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Property funds top retail sales, says IMA

Property funds ranked highest in the net retail sales charts in October, according to the latest Investment Management Association (IMA) statistics.

This is the first time the sector has topped the rankings in over two years.

Meanwhile sales of corporate bond funds turned negative in October, with the £ corporate bond sector witnessing a £11m outflow of funds. Until September the sector had been the most popular among British retail investors for 10 consecutive months.

The UK all companies sector also saw an £14m outflow, which is a turnaround of the £93m of inflows the peer group saw in October.

Property funds saw a net inflow of £367.5m for the month, a rise from the £345m of inflows in September. The unclassified sector was the second most popular peer group, with a net inflow of £258m, with absolute return UK third with inflows of £232.5m. In September the absolute return sector was the most popular peer group, with a net inflow of £442m.

The European smaller companies sector was the least popular peer group in October, seeing £37m of redemptions.

Retail sales fell from £2.77bn to £2.37bn, although this is now the seventh month in a row retail sales have topped the £2bn mark. Total funds under managements fell from £463.7bn to £459.5bn over the month, while total net sales fell from £3.75bn in September to £1.93bn in October.

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