The list value held in “dog” funds that consistently underperform their benchmark has increased 34.7 percent over the last six months.

Bestinvest’s biannual Spot the Dog Report identified 91 funds holding £43.9 billion in investor cash that have continuously underperformed their benchmark for the last three years.

This was compared to the 59 such funds worth £32.6 billion found six months ago.

Bestinvest has released...