Q&A: Terry Smith on activism, ESG and what has changed since 2010

The fund manager struggled last year, with his fund falling 13.8% in 2022, compared to a 7.8% drop in the MSCI World index in sterling with dividends reinvested, according to FE fundinfo. However, from the fund's inception in 2010 it has returned 486.8%, or 15.5% annualised. Over the same time frame the average IA Global fund made 154.8% and the index made 204.3% total returns. Terry Smith lands £36m payout despite turbulent year for Fundsmith Equity Smith defended his strategy and holdings in his annual shareholder letter, published in January. In the letter, he also address...