"For fifteen years, Fundsmith’s mantra was «Buy good companies. Don’t overpay. Do nothing.» On the first of July 2026, the third leg broke. Terry Smith told his investors that he will now take momentum into account — and started buying names like AppLovin."
And, of course, the obvious sentiment interpretation from this announcement is that momentum is over. Funds closing, blowing up, or changing their investment strategy have a long history of marking turning points.
"For fifteen years, Fundsmith’s mantra was «Buy good companies. Don’t overpay. Do nothing.» On the first of July 2026, the third leg broke. Terry Smith told his investors that he will now take momentum into account — and started buying names like AppLovin."
And, of course, the obvious sentiment interpretation from this announcement is that momentum is over. Funds closing, blowing up, or changing their investment strategy have a long history of marking turning points.