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Star fund manager Nick Train has joined the growing chorus of criticism for the UK stockmarket, warning that “dismal capital performance” has triggered its fall from grace.
The manager of the £4.6bn Lindsell Train UK Equity fund (GB00B18B9X76) defended the decision of UK pension funds to reduce their domestic exposure over time, with the allocation falling from roughly half of portfolios two decades ago to a mere 4 per cent now. “Who am I, or any commentator, to argue that UK pension funds made a historic mistake in running down their UK equity exposure?” he said. “Indeed, perhaps they responded rationally to the lack of value-creating companies listed on the London stock market and have been wise to focus instead on more promising global stocks, or even index-linkers.”