Winners and losers from October sell-off revealed

He is another manager who favours the growth style of investing but his fund broadly matched the negative returns of the sector during the month.

One fund manager who has had a distinctly more cautious outlook for global growth than his peers is Bruce Stout, who runs the £1.6bn Murray International investment trust.

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Mr Stout’s caution was rewarded in October as his trust fell by less than 4 per cent, while the average trust in the AIC Global sector fell by more than 5 per cent.

In his update to investors in the trust at the end of September, Mr Stout said: "Nobody wins under global protectionism. History clearly shows how distorting the worldwide movement of goods, services and capital always results in lower growth and higher inflation.

"As the world’s two largest economies, the United States and China, ratchet up the trade war rhetoric the negative consequences for consumers in the import-dependent developed world are painfully obvious.

"Lower spending, lower growth and overall decelerating economic activity appears increasingly inevitable as already extended business cycles in the United States, the UK and Europe finally come to an end. Great caution continues to be warranted."

One of the very few funds to record a positive performance in October was the £4.1bn Troy Trojan fund, which posted a net gain of 0.39 per cent in the month, compared with a net loss of over 4 per cent for the average fund in the IA Flexible Investment sector in the same time period.

Sebastian Lyon, the manager, benefited from having about £200m of the fund's capital invested in gold bullion, which rose during October.

David Scott, an adviser at the firm of Andrews Gywnne in Leeds, said he had been moving clients out of equities for months and he expects the market downturn to continue.