We are big fans of Terry Smith’s investment approach, but Fundsmith Equity (B41YBW7) has now underperformed for five years running. Despite ‘buying good companies, not overpaying and doing nothing’, the global equity fund returned just 0.8% in 2025. That is less than the 4.2% return on cash and considerably less than the 12.8% gain for … Continue reading Fundsmith Equity underperforms for fifth year running