This year will not be remembered with great affection among the managers of active equity funds. Returns are negative and as a result investors have flocked to so-called safer asset classes. But to where? According to the last set of statistics from the Investment Management Association (IMA) it was to gilts. Momentum around the asset class is quickly building and according to Rathbone, beside gilts, no strategy would have consistently rewarded investors in 2008. Indeed, over 12 months to December 9 the IMA Gilt sector is the second best performing of all peer groups, returning a positive 8.8%.