Corporate bonds continue their reign at the top of the sales charts, accounting for around one quarter of net sales in May, according to the latest figures from Cofunds.
M&G and Invesco Perpetual were responsible for a total of 60% of the net sales, with M&G's Strategic Corporate Bond taking first place.
The group's Corporate Bond fund was in second place, while Invesco Perpetual's Corporate Bond fund, M&G's Recovery fund and Invesco Perputual's High Income fund took third, fourth and fifth place respectively.
Artemis' Strategic Assets fund also made its first appearance taking 10th place in the chart. The newly launched fund is the group's first launch in four years and is fund manager William Littlewood's first retail fund since 1999.
The fund's aim is to outperform the greater of cash or the FTSE All Share Index over a three-year cycle, with the objective of producing smoother returns in the style of traditional with-profits portfolios.
Russell Lancaster, Cofunds director of fund manager relations, says although corporate bonds continued to dominate sales in May, the momentum behind the sector is starting to slow.
"A corresponding gain in Cautious Managed and Balanced funds can also be seen from the monthly figures, highlighting the beginning of a move away from corporate bonds," he says.
"Another key development in the last month is the re-emergence of equities and emerging market funds into the top fifty selling funds, including Asia Pacific, the US, BRIC and Japan funds.
"It is clear that despite the general economic woes, confidence is re-emerging in the markets with investors starting to re-enter equity markets."IFAonline
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