Something I'm always mindful of with Fundsmith. Lindsell Train Global Equity is also listed.

5 key advantages that I think LT has though are:

1) LT managed their UK equity fund thru the last recession: Fundsmith as a group has no such experience

2) L4T Global is more broadly balanced globally whereas Fundsmith is very US centric

3) LT tend to stick to their areas of expertise, and focus where they are proven, eg US, UK, Europe (a handful of countries) and Japan. In contrast Fundsmith moved into Emerging Markets where they were clearly clueless, and learning as they went along. Terry Smith expected his Global strategy to work in the same way for his EM fund. Mistake. He's no longer involved in managing that

4) LT's charges are lower, particularly thru a discount broker such as HL. Charges often seem to matter more in low return or negative return markets, particularly if you are taking money out regularly

5)The size of Fundsmith. Should it for any reason become popular, outflows could be brutal, as in the articles above. LT has more capacity


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The giant top-rated funds that have never faced a recession
25 July 2019

As concerns about the longevity of the business cycle continue to dog the market, we looked at some very large funds that have never faced of a recession and asked what investors should know.

Post By Mohamed Dabo
By Mohamed Dabo,
Reporter, FE Trustnet

With the market enjoying one of its the longest stretches of economic expansion on record, a growing number of funds have never weathered a recession. For investors bracing themselves for a potential downturn, the issue of how these funds will fare during hard times remains a concern.

While it must of course be remembered that past performance is no guide to future returns, managing through a recession can give managers valuable experience for the next recession.

www.trustnet.com/news/7457944/the-giant-top-rated-funds-that-have-never-faced-a-recession?utm_source=Trustnet%20Newsletters&utm_campaign=89bb89cb09-EMAIL_CAMPAIGN_2019_07_23_08_39_COPY_01&utm_medium=email&utm_term=0_2314bd04ee-89bb89cb09-77645865