So it is worth considering data published earlier this week from the Investment Association demonstrating a net outflow of £463m from UK-domiciled retail funds in January (the blue line on the far right), the first month of net outflows since the financial crisis of 2008.
The problem with spreading your bets is that when things get really tough, investors can get going from all asset classes. Fixed income funds lost £267m of money over the month, multi-asset funds lost £157m, while equity funds lost just £58m. A case of bad timing? Perhaps.
Source: Investment Association
To get a sense of whether this is a pervasive trend, we will have to wait for further industry data. But it is worth tracking the statements of the listed fund managers. Schroders (SDR), in its results yesterday, warned of outflows in its intermediary business - which is private investors buying funds via advisers - that were offsetting progress in institutional business.
While Jupiter Fund Management (JUP), which is focused on developed market equities, sought to reassure shareholders that it has seen inflows since December. With talk of further easements in monetary policy, the big unknown is how the average fund investor will respond to bearish markets.
