A hedge fund manager dubbed "Britain's Warren Buffett" has dumped his holdings in beauty brand Estée Lauder to double down on one of its biggest rivals, accusing the brand of fumbling business in China.
In his annual letter to investors, Fundsmith manager Terry Smith said his £23.7 billion ($30 billion) fund had dropped Estée Lauder while calling its French competitor L’Oréal a “long-term favorite” of the group.
