The 1 July 2026 semi-annual shareholder letter from Fundsmith Equity marks the biggest change in the fund’s investment process since its launch in 2010. Founder and lead manager Terry Smith acknowledges that the market environment has shifted materially and outlines a significant overhaul designed to improve returns after several years of lagging global equity markets. … Continue reading Fundsmith Equity’s radical portfolio rethink as Terry Smith adapts after years of underperformance