Cash funds and passives topped Hargreaves Lansdown’s quarterly open-ended fund flows chart as investors wrestled with a mixed market picture.
The Abrdn Sterling Money Market fund was among the best sellers in the third quarter of the year. Legal & General Cash and Royal London Short Term Money Market were also top tenners.
Legal & General’s passive offerings featured heavily in the top ten, with its Global 100 Index, US Index, International Index and Global Technology Index all claiming a spot. Fidelity Index World and Jupiter India also made the cut
Turning to the closed-ended side, and Alliance Trust featured along with BlackRock World Mining and Brunner Investment Trust.
Within the ETF space, the HSBC MSCI World UCITS ET, Invesco’s Nasdaq 100 UCITS ETF and the iShares Core MSCI World UCITS ETF all took a place.
Emma Wall, head of investment analysis and research at Hargreaves Lansdown, commented: “If the top buys for the past three months were a rather niche puzzle – where you had to determine the state of the global economy based on fund flows – this quarter would be a tricky one.
“Short-dated bonds? The outlook for rates must not be certain over the medium term, clouds on the horizon then. And plenty of cash funds – confirming that uncertain outlook theory, and indicating current rates are high. But wait, what else are investors buying? Tech? Alternative energy? Growth-biased US indices? Signals of a buoyant market surely. Even with the cheat-sheet of economic data, it’s a mixed bag.”
|Top funds, Q3 2023 (net buys, alphabetical)|
|abrdn Sterling Money Market|
|Fidelity Index World|
|Legal & General Cash|
|Legal & General Global 100 Index|
|Legal & General Global Technology Index Trust|
|Legal & General International Index Trust|
|Legal & General US Index|
|Royal London Short Term Money Market|
|UBS S&P 500 Index|
|Top investment trusts, Q3 2023 (net buys, alphabetical)|
|Alliance Trust plc Ordinary|
|BlackRock World Mining Trust plc|
|Brunner Investment Trust plc|
|City Of London Investment Trust|
|Greencoat UK Wind plc|
|HICL Infrastructure plc|
|India Capital Growth Fund Ltd|
|JPMorgan Global Growth & Income plc|
|Merchants Trust plc|
|Pershing Square Holdings Ltd|
Source: Hargreaves Lansdown
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