But will St. Leger's Day tempt them back into the market?

This week marks the St. Leger's Day horse races, a time when – according to City folklore – investor's who sold shares in May, should get back into the market.

"With the FTSE All Share Index down some 3.8% since 1 May to 10 September, those investors who followed the adage are probably feeling smart – providing, that is, brokerage fees and capital gains tax didn't bite too much," says Jason Hollands, Head of Communications at F&C.

"The question now," says Hollands, "is whether retail investors are willing to return to the stock market after a bumpy few months?"