Mixed investment with between 20 and 60 per cent shares attracted half of fund sales in May, new figures from Cofunds show.

Five of the best-selling funds last month were in the mixed investment 20-60 per cent shares sector, the investment platform said. Strategic bonds remained the second most popular sector, accounting for just over a fifth of net sales.

Corporate bonds logged only 5 per cent of net sales in May compared to a 9 per cent year-to-date average.

“Looking closer to home, UK equity income outflows stepped up in May and accounted for -12 per cent of sales compared to a -9 per cent year-to-date average,” said Michelle Woodburn, head of fund group relations. “Europe flows stemmed however, falling to just -6 per cent of net sales from a -8 per cent year-to-date average.”

Cofunds had assets under administration amounting to £39 billion ($60.7 billion) on 1 May.