Fundsmith Equity Fund

Oh, Terry definitely wasn’t. But to be fair, they did mention on previous occasions that a time would come where they’d trail the benchmark.

By the way: most undervalued stock in their portfolio? Terry thinks it‘s Meta - while admitting they didn’t do well on the timing for their purchase.

Also, while it technically shouldn’t have been on the agenda, they did briefly comment on the reasons for winding down of FEET (their emerging markets counterpart), also citing the currency headwind, and that currencies like the INR can’t be hedged properly.

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