Fundsmith Equity was knocked off the top spot of Interactive Investor’s monthly fund bestseller list in December for the first time since 2018.

The broker described the handover to Baillie Gifford’s £6.6bn American fund as a ‘momentous’ moment, capping an extraordinary 12 months for the Edinburgh fund house as its portfolio of growth stocks caught a massive wave of momentum.

Baillie Gifford accounted for seven of Interactive Investors’ top 10 fund purchases in the month. Its American fund has grown by around £4bn since March, topping the North American IA sector and returning 121% last year. It recorded net inflows on every single month in 2020.