The Cautious Managed category accounted for over 50 per cent of net fund sales last month, according to  figures from financial services platform Cofunds; three of the five top-selling retail funds on the platform were multi-manager or multi-asset funds within this sector.

Gilts also proved popular, with UK Gilts and UK Index-Linked Gilts taking a combined 22 per cent of net sales – well over double their allocation for October.

The Global sector was the third most favoured area for investment, with 12 per cent of net sales last month. Funds focusing on income and dividends remained most sought-after in this sector.

Market instability also meant that various sectors went from positive to significant negative net sales territory in November, including UK All Companies (-14 per cent of net sales), UK Equity Income (-12 per cent), Specialist (-7 per cent) and Active Managed (-4 per cent).