Terry Smith and Neil Woodford held onto the two top spots on Tilney Bestinvest’s most-bought fund list last month with the Fundsmith Equity and CF Woodford Equity Income.

The two funds have interchanged between first and second position on the list since February 2016.

Fundsmith Equity invests in quality growth companies across global developed markets and currently has 61% in US companies and 22% in the UK, while Woodford looks for resilient businesses less affected by the global economic cycle.

While retail investors withdrew a record £3.5bn from investment funds in June in the lead up to the referendum, share prices quickly rebounded after the ‘leave’ vote following an initial slide, defying gloomy projections of a meltdown.

However, there were pockets of stress, notably for property investors, with a number of commercial property funds deciding to suspend dealing.

Jason Hollands, managing director at Bestinvest, said: “When it came to our own clients, there was no evidence of panic selling in the aftermath of the referendum. Rather there was a step up in buying activity, as some clients sought to take advantage of the immediate dip and fears of a more dramatic slide evaporated.”

Equities continued to make up the majority of the most-popular funds list, a trend witnessed throughout 2016 so far.

Other funds making the list include Threadneedle European Select, AXA Framlington UK Select Opportunities and Stewart Investors Asia Pacific Leaders, implying investors are more positive about prospects for emerging markets. The fund has 24% in India.

Every fund in July’s top ten rankings has previously appeared at least three times in Bestinvest’s most-popular fund tables over the last six months.

10 most-bought funds in July: