Few managers have dealt with such a dramatic reversal of fortunes over the past three years as Stephen Docherty, Aberdeen Asset Management’s head of global equities.

His team has suffered due to its hefty exposure to emerging markets and value stocks, plus a low weighting in US equities. He confirmed his core fund has fallen from one of the best performers in Britain to one of the worst in three years: "When you are underperforming, it feels like everything is going the wrong way," says Docherty, adding bad news often triggers a reaction elsewhere in times of adversity.