Apple (AAPL): Trailing in AI Spending or Exploring a Different Path?

Core Viewpoint - Fundsmith Equity Fund underperformed the MSCI World Index in 2025, returning 0.8% compared to the index's 12.8% return, attributing this to index concentration, growth of assets in Index Funds, and dollar weakness [1] Group 1: Fund Performance - The T Class Accumulation shares of Fundsmith Equity Fund returned 0.8% in 2025, while the MSCI World Index returned 12.8% in sterling with dividends reinvested [1] - Since inception, the fund has outperformed the index by 1.7% per annum [1] - The fund's underperformance in 2025 is linked to index concentration and the increasing popularity of Index Funds [1] Group 2: Apple Inc. Insights - Fundsmith Equity Fund highlighted Apple Inc. (NASDAQ:AAPL) in its fourth-quarter 2025 investor letter, noting a one-month return of -5.23% and a 52-week gain of 11.56% [2] - As of January 12, 2026, Apple Inc. shares closed at $260.25, with a market capitalization of $3.85 trillion [2] - The fund expressed skepticism about the guaranteed returns from investments in artificial intelligence, despite its potential impact on lives and employment [3]