Terry Smith has mayo on his mind — and presumably on his sandwiches and salads. The investor is annoyed that Unilever’s management spends its time pondering the “purpose” of Hellmann’s mayonnaise instead of making more money.
You can see why Smith is upset. His Fundsmith platform has delivered stellar returns to retail investors since inception. But a long streak of outperformance was broken last year thanks to a handful of weak stocks.
Unilever, where Fundsmith is the 10th-biggest shareholder, was one of the culprits. Smith complained in his annual letter this week that the company’s management was “obsessed with publicly