Star stock picker Terry Smith has defended the performance of his flagship Equity fund, claiming negative returns posted last year were “inevitable” as the era of easy money drew to a close and the tech stock bubble burst.
One of the most successful names in UK fund management, Smith — who paid himself £36m during the 12 months to the end of March 2022 — has boasted years of stellar performance with his philosophy of buying good companies, not overpaying, then doing nothing.
