They may all enjoy similar names but not all diversified growth funds are created equal. And it is the more flamboyant variety, which could be dubbed DGFs 3.0, which have been finding favour among investors – to the detriment of their more conservative rivals.

The appeal of DGFs increased after the sharp market falls of the crisis. They invest in a diverse mix of assets, including, in some cases, exotic derivatives, with the aim of delivering the same long-term performance of equities but without the nasty short-term falls.