Over the course of March to May, a period which recorded the most volatile markets on record, UK retail investors largely stayed put, with 45% making no changes at all to their portfolios and only 11% selling, according to a new Boring Money survey commissioned by Vanguard.
Those who chose to 'buy the dip' preferred global markets to the UK, as 25% chose global tracker funds and 26% invested in region-specific funds.
Investor sentiment towards the UK has grown ever more bearish, with the 26% of those surveyed in March believing the economy will improve by the end of 2020 falling to just 19% in May, while 67% believe it will get worse between now and the close of the year.
Globally, respondents leant towards a slightly more positive outlook, with those believing global markets will improve rising from 20% in April to 26% in May.
Holly Mackay, founder and CEO of Boring Money, said: "Sentiment is worse about the UK economy than the broader global outlook and this is reflected in the actions of many investors who report using low-cost global funds to buy the dip.
"In contrast to this more balanced approach, we also see some evidence of cherry-picking, with other investors buying specific stocks and reporting interest in healthcare, pharma, supermarkets and tech."
James Norton, senior investment planner at Vanguard, added: "The evidence is clear that investors have the best chance of investment success in a market downturn by tuning out the noise, focusing on what they can control and sticking to their long term objectives.
"That is often easier said than done, especially in the face of March's incredibly fast bear market. The behaviour we have seen from investors in our data has been very savvy."