on its investment platform reflects the fact that many investors buy UK equities in response to what the FTSE has been doing - buying more when it is high and less when it is low - a recipe for poor investment performance adding further justification to the notion that most investors are their own worst enemy.

ETF's - you were warned.

The losses of $2bn incurred by an allegedly rogue trader on the Delta One desk at UBS have again raised the subject of the (lack of) risk controls by banks dealing in opaque instruments, the need to separate investment and retail banking and the risks inherent in ETFs.

Daily Mail - The battle I warned was bound to come

Terry Smith argues that the sovereign debt crisis he predicted in 2008 has arrived, and that none of the piecemeal measures being proposed will work until the fundamental issues are addressed.

Fundsmith Plans Junior ISA For Government Launch Date

Fundsmith today announces plans to launch a Junior ISA. As the latest savings initiative from the Government to promote investing for children, Fundsmith would welcome the Junior ISA investment limit being raised 20% to £3,600 and would also encourage the Government to convert Child Trust Funds to Junior ISAs to aid simplicity, broader consumer adoption and equal opportunities for all children to maximise their savings.

The Guardian - News Corp: A family business

Terry Smith gives his account on News Corp, highlighting how extraordinary share arrangements insulate Rupert Murdoch from the repercussions of the company’s underperformance.

Accelerated Stock Repurchases

This week there was a new development in the share buyback mass shareholder value destruction exercise which has gripped American companies and has some following in the UK.

Well he would, wouldn't he?

When Mandy Rice-Davies was giving evidence at the trial of Stephen Ward, charged with living off the immoral earnings of Keeler and Rice-Davies, in the Profumo Affair, she made a famous riposte. When the prosecuting counsel pointed out that Lord Astor denied an affair or having even met her, she replied, "Well, he would, wouldn't he?" (often misquoted as "Well he would say that, wouldn't he?"). By 1979 this phrase had entered the third edition of the Oxford Dictionary of Quotations.
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