More robust than expected GDP growth and the weak pound have helped push UK shares near an all-time high since the country's vote in favour of leaving the EU.
This means investors in shares haven't yet felt the pain predicted to encapsulate the market post-referendum - although it's fair to say little has actually happened yet.
But with market conditions relatively benign for now, how are UK-based fund managers doing? Well, the chart below shows they're muddling along, with the average performance of the IA UK All Companies sector just below that of the FTSE All-Share index from 24 June - the day of the result - until now (27 October).
That said, there is a great disparity between the best performing fund in this period, run by UBS, and the worst-performing one, managed by Barclays. The UBS fund's overweight positions in dollar earners such as BP (BP.), Royal Dutch Shell (RDSB) and GlaxoSmithKline (GSK) have helped.
Conversely, the Barclays fund, which invests in the market via two third-party funds, is more exposed to smaller companies, which sold off more heavily after the vote and are likely to earn less in dollars.
