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The Daily Telegraph - Your Money - - FRONT PAGE -

A fund for purists who be­lieve long-term gains come only from buy­ing slices of well-run, qual­ity busi­nesses. This is a view we sym­pa­thise with, and the man­ager, Terry Smith, proudly sticks to this for­mula.

The re­turns from his in­vest­ing style could be less spec­tac­u­lar if cheap “value” stocks come back into fashion, but there is no rea­son to doubt that Mr Smith’s hold­ings will con­tinue to per­form solidly as busi­nesses. His port­fo­lio is “con­cen­trated”, with just 28 stocks from around the world, which helps to en­sure that re­turns are less cor­re­lated with the in­dex.

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