More than 95% of UK equity funds fell in value during the third quarter because of turmoil in global credit markets, according to rating agency Morningstar.

Well-known managers' funds fell alongside lesser-known vehicles. Neil Woodford's £6.1bn (€8.7bn) Income and £8.7bn High Income funds at Invesco Perpetual fell by 1.9% and 1.81% respectively, while Anthony Bolton's £3.2bn Fidelity Special Situations fund fell by 2.22%. Andy Brough's £3bn Schroders UK Mid 250, which focuses on medium-sized companies, fell by 5.7%.