Fundsmith Equity takes stake in cybersecurity firm Fortinet

Negative performance in October

Fundsmith Equity added a small holding in cybersecurity company Fortinet to the fund last month, according to its latest factsheet.

Fortinet is a California-based developer of security solutions, including firewalls, endpoint security and intrusion detection systems, with a market capitalisation of $45.2bn, according to Morningstar Direct. On Thursday (2 November), the firm's shares fell almost 20% in what Morningstar analyst Malik Ahmed Khan described as a "knee-jerk reaction" to its financial results, which revealed that the company had come short with its fourth-quarter revenue forecast.   Income funds knock Scottish Mortgage and Fundsmith Equity off most bought spots Despite this, Khan said the cybersecuri...