Smithson (SSON) was launched in 2018 raising a mammoth £823m at 1,000p per share. Managed by Simon Barnard and Will Morgan of Fundsmith, it follows a similar style to Fundsmith Equity in holding a concentrated portfolio of quality stocks but focuses on global small-cap stocks that are typically valued up to £15bn. Its shares had doubled by the end of 2021 and the share count ballooned from 82m to 177m with the shares nearly always trading at a premium to NAV. But performance was weak in the difficult markets of 2022 and a double-digit discount has persisted for over two years. Smithson began b...