Investors appear caught between caution and bargain-hunting, according to the best selling funds on the Hargreaves Lansdown Vantage fund supermarket.
Seven of the top 10 selling funds in April were income-focused as investors continued to pile into bonds, despite fears expressed in the press of a possible asset bubble.
Stockmarket rallies since the beginning of March, however, appear to have started having an effect as the remaining three top 10 funds for the month were focused on emerging market growth.
While investors were quick to sell out of high-risk investments as the financial crisis unfolded, there are some signs that this process is starting to reverse.
Aberdeen’s Emerging Markets fund, Allianz RCM BRIC Stars fund and Neptune Russia & Greater Russia all saw significant inflows from the Vantage platform last month.
The division of sentiment, particularly towards countries such as Russia that were heavily sold last year, could indicate a gradual move away from purely defensive investments.
Since trough on February 23, the Micex, Russia’s leading stock index, has rallied over 95% in rouble terms.