The Cautious Managed sector maintained pole position on Cofunds in July as advisers continue to focus on multi-manager funds.
Cautious Managed was the highest-selling sector on the platform, grabbing 30% of net sales and 20% gross sales. But in a sign the sector may have peaked, it also saw net sales drop 6% from its May and June high of 36%.
Corporate Bonds was another high achiever, accounting for 6% of net sales - up from its 2% average over the last two months. Invesco Perpetual Corporate Bond and M&G Strategic Corporate Bond, the seventh and ninth highest selling funds respectively, helped push the sector back into the top-ten.
"July has been a predominantly positive month for the Cautious Managed sector," says Cofunds manager, fund group relations, Michelle Woodburn.
"Whilst maintaining a strong lead as the highest selling sector, it also suffered a slight decline in net sales market share from the previous two months, suggesting that redemption levels have grown as advisers look to other types of funds and sectors."
She adds July continued the diversified theme seen last month, with investors looking to broad-based multi-manager funds amid uncertain economic conditions.
Two new multi-manager funds in the Cautious Managed sector broke into the top 20 best seller list, with Aviva Cautious Fund of Funds and Aberdeen Multi Manager Cautious Managed coming in at 11th and 12th respectively.
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