Active fund managers are gearing up for a return to form this year amid the prospect of fiscal policy rather than central bank stimulus rising to prominence.

FN’s CIO Snapshot 2017, which polled the views of leading asset allocation decision makers from 23 firms managing more than £7 trillion of assets, found that 70% of investment chiefs are bullish or very bullish about the ability of the industry to generate added value this year. Only 9% of respondents were bearish, with 22% neutral.