UK equity funds have been named as the worst performers in the latest influential Spot The Dog report.

Funds were hit by a record £25.7bn in outflows in 2022 as frightened investors withdrew their money, according to a leading investment trade body.

Platform and wealth manager Hargreaves Lansdown has launched three new ready-made portfolio funds that spread money across a range of global equities and bonds.

UK investors pumped £389m into retail funds in November but it was only the second month of positive net retail inflows in 2022.