Performance for stock-pickers turned around in 2017 after a run of poor returns and this year has started on a positive note for those looking to beat the market, according to researchers at Bernstein.

The news will be welcomed by the sector, which has fallen out of favour in recent years as investors have turned to index-tracking funds. The shift has taken place partly because active managers — which aim to outperform the market in return for charging higher fees — have generally failed to deliver.