Fundsmith adds AppLovin, TSMC, Uber; exits Nike, LVMH, Novo Nordisk among 1H moves

The article reports that Fundsmith Equity Fund was down 2.9% in the first half of the year, underperforming the MSCI World Index by 14.1 percentage points. In its semi-annual letter, the fund disclosed portfolio changes that included adding AppLovin, Taiwan Semiconductor Manufacturing, and Uber, while exiting Nike, LVMH, and Novo Nordisk. For Apple, the article appears only as a related-stock context item rather than the main subject, so the broader market takeaway is limited. The main implication is that Fundsmith is rotating toward select technology and platform names while trimming consumer and healthcare exposures, suggesting a shift in portfolio positioning amid a difficult relative performance period.