Source: Shutterstock / Wright Studio These funds and many others were significantly hit by Covid and were suspended while valuations could not be carried out. After many others reopened, Aviva, and now Aegon, did not achieve the economies of scale and diversification that these collective schemes should offer and had to wind up the funds. But it is not just Aviva and Aegon that have struggled. The entire sector has been suffering, reflected in the poor performance of funds that have reopened. The outlook could be considered quite bleak. Outflows from real estate funds have now reached £5.6bn after investors sold their stakes for 32 consecutive months, according to data from funds network Calastone. The worst month was March this year when £589m was withdrawn.