Maybe someone wished to have also this : 
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Four years of underperformance on the trot, has our Terry lost the Midas touch?
I abandoned the fund a few years back because management seemed to lack conviction, eg buying Adobe then selling it shortly after, and the portfolio was starting to feel tired.
I think the fund’s gotten too big. If memory serves, a fair chunk of the historic gains came from riding the wave of a few smaller stocks. Those sorts of positions would be tricky, if not impossible, for the fund to hold now for liquidity reasons.
I still think you could do a lot worse and it will do pretty well long term. But, looking at the holdings, I would not have much confidence in Fundsmith beating VWRP or VUAG.
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Have never invested with these but yes 23bn is a huge fund that someone is trusting their money with, or just lazy investors?
The management fee to me of 1% is also quite chunky for its size. They take 230million a year, how have they earnt that?
I’ve just had a Quick Look at the top holdings and can’t see what would drive outperformance to an index fund. Why is near 10% in Microsoft?
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Yeah, it’s pretty uninspiring, isn’t it? Some good companies in there but I’d sooner buy a global quality-factor tracker for less than half the cost.
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