Terry Smith's Fundsmith beat the market for a decade, then trailed four straight years. £3.31bn fled in 2024. Most investors lost money vs a tracker. Why? Timing. They bought high after stellar returns, sold low during underperformance. Jack Bogle's iron law: money arrives after gains, leaves during losses. Even star managers can't beat that.
Hot funds often attract a rush of investor cash. But new research shows they’re more likely to underperform once they’ve hit peak popularity. Here’s why chasing recent winners could leave you trailing the market.
TEBI
May 85 min read
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