Such a short timeframe means investors considering this option would be better off with steadier assets such as bonds rather than equities, however.
With this in mind, FE Trustnet asked the experts what funds they would recommend for investors with a one-year time horizon.
Invesco Perpetual Monthly Income Plus
Andrew Merricks, head of investments at Skerritt Wealth Management, warns that any investment with such a short time horizon "has to be plastered with all sorts of warnings".
However, he says that high yield bond funds can be quite useful for investors looking to give their cash a little push and named Invesco Monthly Income Plus as an example. One of the benefits of this strategy is that it has accumulation units – meaning an investor can reinvest their dividends monthly. Merricks says this will not have a huge impact over 12 months, but does offer some compounding.
The £3.6bn fund is headed up by FE Alpha Manager Neil Woodford in conjunction with Invesco’s bond experts Paul Causer and Paul Read.
The fund has delivered top-quartile returns in the IMA Sterling Strategic Bond sector over three, five and 10 years and is yielding an attractive 6.11 per cent.
Over the past year, the fund has made 15.48 per cent while the sector is up 10.01 per cent.
Performance of fund vs sector over 1yr
Source: FE Analytics
Merricks warns the strategy is not without a lot of risk over one year, but adds: "With a bit of luck and a little bit of market timing, you might well end up beating cash."
The fund requires a minimum investment of £500 and carries a total expense ratio (TER) of 1.44 per cent.
Invesco Perpetual European High Yield
Merricks also tips the four crown-rated Invesco Perpetual European High Yield bond fund as a possible short-term punt.
"With Europe, it’s all about default risk and most of the problems are sovereign and not company-based," he said.
The £92.8m fund, also headed up by Causer and Read, is a consistent top-quartile performer in the IMA Sterling High Yield sector over one, three, five and 10 years.
Over the last year, it has made 21.58 per cent, compared with 12.18 per cent from the sector.
It is yielding slightly less than the Monthly Income portfolio, at 5.69 per cent, but still more than cash and government bonds.
The fund requires a minimum investment of £500 and has a TER of 1.59 per cent.
JPM Global High Yield Bond
Another option for short-term investors is the JPM Global High Yield Bond fund, headed up by Robert Cook and Tom Hauser.
While the fund has underperformed the IMA Sterling High Yield sector, Merricks says it offers a good method of diversifying risk globally.
Over the last year, the £229m fund has picked up 9.79 per cent, slightly less than the sector's 12.18 per cent, but still more than the rate offered by the bank.
It is yielding 6.6 per cent.
Performance of fund vs sector and cash over 1yr
Source: FE Analytics
The fund requires a minimum investment of £1,000 and carries a TER of 1.28 per cent.
"The easy money has been made, but if you’re looking for a return better than simply sitting in cash and less risky than gilts, high yield funds could be the best bet," Merricks added.
However, he stresses his warning that when investing over one year, losing money is a realistic possibility.
Artemis Strategic Assets
Chelsea’s Darius McDermott reiterates that one year is simply not long enough to expect any significant gains, but adds that people who are positive about markets may wish to invest a small proportion of their cash.
"12 months isn’t long enough to invest in a proper sense," he explained.He says a safer bet for short-term investors would be the four crown-rated Artemis Strategic Assets fund because it offers some exposure to the market while also combining an element of downside protection.
The multi-asset fund, run by William Littlewood and Giles Parkinson, offers a minimal yield of 0.58 per cent, but has outperformed the IMA Flexible Investment sector over one and three years.
Over the last year, it made 11.15 per cent, while the sector gained 9.67 per cent, according to FE Analytics.
The £860.4m fund requires a minimum investment of £1,000 and has a TER of 1.59 per cent.
Templeton Global Total Return Bond
Chris Spear, managing director at Spear Financial, says that investors with a one-year horizon should realise there is no substitute for cash.He adds that if they want to invest over such a short period of time, they could go for the £115m Templeton Global Total Return Bond fund.
"The big thing investors should be asking themselves is, 'can I afford to lose this amount of money?'"
"If you were to invest over that time I would use pound/cost averaging – so drip-feeding – to make sure you are spreading your money. I would go for a fund like Templeton Global Total Return."
"It is one I like and one I haven’t used nearly enough in the past. Some may say it has done a little too well recently, but I think there is still money to be made from it."
The five crown-rated Templeton Global Total Return Bond fund is managed by John Beck, Michael Hasenstab and Sonal Desai.
As Spear says, Templeton Global Total Return Bond has been one of the best performers in the IMA Global Bond sector since its launch in June 2008.
It is a top-quartile performer over one year and its returns of 34.84 per cent make it the sixth-best performing fund in the sector over three years.
Templeton Global Total Return Bond has a TER of 1.35 per cent. It requires a minimum investment of £1000, but for those looking to drip-feed their savings the fund’s minimum top-up is £250.