There was a distinct shift from defensive investments towards growth allocations in the December quarter of last year, according to new data released by Dexx&r.

The data revealed a fall in funds under management in the capital secure, cash, property and international equities sectors, which were offset by gains in the multi-sector and Australian shares segments.

The Dexx&r research revealed that total funds under management increased by 0.47 per cent during the quarter, capping off a year that had seen a significant recovery in the superannuation and allocated pensions market of 18.47 per cent and 20.71 per cent respectively.

However, it noted that the retail investment market had shown only marginal growth with funds under management or administration decreasing by 3.28 per cent during the December quarter and increasing by only 1.51 per cent over the full year.