Is one year of underperforming a blip. Likely.

Is three years of underperforming a blip. Perhaps.

Is five years of underperforming a blip. No.

Fundsmith - the darling of U.K. retail investors- has underperformed the MSCI World index over the last decade.

Fundsmith launched in 2010.

It hit £5bn of AUM in 2015.

It hit £29bn of AUM by 2020-21

The smaller number of investors that got in early have outperformed indexes.

Investors who got in after 2015 have underperformed.

Index concentration and not chasing frothy tech is one thing but Novo, Unilever, L’Oreal and other major investments by Fundsmith is just bad stock picking.

Contrast this with Chris Hohn at TCI who doesn’t have more exposure to tech but has made massive returns owning industrials like GE Aerospace. Hohn also runs a more concentrated book than Fundsmith.

The other main area of miss is that Terry - the former banks analyst - doesn’t invest in banks. It worked amazingly well for a decade until it didn’t.

Nick Train’s recent numbers are even worse especially given his U.K. focus and 2025 was the year for the U.K. market.