It is not often you hear fund managers say they are happy to have poorly performing companies in their portfolio. But Alastair Mundy does not call himself a contrarian investor for nothing.

He said: "At any one time you want some stocks that are doing well, some stocks that are doing badly, and some that are asleep. The majority of investors seem to want everything in their portfolios to be going up at once. But if they are all going up together, then they can all go down together too."