UK’s ‘star’ stockpickers underperform as they fail to beat cash
Active managers such as Nick Train and Terry Smith have struggled amid the rise of passive funds and US tech stocks
Active managers such as Nick Train and Terry Smith have struggled amid the rise of passive funds and US tech stocks

Stockpicker’s flagship fund failed to beat cash returns in 2025

Some investors reduce positions or buy protection for their portfolios amid concerns over valuations

Transatlantic gap in stock performance this year is particularly wide in smaller stocks

Fund managers most optimistic since 2021 despite worries over tech valuations, Bank of America survey shows

Trend puts pressure on brokerages and investment banks

Just two sectors explain the strong outperformance of the FTSE 100 over the broader FTSE 250 — bank and defence