Hermes Asia ex Japan and BlackRock European Dynamic funds were the most commonly held vehicles in multi-manager and model portfolios in Q1 2016, according to data from fund distributor Harrington Cooper.
The firm surveyed the key asset allocation decisions made during the first three months of the year by 32 multi-manager funds and model portfolios, which together are responsible for £10.8bn.
The results were put together by assessing how often a fund was featured in th multi-managers' top ten holdings.
The £1.1bn Hermes Asia ex Japan fund, which is managed by Jonathan Pines (pictured), and the £2.1bn BlackRock European Dynamic fund, managed by Alister Hibbert, were the most widely held funds despite failing to make the top ten in the previous quarter.
Both funds have returned more than sector average over the past year, according to FE, and are top quartile over both one and three years.
Other big names included in the top ten most held funds were the CF Woodford Equity fund, the Fundsmith Equity fund, and the Old Mutual Global Equity Absolute Return fund.
The pair knocked Q4's joint winners, the £4bn Henderson UK Property OEIC and the £4.7bn M&G Property portfolio, off the top spot.
However, the two property funds remain among the top ten most commonly held vehicles in Q1 despite both recently switching their pricing basis following outflows in the property sector.
Harrington Cooper found average property allocations among multi-managers fell 0.5% to 4.3% over the quarter, while average equity allocations fell 2.4% to 54.7%.
Average bond allocations rose 1.8% to 22.5% against a backdrop of slowing global growth, while alternatives allocations rose 1.5% to an average of 12.7%.
Over Q1, multi-managers on average increased their allocations to emerging markets and Asia Pacific ex-Japan equities by 0.2% and 0.8% respectively, as China began to stabilise following a period of volatility at the back-end of 2015 after the surprise devaluation of the renminbi.
The report said: "Multi-managers increased allocations to two areas during the first quarter: namely emerging markets and Asia Pacific ex-Japan equities, increasing 0.22% and 0.78% respectively.
"Were investors bargain hunting in these regions? It is hard to jump to conclusions, but it would appear many are taking a view that a negative outlook for global growth has been priced in. Absent a shock from the US, China seems to have stabilised and this has contributed to an improved outlook in the Asia Pacific region."
All other regions saw declining allocations, most notably the US, which fell 0.6%, while the UK and Europe both fell 0.3% respectively.
Within the fixed income space, the average allocation to global sovereign bonds increased for the fifth consecutive quarter, up 0.2% to an average of 5.4%, while the average investment grade corporate bond allocation increased by 1.1% to close the period at 8.3%.
Meanwhile, non-investment grade bonds rose by 0.7% to an average of 6.1%, reflecting in part a rebound in high yield from mid-February.
Full list of the funds most widely held by wealth managers and discretionary managers in Q1 2016:
• Hermes Asia ex-Japan Equity
• BlackRock European Dynamic
• CF Woodford Equity Income
• Fundsmith Equity fund
• Henderson UK Absolute Return
• M&G Property Portfolio
• Polar Capital Global Insurance
• Henderson UK Property fund
• Old Mutual Global Equity Absolute Return
• Royal London Short Duration Global High Yield
Source: Harrington Cooper, 31 March 2016