The smart money has started rummaging in the stock market’s bargain bin. Despite more than a decade of underperformance, some of the world’s largest investors have started to pile into undervalued companies in the hopes that a Covid-19 vaccine will prompt a rally.

A Procensus survey of more than 150 global investors managing almost $15tn, conducted earlier this month, found that 35% of investors have bought so-called “value” stocks in anticipation of a vaccine being approved.