The chief executive of Jupiter Fund Management, Maarten Slendebroek, has poured cold water on the recent spate of fund managers revealing their active share figures.

A succession of fund managers have reacted to the growing focus on closet indexers - firms which charge active fees but appear to hug the indexes - by publishing their active share figures. On Tuesday, Edinburgh-based Baillie Gifford published figures showing that two of its funds have a 99% rating.