You don’t need to be an expert to invest your money. But when deciding which funds to buy for your Stocks and Shares ISA, the first step is to determine your attitude to risk. Nobody should invest in shares for periods of less than five years, and they should diversify across different countries, regions and sectors to spread risk.

Paul Angell, head of investment research at AJ Bell, highlights eight funds and investment trusts for varying risk profiles. Just remember that neither income nor capital growth is guaranteed, and past performance is no guide to the future.

Cautious Investors.

TwentyFour Corporate Bond. This popular fund from TwentyFour Asset Management pays income of around 6% a year from a spread of lower risk UK corporate bonds.

Personal Assets Trust. A multi-asset fund investing in equities, government bonds and gold, with a focus on preserving capital. Its defensive strategy shields against market downturns. It’s up 6% over one year and 25% over five.

Balanced Investors.

M&G Japan. M&G’s fund manages a portfolio of between 40 and 60 stocks, for investors happy to put money into Japanese equities. It’s up 2.5% over one year and 105% over five.

Polar Capital Global Insurance. This aims to deliver growth of around 10% a year from a spread of insurance businesses. It’s grown 10% over one year and 125% over five.

Adventurous investors.

Gresham House UK Smaller Companies. This higher-risk option manages a portfolio of around 40 fast-growing UK smaller companies targeting long-term growth but with potential volatility along the way. It is up 5% over one year and 103% over five years.

Artemis US Select. The US stock market has been volatile lately and technology stocks may be overvalued, but recent falls could present a buying opportunity. It is down 1% over one year but up 95% over five years.

Income seekers.

Aegon High Yield. This fund selects a spread of high-yield bonds and has delivered consistent long-term outperformance. It currently yields 7.32%, with a low annual charge of 0.59%.

Man Income. This UK fund targets undervalued stocks with a solid track record of dividend growth. It currently yields 7.76% with a 0.75% annual charge.