Broadly speaking, the investment story of 2013 so far has been one of soaring developed world equity markets but slumping bond returns. But how has that translated in terms of fund flows in the UK?
A look at recent IMA statistics shows a broadly similar pattern, with equity flows hitting multi-year highs and bond funds starting to see outflows.
For the country's most successful funds, however, it is more a case of business as usual: many of the most popular funds this year would have featured in a list of 2012's favourite portfolios.
On a regional basis, UK equities may have enjoyed an uptick in interest this year, but in general it is very much the global, go-anywhere portfolios that are the most popular year-to-date.
However, despite the success of the funds below, the polarisation of industry flows looks increasingly stark, according to estimated fund flow data from Morningstar.
The UK-domiciled fund universe has taken in a net £11.1bn in flows year-to-date, but the average fund has taken in just £5m.
Below are the ten most successful UK-domiciled funds so far this year in terms of estimated net inflows.
The top ten
10. L&G US Index Trust
The only index fund on the list, the fund saw inflows of £593m as investors went passive in an effort to make the most of the US equity rally. With the S&P 500 up 21% year-to-date, that decision has been amply rewarded so far.
9. First State Global Emerging Markets Leaders
Co-managed by Jonathan Asante and Tom Prew at First State Stewart, the £4.4bn fund has enjoyed estimated inflows of £734m this year. Emerging markets have been out of favour this summer but that period represented investors' last chance to access the fund on favourable terms: First State has now soft-closed the portfolio by implementing a 4% initial charge for new investors.
8. Newton Real Return
Newton's AUM has benefited from continued inflows into Iain Stewart's absolute return vehicle, which has taken in an estimated £819m in net new money this year. The fund's performance has dipped relative to peers over the short-term but remains one of the top Targeted Absolute Return performers on a five-year view.
7. Newton Asian Income
Jason Pidcock's fund has been a firm favourite with buyers looking to diversify their equity income exposure in recent years. The fund has also delivered strong capital growth, ranking first in the IMA Asia ex Japan sector over a three year period, with a 41.3% return against a sector average of 13.3%. Inflows have reached £850m this year to bring total assets to £3.9bn.
6. Cazenove UK Opportunities
A flagship Cazenove offering sitting in the UK All Companies sector, this is the oldest fund in the list. Launched in 1989 and now managed by Julie Dean, the fund - now part of the Schroders stable following its acquisition of Cazenove - has see inflows of £875m to bring total assets to £2.1bn. Dean also now runs the popular Schroders UK Growth trust, formerly run by Richard Buxton.
Over the page: The five most popular funds of the year so far
Two global vehicles
'Further plug advice gap'
Must appoint separate CEOs and boards
Advisers do come out well
Will report to Mark Till