Newspaper article The Evening Standard (London, England)

Funny Money Terry Smith Brings His Comic Relief Portfolio to the City

Newspaper article The Evening Standard (London, England)

Funny Money Terry Smith Brings His Comic Relief Portfolio to the City

Article excerpt

Byline: Simon English

TERRY Smith, the fund manager sometimes regarded as Britain's answer to Warren Buffett, is plotting a shake-up of the PS14 billion ethical investment sector.

He is launching a fund to City investors that will ape the portfolio he has successfully run for Comic Relief, a cause supported by stars such as Ed Sheeran, pictured, since 2014.

That fund has made 23.9% a year, avoiding shares in defence, alcohol, gambling, oil, tobacco and pornography.

That far beats performance from rivals such as Jupiter Ecology and Old Mutual Ethical.

The Fundsmith sustainable equity fund will start with PS10 million from Smith and his staff, with at least another PS90 million to come from institutions, he said.

Smith's first Fundsmith equity fund has done well from a simple plan of buying and holding shares in a small number of big companies.

The philosophy is, "buy good companies, don't overpay, do nothing".

Smith, famously sacked by UBS in 1992 when his book Accounting For Growth lifted the lid on dubious City accounting practices, says the ethical investment sector is poor. …

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