Fitzgerald: Most UK managers have lagged All Share this year

Aviva Investors' multi-manager team has said most active managers investing in UK stocks are failing to beat the FTSE All Share this year as overweights in mid- and small-cap stocks weigh on portfolios.

The group’s head of multi-asset, Peter Fitzgerald (pictured), said the team has struggled to find active managers that can outperform the index in the current market, in particular in the UK and US, where many funds have been overexposed to small and mid caps hit by the sell-off earlier this year. “Finding outperforming managers in the UK has been tricky this year,” he said. “Year to date, most active managers have underperformed the FTSE All Share index due to their mid- and small-cap bias.” The FTSE All Share has returned 3.2% year-to-date, ahead of the IMA UK All Companies sector a...