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Trackers warning.

Nicola Horlick, the pension fund manager who famously departed Morgan Grenfell Asset Management two years ago, warned that indexation was the one thing that the UK fund management industry should most fear. Horlick, the joint managing director of SG Asset Management, said: “If you have an index fund, you are owning bad stocks as well as good stocks. Rigorous analysis can help find which stocks will go up or down and if you can get that right 70% of the time, that should lead to fund outperformance.”

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