Outflows from UK equity funds gathered pace in August, with £2.6bn of assets being pulled from the market area over the course of the month, according to Morningstar’s latest fund flows report.
Equity funds across the board saw a small net redemption but UK vehicles proved least popular as the stockmarket continued to lag its peers. Some £213m of outflows were attributable to AXA Framlington UK Select Opportunities alone, although assets were carved out into a segregated mandate - which was not taken into account in the report. Some £400m was also withdrawn from State Street UK Equity Tracker. According to Morningstar data, investors started the year bullish on small- and large-cap UK equity funds, while UK equity income funds suffered outflows as a result of LF Woodford...
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