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Morningstar demotes Fundsmith Equity to silver rating, saying ill-timed share sale hurt performanceThe UK’s largest shares-focused investment fund has been downgraded by a leading ratings firm after a “number of missteps” by the star stock-picker Terry Smith.Morningstar demoted the £25bn Fundsmith Equity fund’s rating from gold to silver, saying the manager’s ill-timed sale of shares in large companies including Amazon and the software firm Adobe had hurt performance. Continue reading...