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Elliot Farley, manager at T Bailey, said he had been topping up holdings in the £5.6bn Invesco Perpetual Income and the £811.6m Standard Life Investments UK Equity High Income funds. He said he had trimmed other UK holdings to free up the money for the investments.

He explained income managers currently saw value in the sector. Low-yielding mining stocks had also come off dramatically since July, he said, following rises earlier this year and last year.

"Income has been faring a lot better over the last four to six weeks or so," he said. "The very fact companies can generate an income provides them with cushioning."

The manager added he had also moved 1.5-2 per cent of the fund out of Europe ex UK and into the £1.1bn L&G US Index trust, which tracks a FTSE North America benchmark.

"It's continuing a play we've been going through for the last 12 months," he said. "The US was the first into this crisis, and it will be the first out."

As of 30 September, 23.5 per cent was already in US, 28.2 per cent in UK and 12.6 per cent in Europe ex UK mandates.

Other US holdings included 5.6 per cent in the Martin Currie North America and 4.8 per cent in the Vanguard US Opportunities funds.

The UK position featured 5.9 per cent in the £249.9m JOHCM UK Opportunities, 5.6 per cent in the £66.7m Aegon UK Opportunities and 4.7 per cent in each of the £408.3m Liontrust First Growth and £1.5bn BlackRock UK Dynamic funds.

The core European holdings were 5 per cent in the £546.1m Neptune European Opportunities and 3.9 per cent in the £271m Newton Continental European funds.