One fund manager I keep a close eye on is Terry Smith. Often referred to as ‘Britain’s Warren Buffett’, he has an exceptional long-term performance track record in the stock market, having delivered a return of around 15% a year since he launched his Fundsmith Equity fund back in 2010. Recently, Fundsmith filed its 13F report with US regulators, revealing the US stocks Smith bought and sold in the first quarter of 2024. And the big takeaway for me was that in Q1, Smith was buying Magnificent Seven stock Apple (NASDAQ: AAPL). Apple’s not a new holding for Fundsmith. For around a year-and-a-half now, Smith has had a small position in the company. The recent 13F filing shows that he increased the size of his holding in Q1 however. During the period, the fund manager snapped up 262,959 shares (around $50m worth of stock at today’s share price) in the iPhone maker. This increased the size of his position by 19.7%. It’s worth noting that even after this recent buying activity, Apple’s still a relatively small holding for Smith. At the end of the quarter, the tech stock represented just 1.07% of his portfolio. So he hasn’t gone ‘all in’...