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The Guardian - UK
The Guardian - UK
Business
Kalyeena Makortoff Banking correspondent

Star stock-picker Terry Smith’s equity fund downgraded by ratings firm

Terry Smith Morningstar Warren Buffett Adobe United Kingdom
Terry Smith leans on a aeroplane
Terry Smith has been one of the UK’s most popular fund managers, delivering returns that left many hailing him as Britain’s Warren Buffett. Photograph: Stefan Rousseau/PA Archive/PA Images

The UK’s largest shares-focused investment fund has been downgraded by a leading ratings firm after a “number of missteps” by the star stock-picker Terry Smith.

Morningstar demoted the £25bn Fundsmith Equity fund’s rating from gold to silver, saying the manager’s ill-timed sale of shares in large companies including Amazon and the software firm Adobe had hurt performance.

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