After a significant retrenchment in the share prices of energy companies, we believe this is an excellent time to invest in this part of the market. Not all energy companies, however, will benefit equally: with credit conditions tight, returns both within and across sectors are likely to diverge sharply - the perfect environment for active bottom-up stockpickers.

Andy Pennie, Marketing Director, Santander Private Banking

From the media headlines, a visiting Martian might conclude that all economic activity in the UK had ceased with the end of the investment boom and the advent of a recession.