Browse the world's most comprehensive database of hedge fund investor letters, sorted by recent quarter. Access primary source research from leading institutional managers.
Browse the world's most comprehensive archive of hedge fund manager letters. Access primary source research from leading institutional managers, sorted by reporting period.
The Fundsmith Equity Fund rose 0.8% in 2025, lagging the index due to mega-cap tech concentration, passive momentum flows, and a weak dollar. Manager Terry Smith refuses to chase momentum, maintaining strict active quality discipline and shifting capital toward resilient healthcare and enterprise software.
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The Fundsmith Equity Fund rose 0.8% in 2025, lagging the index due to mega-cap tech concentration, passive momentum flows, and a weak dollar. Manager Terry Smith refuses to chase momentum, maintaining strict active quality discipline and shifting capital toward resilient healthcare and enterprise software.
