I have always considered investing across the UK listed equity markets akin to panning for gold. You need to sift through a lot of silt and sunken sediment to find the nuggets.

And that sediment has really sunk recently. Smaller companies have had a particularly hard time. The Alternative Investment Market is down 35 per cent this year; the FTSE 250 has fallen 26 per cent. By comparison, the FTSE 100 is down just under 8 per cent.

Published by James Henderson in Financial Times.