• Significant Decline in Sector Allocation: Exposure to the Communication Services sector among active UK investors has dropped from over 10% in 2012 to a new low of 4.14%, with a record 12% of funds completely avoiding the sector.

• Widespread Reduction in Ownership: Recent fund activity shows a notable decline in Communication Services ownership across most metrics since October last year, including the largest percentage drop in funds invested of any sector and significant closures by key funds such as JOHCM UK Opportunities and Legal & General Growth Trust.

• Shift Away from Major Players: The decline in sector exposure has been driven by significant reductions in holdings of BT Group and Vodafone Group, which have experienced a substantial exodus from UK funds over the past decade.

• Emerging Opportunities: Despite the overall downturn, companies like Auto Trader, Rightmove PLC, and Baltic Classifieds are attracting increasing fund investments, with current exposure levels nearing historical highs.