Returning a second time in the IC Interviews hot seat, Terry Smith is one of the biggest names in the investing world. Having set up the eponymous Fundsmith in 2010, he now manages more than £22bn of British savers’ money and has had his fair share of celebration and criticism.

Funds editor Dave Baxter and Smith unpack everything from Magnificent Seven stocks and the effect of weight-loss drugs on stock markets, to consumer staples and the reason Smith doesn’t want to own market favourite, Nvidia.

Also, find out what quality Smith looks for in companies and fund managers, plus why the fund’s allocation to UK stocks is so minimal.

Timestamps

00:38 Magnificent Seven stocks

3:52 Nvidia 

6:41 AI

08:57 Consumer staples and weight-loss drugs

12:06 Novo Nordisk

17:36 What he looks for in companies 

20:23 Nike 

22:07 Asset allocation and share buybacks

24:48 UK companies and Asia 

29:19 Financials 

30:27 Judging when there’s a crisis versus a mispricing 

35:09 Criticisms of the buy and sell process

39:44 Atlas Copco 

41:44 Next and Autotrader

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