Skandia has reported huge investor demand for gold in the run up to the end of the ISA season, with Black Rock’s Gold & General Fund shooting up five places in the top ten fund charts (based on gross sales), while the top spot was taken by M&G’s High Interest Fund.

As investors take the final chance to use their ISA allowance before the end of the tax year, the latest figures from Skandia’s MultiFUNDS platform shows a gradual shift in the popularity of fixed interest.

Although a fixed-interest fund was the number one best seller in March, the number of fixed interest funds in the top ten has fallen steadily in the first quarter of this year, occupying just two places in the last month.

The popularity of Black Rock’s Gold and General Fund comes on the back of strong performance of the commodity in 2008, with the price rising by more than 200 per cent over the past year, despite falling slightly in the past couple of weeks.

Graham Bentley, head of investment marketing at Skandia UK, says, ‘Although fixed interest has been a steady theme in the first quarter of this year, this month’s top ten is continuing to show a real spread of asset classes. This includes funds focusing on natural resources, the BRIC economies and the commodity that has received so much attention of late, gold.

‘Investment is not about fads; it is about sensible investment strategies utilising the range of asset classes available. Investors today use advisers to help assess their appetite for risk and reward and plan their finances accordingly, which helps ensure their portfolios are risk managed and have the right balance between those various assets. We are seeing the results of that in the diversity in the ten most popular funds. Access to a wide fund range is essential to provide the most suitable mix of asset classes and funds.’