Terry Smith, the veteran fund manager, has defended performance of his flagship £22.5bn fund after it failed to beat its benchmark for the fourth consecutive year in 2024.
According to a letter to investors on 9 January, Fundsmith Equity returned 8.9% in 2024, compared to 20.8% delivered by the MSCI World Index. The fund has failed to record an above-benchmark return since 2020.
