The FTSE All-Share gained close to 20% over the 12 months ended June 2026 and hit a record high in late February, driven by financials, with healthcare and energy also lifting the index. Morningstar rates the Vanguard tracker of the benchmark Silver, calling it the best passive route into UK equities.
UK equities have carried their 2025 momentum into 2026. The FTSE All-Share gained close to 20% over the 12 months ended June 2026, according to Morningstar, and reached a record high in late February 2026 before a spring correction and a subsequent recovery. That marks a clear break from the modest growth of less than 5% a year between 2022 and 2024.
Financials lead the advance
Financials led the rally, with healthcare and energy sectors also contributing, while technology weighed on returns. Growth was strongest among the largest constituents, which is why the FTSE All-Share slightly lagged the FTSE 100 over the period.
The FTSE All-Share captures roughly 98% of the UK equity market, giving broader coverage than the large-cap-heavy FTSE 100. About one-fourth of its weight sits in mid-, small-, and micro-cap stocks, which Morningstar says adds diversification and improves long-term risk-adjusted returns.
A hard benchmark to beat
The breadth has long made the index difficult for active managers to outrun. Funds tracking it have delivered second-quartile performance in nine of the past 10 years, Morningstar reports, on both absolute and risk-adjusted measures.
Morningstar assigns the Vanguard FTSE UK All Share Index Unit Trust a Silver Medalist Rating, citing an experienced portfolio team, minimal tracking error, and low fees. The fund has beaten the average peer in the UK large-cap equity category over the trailing three-, five-, and ten-year periods.
Source: Morningstar
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