Investors withdrew more than £1bn from UK equity funds in May, according to the latest Investment Association statistics, as the total amount of cash pulled from the asset class since June 2016 soars towards £10bn.
In its monthly statistics for May, the IA revealed UK equities saw outflows of £1.2bn, far higher than average monthly outflows of £382m. The majority of this came out of UK All Companies funds, which saw outflows of £996m and was the worst-selling sector. UK Equity Income funds saw outflows of £298m. This was a disappointment for the UK Equity Income sector after it returned to positive inflows for the first time in ten months in April. Calculations from AJ Bell added outflows from UK funds have now reached £9.1bn since the Brexit vote two years ago. Demonstrating a more caut...
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