Indeed, over the five years to the end of June 2014, the FTSE All-Share index has risen by over 14%pa, significantly above the expectation of long-term returns from equities.
What is also clear is that there has been a large disparity of returns within the UK market, across the market-cap spectrum and by equity style.
It is important when assessing this performance to be mindful of the extent to which this performance has been generated by mid- and small cap companies.
Indeed, since June 2009, the FTSE Small Caps index has returned 18.9%pa, the FTSE 250 19.7% pa, whereas the FTSE 100 has only returned 12.6%.
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