The start of the year sees the publication of the traditional letter from Terry Smith, manager of Fundsmith Equity - the biggest fund in the UK retail market and one of the most popular in the Asset Allocator database.

Fundsmith remains popular despite its three years of underperformance and this week David Thorpe, Joseph Wilkins and Dave Baxter get together to discuss why.

They also discuss the make-up of European equity funds including the rise of Novo Nordisk and the strong performance of the Italian stock market.

The Asset Allocator Podcast is a weekly series aimed at discretionary fund managers, fund selectors and wealth managers, providing insight into the issues that drive investment decisions.

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