Fund managers are optimistic that the UK’s approval of Pfizer and BioNTech’s Covid vaccine marks a significant turning point for so-called value stocks – companies which for the best part of a decade have failed to shine.

Value stocks — those that investors believe are undervalued relative to their earnings and growth potential — have struggled to shine for more than a decade, and have been among the worst-hit by the pandemic. Meanwhile, so-called growth stocks, including some of the world's biggest tech giants, have posted sharp increases in their share prices.