Terry Smith Sells Apple Stake; Invests in Zoetis
Billionaire investor Terry Smith, known as the “Warren Buffett of Britain,” has completely exited his Fundsmith’s position in Apple, selling 1,597,544 shares, despite the stock’s previous significant gains. This decision follows a notable rally in Apple shares from the $150s to $220s between Q3 2022 and Q3 2024, which may have motivated profit-taking. In contrast, Smith has drastically increased his stake in animal health company Zoetis, acquiring an additional 2,319,158 shares, resulting in a 1,020% increase in his holdings this quarter.
The global animal health market is projected to grow from $67 billion in 2024 to $149 billion by 2032, and Zoetis leads the industry with over 300 products and strong growth prospects. Meanwhile, Apple’s current trading at 33 times its trailing-12-month earnings per share, combined with stagnating net income, raises questions about its future value.
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