What smart money is saying about WH Smith
SMWH.L
No fund has written a full thesis on WH Smith in our archive, but 2 fund letters report a position in it — most recently Royal London AM Equity Funds in July 2026.
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2
Reported positions
0
Bought
2
Sold
2
Letters
Position history
Between Q4 2025 and Q3 2026, 2 fund letters reported a position in WH Smith — 2 trimmed or exited.
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q3 2026 | 1 | 0 | 1 | 0 |
| Q4 2025 | 1 | 0 | 1 | 0 |
Fund activity · 2 positions · 2 moves
- July 2026
“The main activity in the month was to exit the positions in WH Smith and DCC (into a takeover bid), reduce the holding in Sainsbury and start new holdings in Pollen Street and Mondi.”
WH Smith - December 2025
“Fund activity New holdings were initiated in Tate & Lyle, Shawbrook and Mitchells & Butlers. Each has a compelling individual investment thesis, but together with the new holdings in the previous quarter, also represent an adjustment to the portfolio to bring more style diversification. Tate & Lyle is a global market leader in ingredients including sweeteners, with significant self-help opportunities available following the acquisition of CP Kelko. Free cashflow generation positively inflects next year and will provide scope for substantial shareholder returns. Shawbrook is a specialist lender which launched an IPO during the quarter and the fund participated. The highly regarded management team have built a next-generation bank which is growing faster than peers, while scaling on a lean cost digital base. The IPO was priced attractively coming before the UK’s budget and the shares have since performed strongly. Mitchells & Butlers is a large pub group which is using its prodigious cash generation to reduce debt, with the possibility of being debt-free by 2030. The business is operating well in a tough environment and management are driving cost efficiencies such that they’re not depending on the external environment to deliver earnings growth, further supported by falling net interest costs. Holdings in JTC and Telecom Plus were reduced, while holdings in WH Smith and Hilton Foods were both sold.”
WH Smith
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