This time I am reviewing the performance of actively managed funds by UK based managers, Nutshell Growth Fund (Retail Acc), FundSmith Equity  T Acc (Retail), Blue Whale Growth Fund (Retail Acc) compared to Invesco Nasdaq 100 and SPDR S&P 500 UCITS for the past 3 years. Nutshell is the youngest of these 3 actively managed funds (launch date 18th May 2020), so does not have a long track record and therefore difficult to really analyse. But nevertheless the chart is an illustration of the difficulties of actively managed fund managers to perform better than Nasdaq 100 or S&P 500.



This time the analysis is on Fundsmith Equity T Acc (Retail) compared to the USA listed (QQQ), Nasdaq 100 ETF and USA listed SPDR S&P 500 (SPY) as the UCITS version lack the data.

The analysis period is 10 years and again even though FundSmith Equity has outperformed the S&P 500 (SPY), it has failed to match the QQQ. 

Its is an extremely difficult task to match or beat these benchmarks and the fund management industry get away with sleek and clever marketing with accumulating huge amounts of money flow and yet does not deliver. 

But it has to be said Terry Smith is an extremely good investment analyst come fund manager and the author of the excellent book 'Accounting for Growth: Stripping the Camouflage from Company Accounts', published in 1992 and yet still has relevance today. 






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