Fundsmith, the investment boutique founded by veteran UK stockpicker Terry Smith, is on course to end 2025 with its worst-ever year for net flows.

According to data from Morningstar to the end of October, Fundsmith has bled £5.2bn so far this year. The investor withdrawals, the vast majority of which have impacted the flagship Fundsmith Equity fund, have already surpassed the £3.3bn in net outflows the group recorded for the whole of 2024.