Y TREE's analysis of 550 portfolios found that 84 per cent of wealth managers underperformed in 2025. Wealth management underperformance cost investors up to a third of their expected returns — and most don't even know it's happening.
Terry Smith blames index funds for Fundsmith's five-year slump — but international market data, factor analysis, and 2024's high-dispersion conditions tell a different story. Here's what the evidence actually shows.
Robin Powell
Jan 156 min read
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