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Isa investors get risk appetite

Unconstrained, non-benchmarked investment trusts appealed to retail investors in the third-quarter, according to the Alliance Trust Savings Select Isa rankings.

Caledonia investment trust was the top choice for the three months to October, moving up from third place in the second quarter and knocking the British Empire securities & general trust off the top spot.

Thames River’s property trust also sold strongly, ranking second, having moved up from ninth place in the second quarter.

Two of the biggest, better known and less volatile trusts dropped in popularity over the quarter.

F&C’s investment trust dropped out of the top 20 best sellers, having been 16th in quarter two, while Witan dropped from 15th to 16th.

F&C and Witan are ranked first and third over the six years to October 5, suggesting that Isa investors have increased their appetite for risk.

As further evidence of this, specialist trust Merrill Lynch New Energy was 20th in the rankings. Commentators have expressed surprise at the punchier nature of the better- selling trusts.

Winterflood Securities head of investment trust research Charles Cade says: “These sales rankings illustrate the dem-and for non-benchmark, unconstrained funds. UK equity income and property funds are also in demand while it is interesting to see a specialist fund such as ML new energy among the top 20.”

Iimia chief investment officer Nick Greenwood says: “I am quite surprised that Caledonia has ranked so well as its portfolio is quite concentrated, taking some punchy bets. There is a lot of leverage in the UK property sector but TR property is a very good trust and it can also invest in European property, where there is still good room for value.”

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