Terry smith retirement

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          6. Terry Smith jettisons Johnson & Johnson from £25bn fund

          Johnson & Johnson has become the latest longstanding holding Terry Smith has jettisoned from his Fundsmith Equity fund.

          The divestment was revealed in a February factsheet for Smith’s £24.8bn global equity fund.

          No other portfolio holdings were bought or sold during the period.

          Smith first invested in the US pharmaceutical and consumer healthcare giant back in 2014 and by December 2015 it was among Fundsmith Equity’s largest holdings.

          Though it has remained out of the top 10 since then, documents for the fund show it was one of the largest purchases in the six months to 30 June 2020, with Smith snapping up £80m worth of shares.

          Although the drugmaker’s shares were boosted following the approval of its single-dose Covid vaccine, they have lost some of their shine amid allegations of the company’s involvement in the US opioid crisis and lawsuits alleging its talc-based baby powder products caus