Fund managers running UK equity funds for institutional clients have beaten the index by two percentage points a year on average over the past five years, according to figures from analysts Camradata, handing ammunition to those who argue active fund managers are worth their fees.

Camradata has tracked 146 fund managers running UK equities, and found that the median return they produced during the five years to June 30 was 6.2% a year. That is two percentage points a year better than the index.