Net total retail sales were £2.4bn for the month suggesting that responsible investment funds of all kinds took three quarters of retail sales.

Global remained the best-selling Investment Association sector for the sixth straight month with net retail sales of £760m.

The worst-selling sector was UK All Companies, which experienced outflows of £545m.

Chris Cummings, chief executive of the Investment Association, said: “The retail funds market was stable in November as investors remained committed to funds, however low inflows into trackers hint at investor uncertainty, with US equities trackers and fixed income trackers particularly out of favour.

“Active management has remained attractive to investors in November, however it remains to be seen how investor attitudes will respond to the impact of the Omicron variant in December. 

“There is one area of certainty however, and that is the continued appetite for sustainable and responsible investments, as investors continue to seek to use their investing power for good.”

Tracker funds had a weak month in November, with a net retail inflow of £758m in comparison to £1.45bn reported in October.

Tracker funds under management stood at £292bn as at the end of November. Their overall share of industry funds under management was 18.6%.

Laith Khalaf, head of investment analysis at AJ Bell, said this may suggest some nervousness appearing around the new Coronavirus variant.

He said: “Tracker funds had an uncharacteristically weak month in November, registering sales of around half their normal level. That might suggest some skittishness about allocating cash to the market, even before Omicron took some wind out of bullish sails.

“December’s fund flows are likely to have taken a hit from concerns over the new Covid variant, but overall 2021 will have been a bumper year for fund sales, perhaps not eclipsing 2017’s record busting figures, but likely finishing in an honourable second place.”

He added that while ethical fund sales “are keeping the lights on in the UK investment industry”, accounting for three quarters of net inflows in November, what is less clear is how much of this money is being directed into funds that are “dyed-in-the-wool ESG champions”, compared to traditional funds that have integrated ESG considerations into their investment process.