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.
The fund industry says index concentration is the big risk. But the evidence points elsewhere. Compressed expected returns are what really threaten your long-term wealth — and the right response is simpler and cheaper than the industry would have you believe.
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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