Terry Smith strikes match

Michael Bow
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FUND manager Terry Smith, the contrarian boss of asset manager Fundsmith, spent almost £70m investing in a Swedish tobacco accessory company and soft drink giant Dr Pepper last half-year.

He poured £38.7m into Swedish Match, which makes popular Swedish tobacco product snus, £31.8m into Dr Pepper Snapple and also spent £28.8m on medical supplies company Stryker, making the Michigan-based firm the fund’s second biggest holding.