Who were the winners and losers during a turbulent H1?

UK funds suffer while gold shines

UK funds were the worst performers during the first half of 2016 as fears about the impact of the EU referendum weighed heavily on domestic names, while a corresponding flight to safe-haven assets saw fixed income and gold funds outperform over the period.

Global markets suffered their worst start to a year in two decades, with indices including the FTSE 100 dropping into bear market territory as heightened concerns about a China slowdown and tumbling oil prices hit blue chips. Markets then rallied during the second half of Q1 with accommodative global monetary policies providing support, especially for beleaguered emerging market assets. However, uncertainty surrounding the result of the EU referendum dominated UK investors' behaviour in the run-up to the vote on 23 June, with £65bn pulled from UK funds. What is the long-term impact...