Private investors continued to pour money into equity funds in May, despite the correction in markets that began in that month.

Equity funds were the best sellers, attracting £781m of new funds, according to the Investment Management Association (IMA).

Fixed-income funds saw net retail sales of £282m, down from £825m a year ago, as concerns grew over a “bond bubble”.

Emerging market equity funds were also among the top five bestsellers, although emerging markets sold off hard in June.

Investors also moved money into targeted absolute return funds, with net retail sales of these reaching £255m – well above the monthly average for the past 12 months of £97m.

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