 Star UK fund manager Terry Smith criticised some of the management decisions at investee companies Meta, Apple and Unilever as his Fundsmith Equity fund lost money in a rare underperformance last year, which he attributed to the world exiting the long period of easy money. While also railing against a lack of shareholder engagement and transparency at some investee companies and against companies removing share-based compensation from their non-GAAP metrics, the fund manager said the looming recession in many global economies holds few fears for us as the portfolio of companies should demonstrate a relatively resilient fundamental performance in such circumstances. 