Terry Smith’s Fundsmith Equity fund has underperformed its benchmark, the MSCI World index, by a wide margin over the past three years. In 2023, for example, the global equity fund returned 12.4%, below the 16.8% return for the MSCI World index.
Although the £25.4bn fund is beating its benchmark in 2024, its performance since 2020 has led to some tough questions for the
