By Elliot Gulliver-Needham The largest fund in the UK, Terry Smith’s Fundsmith Equity, has been labelled an underperformer by the ‘Spot the Dog’ report for the first time in history. The report from Bestinvest, which identifies the funds in the ‘doghouse’ due to persistent underperformance, saw the number of poorly performing funds rise sharply. 151 equity funds were identified by the report, holding £95.3bn of investor wealth, which is a 170 per cent jump from the previous report in 2023. The value of assets held by dog funds was also up by a whopping 106% to £95.26 billion from £46.2bn last …