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The figures, which run to 30 April, include roughly 350 closed-end funds and do not count VCTs.

Meanwhile, the industry body said the specialist commodities and natural resources peer group had been the best performer over the year to the end of April, up by 31 per cent.

The second best performing sector was global emerging markets, up 24 per cent, while the third and fourth best performing sectors were Europe and infrastructure, which were both up 13 per cent.

Unsurprisingly, financials was the worst performing sector over the year, down 25 per cent. However, the AIC said the sector was the third best performer over three years, up by 105 per cent.

A spokesperson for the AIC said: "These figures clearly illustrate the importance of taking a long-term view and having a balanced portfolio with exposure to a variety of different sectors and countries."