"There are several lessons to be learnt from this, not the least of which is that no amount of recovery or low valuation will turn a poor business into a good one and quality is the main determinant of long term performance."
Ben Yearsley, investment director at consultancy Fairview, said: “I try to run balanced portfolios so I haven’t changed anything since last November. There are value fund and growth funds in the portfolios we run.
"But I would say that we prefer other growth funds, such as Blue Whale and Lindsell Train, and Martin Currie. And that comes down to access, if I want to meet the Blue Whale manager I can, if I want to meet Nick Train I can."