The battle continues as UK equities try to recover from the past three years

UK equity funds are still recovering from the battering they have received over the past three years. Some managers are fighting a rearguard action, trying to suit their investment processes to the new environment, while others have attempted a wholesale change. Either way, the general trend has been away from TMT and small cap and towards large-cap, defensive stocks. Rae Brooks, manager of the Crédit Agricole UK fund, took over the fund in 2002 after a period of underperformance brought about by the tech fall. Over the last three years the fund has been in the bottom 10 i...