As you will know Rachel Reeves (and others) are keen to see more UK investors buy UK shares.... but for the last ten years there has been a divestment of UK shares by UK-based equity funds.
Now this may be because UK-based investors are happy to invest in firms directly not via investment funds?
But also: given the relative size in the UK's economy, many UK-based globally-focussed funds remain *over-invested* in UK shares (and will likely continue to divest).