Retail investors have been keen buyers of European unit trusts and Oeics at exactly the same time as...
Retail investors have been keen buyers of European unit trusts and Oeics at exactly the same time as institutions have been sellers.
The Europe ex UK sector saw net retail sales figures of £223.9m for June whereas institutions produced a figure of -£94.6m. This made the Continent the second most popular destination for retail money after UK All Companies, which recorded net sales of £226.6m for June.
Some £239.8m of net money into the All Companies sector came via Isas, compared with £103.2m for Europe ex UK. Europe ex UK was third least popular among institutional investors, beaten in penultimate place by Global Bonds, with net sales of -£105.4m and for last place by UK Smaller Companies at -£112.5m.
Among retail investors the third most popular sector for June was Specialist with net sales of £173m, of which £61.7m came through Isas, followed by North America at £132.4m of which only £15m came via Isas.
In fifth place was UK Other Bond with sales of £98.5m of which £59.9m was Isa money.
The least popular sector for retail money in June was UK Equity Income with net sales of -£58.6m although the net figure for Isa sales in this total came to £23.7m. Almost the entire outflow from the sector came via the direct channel where net sales were -£57.9m. This compares with -£15m from the sales force and tied agency distribution, £14.3m for intermediaries and £249,000 from private clients.
Four other retail sectors provided overall negative net sales figures, these were Guaranteed and Protected funds, UK Equity & Bond Income, Active Managed and Global Equity Income.
The most popular sector for institutional investors in June was UK Gilt with net sales of £69.3m followed by UK All Companies at £64.8m and UK Equity Income at £63.2m.
Within the retail sales figures intermediaries favoured Europe ex UK, providing £187.1m of net sales while the direct investor was far less enthusiastic on the market, with -£13.1m.
The most popular sector for direct sales was Specialist at £24.2m, a sector that was also backed heavily in the intermediary channel at £142.8m. For the sales force and tied agency channel the UK All Companies provided the highest sales at £129.5m while for private clients, Balanced Managed came out top at £12m. The least favoured sectors for intermediaries in June were headed up by Guaranteed and Protected funds at -£42.6m, followed by Active Managed at -£26.4m and UK Money Market at -£4.3m.
Overall Autif described June as a quiet month for sales although it highlighted the growing interest in the North American sectors, which it said indicated the desire of UK investors to gain exposure to the on going US bull market. Retail investors had £214.2m of gross sales into the sector during the month, and gross sales of £31m for North American Smaller Companies.
During June Isa funds under management passed the £15bn mark with gross sales of £796m. Autif said this figure was lower than May's but higher than that of June 1999. Even so it is well below the £873m of gross Pep sales for June 1998.
As at the end of June 2000 the unit trust industry had total funds of £265.1bn of which Peps made up £58.7m. Overall there are now 4.5 million Isa accounts compared with 9.1 million Pep accounts.
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