Top Highlights

• On average, companies in our portfolio were founded in 1894. We continue to invest in businesses which have shown great resilience over a long period of time.
• Those who have come to appreciate Terry Smith, as I have over the past 15 years, know that he is a man who is fiercely competitive, whether cycling uphill in the French Alps, kickboxing on a beach patio, or squaring up against rival brokers and fund managers.
• But what sets him apart is not just his formidable winning streak, but the principles on which he has chosen to take a stand.
• He has reserved a special place for those who, in his eyes, are guilty of incompetence, obfuscation or misleading investors via sophisticated marketing or creative accounting.
• Terry has always put his money where his (considerable) mouth is.