Terry Smith sells original holding Nestlé in Equity fund

Held since launch

Terry Smith, manager of the £15.6bn Fundsmith Equity fund, has sold his holding in Nestlé, a stock he has held since the vehicle's launch in November 2010.

Fundsmith said the sale was due to Nestlé's acquisition of the "distribution rights for certain Starbucks products". In May, it was announced Nestlé had paid Starbucks $7.1bn to sell its coffee products in stores outside the café chain in a bid to strengthen its US business. Terry Smith pockets £8m as Fundsmith profits soar Fundsmith explained the decision on the Equity fund fact sheet: "During the month we sold our stake in Nestlé following the announcement of its acquisition of the distribution rights for certain Starbucks products." In the Fundsmith Equity fund's annual lette...