UK funds popular despite May outflows, says Cofunds

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Some UK funds proved a popular choice withfor investors during May despite outflows in the UK sectors, according to figures from Cofunds.

Four UK funds were featured in the top 20 overall selling funds on the platform during May 2013, including £1.6bn Cazenove UK Opportunities, £503m Cazenove UK Smaller Companies, £2bn Threadneedle UK Equity Income and £553m Kames Sterling Corporate Bond funds.

However, the Mixed Investment 20-60 per cent Shares remained the most favourable sector in May, dominating 231 per cent of net sales.

Four funds from this sector were featured in the top 20 selling funds on the platform – the £2.4bn Invesco Perpetual Distribution, £1.3bn Henderson Cautious Managed, £4.7bn Jupiter Merlin Income Portfolio and £474m HSBC Open Global Distribution funds.

The £16.7bn Standard Life Investments Global Absolute Return Strategy fund was named the top selling fund for May.

Cofunds head of fund group relations Michelle Woodburn says: “Absolute return remained a key theme as advisers continue to seek outperformance in all market conditions.

“In addition, despite another volatile month for UK equities, with good gains followed by a correction towards the end of the month, UK sectors proved popular with advisers and their clients, with four funds listed in the top 20. It’s also notable thatMixed Investment 20-60% Shares continued its reign as the most favourable sector.”