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07 Aug 2013

Fixed Income Funds Book Record-High Net Outflows In June

The Investment Management Association (IMA) said on July 30 that net redemptions for fixed income funds by retail investors had reached a historical peak in June, at £624 million.

This is the highest amount since IMA started tracking the results in 1992. Total net outflows for the second quarter of the year were £5 million for fixed-income funds.

Net retail sales totalled £1.1 billion in June, an increase from £855 million the previous year, which was in line with expectations. Of this, equity sales accounted for £884 million, making it once again the most preferred asset class. Net institutional sales slumped to -£1.7 billion, from a positive £370 million in June 2012. The total funds under management stood at £714 billion, up from £601 billion a year earlier.

UK equity funds topped the geographical list in terms of net retail sales, with a result of £479 million, followed by global equity funds with £262 million and North American ones with £138 million.

In IMA sector terms, the best performers were mixed investment 20-60% shares funds, with net retail sales of £271 million. UK equity income funds followed with £220 million, both performing notably higher than their monthly average. Third came UK targeted absolute return funds with net retail sales of £216 million. Fourth were UK all companies funds, with £203 million in net retail sales, followed by global equity income of £177 million for the reporting month. At the bottom were the sector of pound corporate bonds, pound strategic bonds and global bonds.

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