In one instance, while looking for fund holdings, reporters were directed to a website with information more than five years old.

You may, over the years, have acquired something of a ragbag of different investments, with some fund holdings here, some investment trusts there and a few shares somewhere else.

Equally, pension fund holdings of bonds and equities are heading to the point at which they will once again cross over (see chart); on some estimates, they already have.

You will have to pay annual charges on underlying fund holdings, typically 1.5%.

Actively managed funds may have large staffs of analysts who actively trade the fund holdings.