The spread of the Delta variant of Covid-19 sparked stock market tumbles on 19 July — while the pound posted a five-month low against the dollar. But fund managers are convinced that the UK’s FTSE 100 index, as well as several smaller companies, pose longer-term investment opportunities.

“If the market decides to put a negative spin onto the rising case numbers, that could create buying opportunities,” said Steve Clayton, head of equity funds at Hargreaves Lansdown.