Irrespective of the alleged virtues of passive over active investment management, it is very unlikely that proponents of the former would have opted to have significant exposure to the FTSE 100, arguably the London Stock Exchange’s flagship index.

With a heavy weighting of banks and financial services companies, oil and mining companies and minimal exposure to the technology sector, the FTSE 100 has struggled to make headway in both absolute and relative terms during the past deca...