Terry Smith hits back at critics over underperformance

"There are several lessons to be learnt from this, not the least of which is that no amount of recovery or low valuation will turn a poor business into a good one and quality is the main determinant of long term performance."

Ben Yearsley, investment director at consultancy Fairview, said: “I try to run balanced portfolios so I haven’t changed anything since last November. There are value fund and growth funds in the portfolios we run.

"But I would say that we prefer other growth funds, such as Blue Whale and Lindsell Train, and Martin Currie. And that comes down to access, if I want to meet the Blue Whale manager I can, if I want to meet Nick Train I can."