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Equity Research Database
Institutional Investment Pitches
Explore thousands of hedge fund pitches, high-conviction equity research memos, and portfolio manager commentary extracted from quarterly letters.
Explore thousands of hedge fund pitches, high-conviction equity research memos, and portfolio manager commentary extracted from quarterly letters.
In his sixteenth annual letter, Fundsmith CEO Terry Smith reports that the Fundsmith Equity Fund rose by 0.8% in 2025, underperforming the MSCI World Index's 12.8% gain. Underperformance was driven...
— Terry Smith
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