Investec Asset Management has emerged as the manager of the only mainstream UK equities fund to have made money for investors over the 12 months to the end of June, a period in which the FTSE All-Share index sank to its lowest point for over five years.

Investec's £213m (€247m) UK Contrarian fund returned 3.3% over the period, making it the best-performing of 100 peers and the only one to make money for clients. The second best performer was the £109m UK Focus fund managed by London boutique Majedie Asset Management, which returned -4.5%