🌊 When investors drift

From 2010 to 2020, UK investor Terry Smith - founder of Fundsmith - outperformed the market, but the years that followed have resulted in significant underperformance. In recent weeks Fundsmith has made a signifcant change to its investment methodology, which has been subject to much commentary. In my most recent research report, I delve into the drivers of the fund's first decade of outperformance, and consider some of the causes of the underperformance seen since 2020. There are some helpful lessons here for quality growth investors.

>> The report is available here: Terry Smith's Early Investments.

This week will also see earnings announcements from most of the companies in the Long Equity portfolio, which I shall be tracking here. We've so far seen strong results from Comfort Systems USA, while MSCI continues to run like clockwork in delivering strong consistent growth.

>> You can follow the Long Equity portfolio here.