Peter Hargreaves

2022 has been a challenging year for equity investors with most market indices falling.

“Quality growth” investors, which include some of the UK’s best-known investors such as Fundsmith’s Terry Smith, have fared particularly badly as markets have rotated away from a focus on growth to value or cyclical sectors.

The Fundsmith Equity Fund, which had client assets of around £25.5 billion at 29 April is down...