Global asset allocators have abandoned the UK in recent years. Part of the reason for this is structural: the FTSE All-Share Index has a small technology sector weighting and high exposure to sectors that are geared to economic activity, like oil and gas, banking and mining.
Compounding matters last year, the index also has prominent exposure to the consumer-facing travel and leisure sectors, which were hit severely by Covid-19. When you also consider the uncertainties surrounding Brexit, it is no wonder that the UK has appeared so unattractive within the global context. Thankfully there are many signs of light at the end of the tunnel.