Veteran investor Terry Smith, manager of the Fundsmith Emerging Equities Trust (FEET), has highlighted tobacco as one of his favourite ever investment sectors, pointing to its strong long-term performance.
Smith (pictured) holds 7.5% in tobacco companies in his investment trust, including Egyptian firm Eastern Tobacco and Indonesian company Sampoerna. Tobacco firms are also prevalent within his £5.5bn Fundsmith Equity fund, which applies a similar investment strategy to FEET but across developed markets; Philip Morris and Imperial Brands are both in his top five holdings. Speaking at a seminar run by Frostrow Capital, which provides secretarial services to FEET, Smith said: "Tobacco is one of the best-performing sectors ever created. It is living proof the best industries are those whic...
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