Advisers have been embracing defensive funds as Brexit looms, according to data released by the Fundsnetwork platform.
The most bought fund on the platform in January was the Fidelity cash fund, which invests in cash.
The Legal & General Cash Trust was the other fund investing in cash to make the top ten list.
Three passive funds, two from Vanguard and Fidelity's own global equity fund, Fidelity Index World Fund, are also in the top 10.
The most bought active equity fund was the £17.5bn Fundsmith Equity.
This fund is the absolute top performer from more than 200 in the IA Global sector over the past five years.
The fund manager Terry Smith, invests in a small number of companies, mostly in the consumer sectors.
Both funds run by Nick Train, Lindsell Train Global Equity and Lindsell Train UK equity, also feature in the top 10.
These funds invest in a small number of companies and have a similar investment style to that used by Mr Smith.
Top 10 adviser sales by fund via FundsNetwork
Rank | Fund Name |
1 | Fidelity Cash Fund |
2 | Vanguard LifeStrategy 60% Equity Fund |
3 | Fidelity Index World Fund |
4 | Vanguard LifeStrategy 40% Equity Fund |
5 | Fundsmith Equity |
6 | Legal & General Cash Trust |
7 | Lindsell Train Global Equity Fund |
8 | LF Lindsell Train UK Equity Fund |
9 | Artemis Global Emerging Markets |
10 | AXA Framlington Managed Income |
Emerging market equities have been among the strongest performers of the past quarter with the MSCI Emerging Markets index returning over 10 per cent, compared the MSCI All Country World index return of just over one per cent.
Artemis Global Emerging Markets was the ninth most bought fund.
Axa Framlington Managed Income fund, managed by George Lukraft, was the tenth most bought fund.
Paul Richards, head of sales at Fundsnetwork, said: "While the start of 2019 offered some respite after a turbulent end to 2018, it is apparent from our latest sales data that advisers and their clients continue to tread cautiously when it comes to their investment decisions.
"With 2019 likely be punctuated by ongoing political and market uncertainty, we expect advisers and their clients to continue to allocate towards defensive assets as well as investments that offer diversification benefits this year."
Philip Milton, who runs Philip Milton and Co, an advice firm in Devon, said: "Each week plays a different hand though we move inexorably closer to D Day.
"There is a surprising calm generally and even within the share and currency markets.
"I am still prepared to stand by my prediction that as soon as uncertainty is replaced with a dose of certainty (good or bad), that business will return to some semblance of 'normal' and deferred decisions will be taken by private individuals through to businesses, multinationals and organisations generally.
"In the face of economic wobbles elsewhere, the hiatus we have endured and then the short-term explosion should prove to be a useful domestic boost to our own figures, no doubt somewhat confounding the pessimists short-term at least."
david.thorpe@ft.com
