Terry Smith, one of the best-selling British stock pickers, said selling stakes in three London-listed companies last year should not be taken as a sign he is abandoning investment opportunities in the UK market.

Smith's £29bn fund Equity fund — a favourite among Britain's retail investors and the country's largest – last year ditched stakes in US-based Becton Dickinson as well as UK-based companies Intertek, Sage and InterContinental Hotels.