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Where has the hot money gone post-Brexit vote?

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11/07/2016
Investors appear to be sticking with seasoned fund managers as the fallout from the Brexit vote continues.  

Veterans Terry Smith, Angus Tulloch and Neil Woodford were the most popular managers on Bestinvest’s June best sellers list, with their Fundsmith Equity, Stewart Investors Asia Pacific Leaders and CF Woodford Equity Income funds.

In performance terms, all three funds are up since 24 June, results day, by 6.6%, 8% and 4.6% respectively.

Jason Hollands, managing director of the online platform, said: “For investors to place their money in such trusted hands may well prove to be a wise decision, as market turbulence is set to continue as the impact on the UK and European outlook unfolds, and because of other concerns hanging over the markets such as the direction of US monetary policy and a weakening of the Chinese currency.”

Liontrust Special Situations took fifth position. The fund is run by co-managers Anthony Cross and Julian Fosh, who are “experienced hands” when it comes to managing through volatility, according to Hollands.

Two of the UK’s biggest banks, Lloyds and Barclays, made an appearance on the list. Their shares were both aggressively marked down in the wake of the vote but were bought heavily by bargain hunters.

Banks were hit hard by the referendum result with Lloyds’ shares falling to their lowest value since April 2013 and Barclays’ share price tumbling to its lowest value since the 2008 financial crisis.

Top 10 best sellers in June:

  1. Fundsmith Equity
  2. Stewart Investors Asia Pacific Leaders
  3. Lloyds Banking Group PLC
  4. CF Woodford Equity Income
  5. Liontrust Special Situations
  6. Legg Mason Japan Equity
  7. AXA Framlington UK Select Opportunities
  8. Barclays PLC
  9. Tilney Bestinvest Growth Portfolio
  10. Standard Life Global Absolute Return Strategies (GARS)

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