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Woodford effect: UK equity income attracts record inflows in June

Woodford effect: UK equity income attracts record inflows in June

UK equity income funds attracted a record inflow of £1.4 billion in June, buoyed by star manager Neil Woodford's (pictured) high profile fund launch.

This represented the highest ever inflow recorded for the IMA UK equity income sector, making it the best selling sector in June. It was followed by property - a distant second with net sales of £316 million. Funds in the Mixed Investment 20-60% Shares sector attracted £222 million, while strategic bond managers continued to appeal with an inflow of £171 million, against a backdrop of likely interest rate rises and a steepening yield curve.

Funds in the UK All Companies sector experienced the highest outflows of £421 million, while UK Smaller Companies funds also suffered at the hands of the rotation with an £83.5 million outflow in June.

UK equity funds attracted the highest level of inflows since March 1998, with net sales of £870 million during the month. Global equity funds were the second best-selling by region, with net retail sales of £263 million, slightly below the average of the previous 12 months.

Japan, Europe and Asia followed with inflows of £86 million, £74 million and £72 million respectively. Meanwhile, North American equity funds saw outflows of £140 million during the month, as investors took profits on concerns about market levels.

Total retail inflows were up by £1 billion to £2.1 billion, compared to June of last year.

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