Targeted Absolute Return was the best-selling sector in June with net retail sales of £445m, according to Investment Association figures.
Net retail sales for the asset class rose £333m year-on-year since June 2014, the trade body says.
While Total Absolute Return was the most successful asset class in sales terms in June, new business remains well below the record £529m figure set in April. However, the June figure is also significantly higher than August last year, when net retail sales were just £54m
Mixed Asset fund net retail sales were £404m in June, the highest figure since July 2014 when sales of £406m were recorded.
Investment Association chief executive Daniel Godfrey says net retail sales “held up well” in June despite the uncertainty surrounding the Greek bailout and Chinese markets.
Godfrey adds: “Most striking was mixed asset funds having their best month since last summer and Targeted Absolute Return funds being the most popular sector as many investors left it to fund managers to decide on asset allocation in uncertain markets.”
UK equity funds were the best-selling equity funds for the first time this year, with net retail sales of £491m compared to the average £12m for the previous 12 months.
Fixed income funds were the worst-selling for the second consecutive month with net outflows of £198m, the largest outflow since January 2014.
Net retail sales also slumped £700m to £1.5bn in June this year, compared to one year ago, the IA data shows.