Our Promise

Having spent the first decade of my career working in a bank and then becoming a top-rated bank analyst, I find that people often express surprise that I never invest in bank shares. But I think it is precisely because I understand banks that I never invest in their shares. The recent events surrounding the collapse of Silicon Valley Bank (“SVB”) and Credit Suisse reinforce this stance. Why?

Fundsmith manager Terry Smith explains how the end of cheap money might affect the fund’s performance and what he plans to do with the portfolio.

Fundsmith manager Terry Smith gives an insight into where the best opportunities for his portfolio might be found in the future.

They are defensive, they generate stacks of cash, they are highly consolidated and much better run than they used to be. So why do investors not want to own UK supermarkets, which have underperformed the wider market for more than a decade?