Fund Manager Comments on 2022 Mistakes, Meta Platforms & Unilever (Correction)
(Substack Exclusive) Reading Materials (PYPL US, META US, ULVR LN)
(A previous version was sent with the wrong title in error - our apologies)
Introduction: We are relaunching our “Fund Manager Comments” newsletter and publish it regularly each month (sign up here). The newsletter tracks public comments by key institutional fund managers and tries to draw lessons from their decisions, especially where these overlap with our own holdings and research coverage.
This month, we have comments from Fundsmith (on problems at several holdings), Sequoia Fund (on their 2022 mistakes and Meta Platforms), Pollen Capital (again on Meta) and Trian Partners (with read-across for Unilever).
Fundsmith on Problems at Key Holdings
Terry Smith’s annual investor letter as usual attracted plenty of press coverage this year. His comments on the macro background behind Fundsmith’s first ever annual loss and Unilever’s corporate governance issues have already been extensively reported, but we want to highlight just how many problems he listed at their current or recent holdings.
…