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The MAC Aids Fund – which receives 100 per cent of the proceeds from the Viva Glam line of lipsticks and lip glosses, like the one launched with Dita Von Teese’s nipple-tassel extravaganza – has raised more than $95m since it was started 13 years ago. What began in 1994 with the launch of one lipstick fronted by transvestite extraordinaire RuPaul, is now the largest non-pharmaceutical funder of HIV/Aids programmes in the world.

Consistent with the brand’s edgy, alternative search engine marketing image, the fund has gone out of its way to give money to causes that other big charities were much slower to back, such as condoms for sex workers in Bangkok and needle exchange programmes in St Petersburg.  So while rubbing shoulders with the stars and hopping from one fashion show to the next are nice perks of the job, the fund is close to Demsey’s heart.

Of course, his good works would not be possible if the billions didn’t continue to roll in for Estée Lauder. Once in private hands, the cable company will be able to put in place a plan for growth without worrying about the next month’s customer numbers.  For all that we hear about a slowdown in the US economy, its business there is 95 per cent up on the same period last year, even if it still amounts to just under 10 per cent of the total.

Roughly halfway through the year, and a month or so into another glorious British summer, means it’s time to review our tips of the year. Our top performer is Anglo American, the consolidated mining giant. Its shares are up 23.9 per cent so far this year, and in a sector bubbling with corporate activity, and demand for metals showing few signs of a slowdown, it looks as if there is more upside left. Tuesday’s demerger of the paper and packaging unit Mondi should also boost returns.