Investors dived into equity funds in January 

Yet the fund has also underperformed against its peers, returning nearly 36 per cent against the IA Asia Pacific Excluding Japan sector which has scooped up nearly 49 per cent.

Meanwhile, US equity funds have seen increased interest since the election of Donald Trump, as investors make bets on aggressive tax cuts, deregulation and massive infrastructure spending to boost the US economy.

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The HSBC American Index fund, which is a tracker fund that follows the S&P 500 index, has been the most popular choice for investing in the US.

Mr Hollands said: "The US stock market is notoriously hard for active fund managers to beat and this tracker has a very low ongoing charges figure of 0.08 per cent."

Other funds to make it to the top 10 are Liontrust's Special Situations fund, and Threadneedle's Equity Income and European Select vehicles.

The £3.5bn Artemis Global Income fund has reappeared in the league table after several months of absence.

Mr Hollands pointed out that fund manager Jacob de Tush-Lec chooses top holdings that are typically very different from competitor funds, which usually hold very large US-based companies. 

The fund has returned more than 42 per cent over the past year, beating the IA Global Equity Income peer group average of 36 per cent.

Funds to feature in the top 15 were the Vanguard LifeStrategy 80 per cent and 100 per cent equity funds, Standard Life's Global Absolute Return Strategies (Gars) vehicle, and the Linsdell Train Global Equity fund.