The issue of closet trackers concerns Investment Fitness Club founder Saul Djanogly so much he’s written a book about it. Investing in Funds: The Good, The Bad, The Ugly is available on Kindle.

The book, which is winning four and five star reviews, explains clearly and concisely what a closet tracker is, why they are so damaging to your wealth (he calls them “sheep in wolves’ clothing”) and how to identify if you have them in your portfolio.

Last year SCM Private estimated that out of 127 UK equity funds available to retail investors nearly half were actually closet trackers (that’s over £55bn in funds that aren’t delivering value). In the last five years investors using these funds could have saved £1.86bn in fund fees by switching to a low cost index fund instead.

Click here to download the book.