UK - Case for pessimism looks increasingly strong

After falls in 2007 of over 13% for the average UK equity fund, the first seven months of 2008 have seen a further 13% drop in the average. As a multi-manager it has been nearly impossible to find a fund that could make you money this year, although one has done - rather unexpectedly Manek Growth (not held), run by a former winner of a mid-1990s Sunday Times investment competition. His rise to the top of the charts this year is in part due to the perhaps surprising fact that in difficult, illiquid markets small-caps have outperformed the FTSE 100 whereas mid-caps have underperformed. Mo...