This advice is so bad that it's bordering on being negligent.

The peak-to-trough drawdown in Fundsmith in Q1-2020 was 20%. The peak-to-trough drawdown in Schroder Global Recovery in Q1-2020 was 37%.

FS has a 5-year annualised return (admittedly a period over which its performance has somehwat slipped relative to its initial performance) of 18.5% vs the benchmark of 14.7%.

For Schroder Global Recovery, the 5 year performance is a measly 7.7% vs its benchmark of 14,1%.

As far as I can tell, the top holdings of Eni, ING, Centrica, StanChart, IMB are just toxic waste being passed off as "value" holdings.

I don't know what's more shocking - the performance of the fund or Fundhouse's view that re-allocating from FS into this fund is a shrewd investment move.

Or perhaps half of it depending on which bit, if any, Smith doesn't want going forward.

Personally, I think such splits, J&J, GSK etc.... display a complete failure of leadership by the senior executives. It's a case of being seen to be doing something. There's nothing that two or more seperated companies can achieve that one company cannot achieve if it is structured and managed correctly. It's just very trendy at the moment. The time will come when mergers and consolidation in the industry will bring various companies back together once it becomes fashionable again.

Terry Smith has commented before that it is the medical devices part that keeps them invested in J&J but he doesn't like the pharma. Hard to know what he will do here.

Re Pet food, I couldn't agree more with TS. Five pet dogs ago I was feeding my dog £10-15 kibble, now in 2021 my current dog an Alapaha Blue Blood Bulldog (taller classic type) is fed a raw meat diet supplemented with bones and fresh vegetables costing me monthly the equivalent of 2 weeks family shopping for 3 people.
I don't begrudge him even though he eats better than me.
I see pet supplies as a growing industry as we spend more on our pets than ever before and don't think it has peaked yet.

I was talking to the owner of a general hardware store, the sort of place that sells everything from screws to garden furniture etc and asked what was the most profitable line. She said "without a doubt it's pet food and bird food, I have pensioners who come in here every week and buy this stuff even though they don't look as if they can afford it". That tells us something.