Miranda Seath, director of market insight and fund selectors at the Investment Association
Investors put £530m into funds in November, the highest monthly total since May 2025, according to the latest data from the Investment Association.
UK investors continued to de-risk in November with equity withdrawals reaching £2.9bn for the month.
All regions saw redemptions, with Global (£953m outflows) and North America (£596m outflows) seeing the largest outflows.
However, there was a rare inflow into active UK equity funds of £52m. Overall UK equity outflows also improved with the smallest outflows since May of £453m. The Investment Association said this may reflect growing recognition among retail investors of the UK’s value proposition.
UK equity net retail sales, November 2024-November 2025
Source: Investment Association, 8 January 2026.
Fixed income returned to inflows of £1.1bn for the month after a flat £62m outflow in October. Mixed Bond (£360m), Strategic Bond (£262m) and UK Gilts (£117m) saw the biggest inflows in November.
Outflows from Government Bonds also eased significantly, falling to outflows of £11m in November compared to October’s £381m outflows and heavy redemptions in Q3 2025.
Miranda Seath, director of market insight and fund selectors at the Investment Association, said we are likely to see diversified allocations due to near-term volatility.
She said: “As we enter the new year, 2026 has so far been marked by the US deposition of Nicolas Maduro in Venezuela, a country with significant oil reserves. Even as immediate market reactions, particularly in oil, have been relatively contained, in this environment of growing uncertainty over the geopolitical ramifications of the US’ actions, households and savers are likely to continue favouring a cautious approach.
“Diversified allocations over the long-term can look through near-term volatility as market and political dynamics evolve.”
The best-selling Investment Association sectors for November were:
- Short Term Money Market saw net retail inflows of £1.28 billion
- Mixed Bond saw net retail inflows of £360.3 million
- £ Strategic Bond saw net retail inflows of £261.9 million
- Volatility Managed saw net retail inflows of £219.7 million
- Standard Money Market saw net retail inflows of £134.8 million
The worst-selling Investment Association sector in November 2025 was Global which experienced outflows of £1.05 billion.
