The UK stock market has had a spring in its step over recent weeks thank goodness. And not before time. Investors seem to have finally woken up to the value that can be found in the unloved FTSE 100. But the bigger problem has not gone away. UK listed equities are all too frequently overlooked, even, or perhaps particularly, by UK pension funds — for a whole variety of reasons that go back to Brexit and beyond. One important factor is the tech revolution in America. The old saw used to be “no one ever got fired for buying IBM”. The logic still applies but the wording needs to be updated. Instead of Big Blue, today’s fund managers are piling into Apple, Amazon, Microsoft and the rest of the line-up of the Magnificent Seven. It is difficult to blame them, but the trend has led to a massive distortion that is harming the UK. According to figures from PensionBee, around 10% of all defined contribution pension savers’ money in the UK is invested in US tech giants. For the average pension fund pot of £20,000 that is £437 in Microsoft, £420 in Apple, £353 in Nvidia, £286 in Alphabet —...