London stock market gripped by ‘malaise’, warns star fund manager

The Trust delivered investors a 2.7pc return to shareholders for the six months to April, versus 6.9pc for the FTSE All Share Index during the same period.

Mr Train wrote: “We really should be able to do better than this and if we can’t, then I absolutely share shareholders’ growing impatience.

“At the same time, as a career-long UK equity manager, I am frustrated by the malaise gripping the UK equity market. A malaise which is, in my opinion, only partly justified.

“What I find difficult to write is not the acknowledging of our poor investment performance or apologising for it. We do acknowledge and apologise for it.

“What is difficult is finding a credible way to convey to shareholders why we remain optimistic about the company’s investment portfolio. It is difficult, because I am conscious that I have been vocally optimistic about its prospects throughout the three years and more of underperformance. So why should I be right this time?”

As one of Britain’s best-known fund managers, Mr Train’s funds group, Lindsell Train, is responsible for running more than £6bn of savers’ cash across several funds.

Mr Train founded the fund with Michael Lindsell in 2000.

The funds group runs the Lindsell Train Investment Trust, which is also listed on the stock market.