Risk-averse UK investors have retreated from fixed income and bond funds as the turmoil in the bond markets on both sides of the Atlantic dented confidence.
Thirty-year gilt yields this week rose to their highest levels since the ill-fated “mini” Budget of September 2022, while the yield on 30-year US Treasuries reached a 16-year high as markets digested the possibility of higher interest rates for longer and more government borrowing.
Figures from the Investment Association show that retail investors pulled a net £356mn from fixed income funds in August. Funds network Calastone separately recorded a similar outflow of £330mn from bond funds in August, followed by a further £128mn of outflows in September.
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