Brexit sparks losses for three-quarters of UK equity funds

UK EU european union Great Britain Brexit EuropeThree-quarters of funds in the UK equity sectors experienced negative returns in the week following Brexit, with the Jupiter UK Growth fund suffering the worst performance at -13.9 per cent.

Elite Webb Capital Smaller Companies Income and Growth fund and the Saracen Growth fund rounded out the bottom three returning -12.4 per cent and -12 per cent respectively.

The average return of funds in the IA UK All Caps, Small Caps and UK Equity Income sectors was -4.1 per cent, according to the FE data.

The data included performance for 396 funds for the period from the day of referendum to 1 July.

Fifty-one funds posted positive returns, with the Old Mutual Newton UK Income fund returning 4.5 per cent and Newton UK Income fund returning 4.2 per cent. The IFSL Trade Union Unit Trust rounded out the top three returning 4 per cent.

Over the same period the FTSE 100 returned 2.7 per cent and the FTSE All Share returned 1 per cent, while the FTSE 250 returned -6 per cent.