A mini-boom in commodities and natural resources stocks is creating headaches for equities fund managers, with the top-ranked funds of 2015 now languishing in the lower leagues, according to JP Morgan research.

The shift has been so pronounced that JP Morgan Asset Management's strategy team say it could be the start of a once-in-a-decade shift in the UK equity market, as smaller firms are hurt by a domestic slowdown, while recovering miners and oil giants lead the more internationally-exposed FTSE 100 higher.