Absolute Return top-selling sector for the second month

Absolute Return was the top-selling sector for the second month running in July, with inflows of £2...

Absolute Return was the top-selling sector for the second month running in July, with inflows of £232m. Net retail sales saw a £491m outflow overall, with outflows of £669m from equity funds. The other category, which includes absolute return funds, took in £334 m over the month. Institutional holdings of unit trusts and Oeics saw an overall outflow of £1.9bn. This included a £1.4bn outflow from bond funds. Elsewhere, the IMA said UK-domiciled investment funds under management are down 10% from July 2007, hitting £414.3bn last month, compared to £458.2bn for last year.