The stock picker, whose £22bn Fundsmith vehicle is the 15th largest shareholder in Unilever, accused the company of failing to listen to the concerns of investors and criticised the consumer goods giant's marketing. Mr Smith singled out Unilever's Hellmann's mayonnaise, claiming it relies on "virtue signalling 'purpose'" in its ads rather than selling the taste. One of the brand's most recent TV advertising campaigns encourages buyers to use the sauce to cut down on food waste by using mayonnaise to brighten up leftovers.