Smith’s Fundsmith Equity, which regularly appears at the top of best-buy tables, was the most-bought fund in May, according to investment platform, The Share Centre.

“Terry Smith (pictured) is one of the industry’s most respected managers and when you combine this with the fact this fund has a preference for defensive companies that are resilient to change, technological innovation and who have existing advantages that are difficult to replicate, it’s unsurprising to see it feature on a regular basis within this context,” said Andy Parsons, head of investments at The Share Centre.

Woodford Income Focus and Woodford Equity Income, both run by investment stalwart, Neil Woodford, also appeared in the top five. The former only launched in March and has already proven a hit with investors.

“Investors are keen to benefit from Neil and his tried and tested investment approach, on which he has forged his reputation,” said Parsons.

Other popular picks last month included Jupiter India and Man GLG Continental European Growth.

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Parsons said India continues to be the preferred emerging market region as investors “appreciate the opportunities being created due to reforms”.

Old Mutual UK Mid-Cap also made an appearance in the most-bought list, taking the number nine spot. Parsons said its inclusion shows investors believe the UK economy is in a “healthier state” than many have questioned, with “concerns over Brexit being over-emphasised”.

Top 10 most-bought funds in May

Fundsmith Equity

Jupiter India Fund

Woodford Income Focus

Woodford Equity Income

Man GLG Continental European Growth

Lindsell Train Global Equity

AXA Framlington Global Tech

Legg Mason IF Japan Equity

Old Mutual UK Mid-Cap

Stewart Investors Asia Pacific Leaders

Source: The Share Centre