Tech companies drive Fundsmith's H1 returns following Amazon sale

Fundsmith Equity fund

The Fundsmith Equity fund has returned 8.5% in the first six months of 2023, which was mainly the result of contributions from Meta and Microsoft.

In a letter to investors, Fundsmith CEO Terry Smith said the positive performance - although slightly below the 8.9% of the MSCI World index - was boosted by Meta's 70% gain over the last year and Microsoft's continued positive performance despite revenue growth slowing. Meta and Microsoft were up 3.1% and 2.5%, respectively, over the period, Smith said. Other positive contributors included L'Oréal (1.5%), LVMH (1.1%) and Amadeus (1%). Despite being the best performer in the portfolio, Smith said he is "too paranoid to ever declare victory" for Meta due to the company's share price vo...