Fundsmith Equity's Terry Smith questions if there are any AI winners

In the fourteenth annual letter to his clients, Smith reviewed the past calendar year experienced by clients in his fund, which offered a total return of 12.4%, lagging the wider IA Global peer group's 12.7%. The fund has now underperformed the MSCI World Index on a three- and a five-year basis.  Smith commented on two key events from 2023, starting with the rise of AI themed investing in equity markets, a trend which acted as the "driving forces behind the rise of most of the Magnificent Seven and especially Nvidia". Fundsmith Equity slips further down ii most bought list Nvidia's...