Terry Smith's Fundsmith Equity gains 6% since launch

New asset management company Fundsmith has released its inaugural shareholder letter revealing the Fundsmith Equity Fund has gained 6.14% net of fees since November.

The £61m fund, unveiled by UK financier Terry Smith on 1 November, has outperformed the MSCI EAFE index at 5.76% and the FSTE 100 at 4.4%. The fund underperformed the broader MSCI index, which also includes US stocks. The report reveals the best performing stocks were Del Monte Foods, Becton Dickinson, Domino's Pizza, Nestle and Stryker Corp. Conversely, detractors from the fund's performance include Secro Group, Imperial Tobacco, Dr Pepper Snapple and Reckitt Benckiser. Smith says the Equity fund launch was "somewhat against the tide of events" as it was unveiled at the end of a d...