Group 1 - Fundsmith Equity Fund's T Class Accumulation shares returned 0.8% in 2025, underperforming the MSCI World Index which returned 12.8% [1] - The fund's underperformance is attributed to index concentration, growth of assets in Index Funds, and weakness in the dollar [1] - Since inception, the fund has outperformed the index by 1.7% per annum [1] Group 2 - Philip Morris International Inc. (NYSE:PM) had a one-month return of 2.65% and a 52-week gain of 38.33% [2] - As of January 9, 2026, Philip Morris International's stock closed at $162.61 per share, with a market capitalization of $253.125 billion [2] - The company is recognized for its transition into reduced-risk products (RRPs) such as heat-not-burn tobacco products and nicotine pouches [3] Group 3 - Philip Morris International Inc. was held by 90 hedge fund portfolios at the end of Q3 2025, a decrease from 111 in the previous quarter [3] - While Philip Morris is acknowledged as a potential investment, certain AI stocks are considered to offer greater upside potential with less downside risk [3]

Shutthiphong Chandaeng/iStock via Getty Images Dear Fellow Investor, This is the sixteenth annual letter to owners of the Fundsmith Equity Fund (‘Fund’). The table below shows performance figures for the last calendar year and the cumulative and annualised performance since inception on 1st November 2010 and various comparators. % Total Return 1st Jan to 31st Dec 2025 Inception to 31st Dec 2025 Sortino Ratio 6 Cumulative Annualised Fundsmith Equity Fund 1 +0.8 +612.9 +13.8 0.75 Equities 2 +12. ...