卖出味好美：转嫁成本太慢，自有品牌竞争加剧
2024 年 Fundsmith 卖出了味好美。特里·史密斯说，味好美把原材料涨价转嫁出去的速度太慢，压缩了利润率；通胀又让消费者转向超市自有品牌，竞争更激烈。2023 年时他就指出，味好美餐饮业务的利润率还没恢复到疫情前水平。
We sold McCormick as we had been disappointed by the slow response which the company exhibited in its ability to pass on input cost inflation so compressing its margins, together with its exposure to own label competition which has stiffened as inflation has caused consumers to trade down.说完之后，2025Q1 的 13F：未持有