Duffield's New Star IT backs Fundsmith Equity

John Duffield's New Star investment trust has revealed a holding in the Fundsmith Equity fund, managed by City financier Terry Smith.

Brompton Asset Management's £76m trust has a 2.49% position in Fundsmith Equity, according to its half-year results ending December 2010, released today. Another key position is 3.59% in Vallar, a mining company founded by Nathan Rothschild, which recently had its inital public offering. However, the largest holdings are in BlackRock Gold & General, and New Star European Special Situations, at 12% each. In the six-month period, the trust reduced its cash position and redeployed cash into the markets, although it still maintained a cautious position. Smaller investments include t...