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Thanks. Not as bad as I had thought.
For right or wrong, I see PHE as analogous to Fundsmith, but Fundsmith has done significantly badly in the last 18 months. The fact that it's down 11% on the start of the year compared to PHE down 6.99% shows that there are indeed differences.
I have a reasonable chunk in Fundsmith. As much as possible will be coming out as soon as the tax year rolls 'round.
Thanks again for your input Adam