Nick Train: Fund allocators have become disenchanted with UK equities

UK market a ‘backwater’

Nick Train, portfolio manager of the Finsbury Growth & Income trust, has called out the UK stock market’s “dismal capital performance” as a direct result of missing “significant technology champions”.

In an update to FGIT investors, he said fund allocators have become disenchanted with and are disinvesting from UK equities - with only 4% of the UK's pension assets invested in domestic companies compared to 50% two decades ago. Train believes the UK has become a "backwater of global equities markets", following a tumultuous month which saw several companies opting to list in New York over London. London loses sole spot as top financial centre as city ties with New York The manager said not only has the lack of big tech companies hindered the UK market's performance, corporations'...