ISA season begins and £620m has already been invested

In March, ISA sales turned positive for the first time in seven months at £363m, with an additional £256m in the first 5 days of April as investors sought to use their 2017/18 ISA allowance, according to the Investment Association’s March investment review.

The association also revealed that the mixed asset was the best-selling asset among retail investors with £890m in net retail sales in March.

Investment Association fund market specialist Alastair Wainwright said: “Mixed Asset was the best-selling asset class amongst retail investors again with £890m in net retail sales. Equity funds collectively saw an inflow of £554m, helped by the best-selling Global sector (£463m). Fixed income saw an outflow for the second month in a row (-£309m) as investors stopped allocating to the Sterling Strategic Bond sector.

“Despite positive net retail sales, funds under management fell by 2% due to market movements. Concerns about a trade war between the US and some of its closest trading partners, including China and the EU, led to negative returns in equity markets and some bond markets. The IA North America sector was the worst performing in March (-5.1%), followed by Technology and Telecommunications (-5.0%) and the China/Greater China sector (-4.4%). The UK Gilts sector was the best performing (2.3%) as fiscal year end investment activity pushed longer dated government bond yields down.”

While mixed asset and equity were the two best-selling asset classes throughout March 2018, funds that were classified as ‘Other’ also contributed £395m and property experienced a net retail inflow of £69m.

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