Stock-picking UK fund managers have been wrong-footed by deep shifts in equity markets in 2016 and may end up with their worst performance relative to their benchmarks since the dotcom bubble burst in 2000.

According to data provided by Morningstar, average returns from every conceivable UK equity strategy - large-cap, mid-cap, small-cap, flex-cap, growth, value and income - lagged their index over the 10 months to the end of October.