Terry Smith and Nick Train make Bestinvest's '位置／汚点／見つけ出す the Dog' 名簿（に載せる）／表（にあげる） of 基金s for the first time
退役軍人 stockpickers Terry Smith and Nick Train have featured in Bestinvest's 名簿（に載せる）／表（にあげる） of underperforming 基金s for the first time.
Twice a year, the 投資 壇・綱領・公約 指名するs and shames underperforming 投資 基金s, with its '位置／汚点／見つけ出す the Dog' 報告（する）／憶測 明らかにする／漏らすing which 基金s belong in the dog house and which have 越えるd 期待s.
Fundsmith 公正，普通株主権 and WS Lindsell Train UK 公正，普通株主権, managed by Smith and Train それぞれ, make an 外見 in the 名簿（に載せる）／表（にあげる） for the first time after underperforming for the past three years.
In the dog house: Terry Smith and Nick Train's 基金s feature in Bestinvest's 報告（する）／憶測 for the first time
Fundsmith has been caught out by its 欠如（する） of （危険などに）さらす to mega-cap tech 在庫／株s, dubbed the Magnificient Seven, and energy companies.
In 2023 the 基金 rose by 12.4 per cent in 2023 場内取引員／株価 a return to growth after 低迷ing by 13.8 per cent in 2022.
But it lagged behind the MSCI World 索引 （判断の）基準, which rose by 16 .8 per cent. It also underperformed in 2021 and 2022.
Smith's '質 growth' style has also been out of favour with 2023 a 堅い year for 消費者 中心的要素s companies, which （不足などを）補う around a ４半期/4分の1 of Fundsmith's 大臣の地位.
'Three years is still 比較して short 称する，呼ぶ／期間／用語 for Smith's 'buy and 持つ／拘留する' 投資 approach,' says Bestinvest. 'However, it shows that even the strongest 経営者／支配人s can go through 堅い patches.'
In 返答 to the 報告（する）／憶測, Fundsmith said: 'Our main UK competitor's 全世界の 基金 underperformed ours by 16 per cent over the period chosen by Bestinvest but is not 率d as a "dog" which raises an obvious shortcoming of the methodology.?
'We also 公式文書，認める that Fundsmith 公正，普通株主権 outperformed the 普通の／平均（する） return 配達するd by 基金s in the IA 全世界の 部門 over the last three years yet many of 基金s with worse 業績／成果 are not 率d as "dogs".?
'As we have always said, a year is 簡単に the time it takes for the earth to 回転する around the sun. We think that 投資家s should 裁判官 our returns over the long 称する，呼ぶ／期間／用語, and since inception the 基金 is up 596 per cent or 15.7 per cent on an annualised basis, 逮捕する of 料金s, compared with 11.8 per cent for the （判断の）基準 MSCI World.'?
Train also 苦しむd in a market that hasn't favoured his style of 投資するing in 質 companies with strong brands.
While Fundsmith and Lindsell Train have had a run of bad 業績／成果 in the past three years, both have 配達するd returns '意味ありげに ahead' of their 各々の （判断の）基準s over the longer 称する，呼ぶ／期間／用語.
Other 基金s have also 苦しむd from the dominance of 主要な tech 在庫／株s, creating a 堅い 環境 for active 経営者／支配人s who didn't have （危険などに）さらす.
In the six months to 31 December 2023, the 報告（する）／憶測 has seen a more than 170 per cent jump in the number of 投資 基金s 述べるd as dogs.
The value of 資産s held in the dog 基金s were also up 106 per cent to £95.3 billion, from £46.2 billion in July 2023.
How does a 基金 get labelled a dog?
While more 基金s have entered the dog house, Bestinvest doesn't 指名する and shame a 基金 just because there's been some volatility or indeed if the 基金 has a style that might be out of fashion.
Instead it looks at 基金s that have a more 深い-rooted problem to 演説（する）／住所, so to qualify as a dog, a 基金 must have 配達するd a worse return than the market it 投資するs in each of the last three years.
It 支配するs out 基金s that have just had a bad year, although some 分析家s prefer to 裁判官 基金s on their five or ten-year 業績／成果.
A 基金 must also have underper formed the market by more than 5 per cent over the three-year period.
The 報告（する）／憶測 only looks at 基金s that are open to 小売 投資家s, taking out those only accessible to institutional 投資家s.
Bestinvest's 位置／汚点／見つけ出す the Dog 報告（する）／憶測 分析 業績／成果 of 基金s over three years?
Which other 基金s have 成し遂げるd 不正に?
全世界の 部門 had the highest 一致する of underperforming 基金s, 二塁打ing from 24 to 49 in six months.
The three-year period to the end of 2023 covered economies 再開するing from the pandemic, the war in ウクライナ共和国, the cost of living 危機 and the 衝撃 of AI. Very few 経営者／支配人s managed to 首尾よく navigate all those changes.
Nearly a ４半期/4分の1 of all dogs were 全世界の 基金s, with 49 making the 名簿（に載せる）／表（にあげる）, 代表するing £61 billion (30 per cent) of all 資産s.
This 含むd Fundsmith 公正，普通株主権 and St James's Place 全世界の 質 基金.
The UK market languished in 2023 - にもかかわらず cheap valuations, 感情 remained poor.?
Some 18 per cen t of dog 基金s were from the UK All Companies 部門, featuring across all parts of the market.?
Growth 基金s SVM UK Growth, 首相 Miton UK Growth and AXA Framlington UK Select 適切な時期s appeared, 同様に as value 基金s, like M&G 回復.
10 of the 34 基金s had a '維持できる' 委任統治（領）, 反映するing the fact that many did not 持つ／拘留する 化石 燃料 companies that led markets higher in 2021-22.
What to do with your 貯金 if they're in a dog 基金
Bestinvest is very （疑いを）晴らす that its 報告（する）／憶測 is not a 名簿（に載せる）／表（にあげる） of 基金s that should be sold automatically.?
The 報告（する）／憶測 is based on an 分析 of past 業績／成果 which is not a guide to how a 基金 will 成し遂げる in the 未来.
Instead they are 基金s that appear might 令状 a その上の look.?
Bestinvest says 'unless there are good 推論する／理由s to believe 業績／成果 will turn around based on an 査定／評価 of its prospects, it may make sense to switch to an 代案／選択肢 基金.'
