Private investors now have only one week to decide what they will do with any unused Isa allowance for the current tax year. If they don't use it before April 6, then they will lose it. But many would-be savers are unsure about where they should put their money.

With so many funds on offer and so little time left, Times Money sought the help of a team of top financial advisers to guide investors through the Isa maze. We asked each adviser to make two fund recommendations: one for cautious investors and one for those with a more aggressive outlook. Here are their selections.

Mark Dampier, Hargreaves Lansdown

“My cautious pick is the BlackRock UK Absolute Alpha fund. It has risen by 5 per cent in the year to date against a fall of 14 per cent in the FTSE 100. It's the nearest thing to a hedge fund among ordinary retail funds and has the ability to make profits in all investment climates.

“For my aggressive selection I have chosen the Neptune Russia and Greater Russia fund. Russia is currently one of the cheapest emerging markets by share valuation and although no stock market is immune from what happens in other markets, Russia is better insulated than most. On top of that, Robin Geffen is simply a great fund manager.”

Darius McDermott, Chelsea Financial Services

“I am going for the Newton Phoenix Multi-Asset fund as my cautious choice. As the name implies, it has a really wide range of assets in its portfolio, including commodities and private equity, and its three-year track record is very good.

“My aggressive choice is the Allianz BRIC Stars fund. This high-risk fund invests in the new emerging economies of Brazil, Russia, India and China and is at the very top end of the performance tables over its relatively short life.”

Brian Dennehy, Dennehy Weller & Co

“My cautious pick is the JPMorgan Cautious Total Return fund. It is very well diversified and has shown very low volatility at a time when markets have been going up and down like a yo-yo. Over the past 12 months, when most funds are nursing losses, it is up 7.2 per cent.

“My aggressive choice is not for the faint-hearted. I'm going for the AXA Framlington Japan fund, run by Anja Balfour. I realise that Japan has done very poorly for a couple of years, but I think that the turnaround potential is considerable and there is some fantastic value out there.”

Tim Cockerill, Rowan & Co

“For my cautious choice I'm going for Threadneedle UK Growth & Income. It is managed by Chris White, but the whole Threadneedle fund portfolio has been revitalised since the arrival of Leigh Harrison. The fund has been quite defensively positioned and has steered a steady course through the recent market upheavals.

“My aggressive choice is Martin Currie's North American Alpha fund. It is a concentrated portfolio of about 25 stocks managed by the very capable Tom Walker. My thinking is that when the credit crunch is finally sorted out, the US may be one of the first economies to recover.”

Mick Gilligan, Killik & Co

“I take BlackRock UK Absolute Alpha as my cautious selection. The fund's mandate allows it to benefit from falling as well as rising share prices so that looks a good bet in the current climate.

“For my aggressive pick I choose Utilico Emerging Markets. It invests in stocks that are traditional utilities but based in emerging markets. It also invests in infrastructure such as ports, airports and roads in emerging markets. It has a good track record, having produced a return of about 50 per cent in two and a half years.”

Rob Harley, Bestinvest

“My cautious selection is Invesco Perpetual Income. It is positioned very defensively with little or no exposure to banks or building companies. Neil Woodford, the manager, is one of the best in the business.

“My aggressive choice is Henderson UK Equity Income, managed by the very talented James Henderson. This fund is very much looking to the future. Mr Henderson is starting to move into certain areas that currently look pretty bombed out and where others are fearing to tread, so it is a high-risk, but potentially high-reward strategy.

“Mr Henderson is starting to see value in banks, housebuilders and smaller companies. It promises to be something of a rocky ride, but when these sectors come good again, investors in the fund stand to do very well.”

And a few sectors you might want to avoid

Mark Dampier and Rob Harley both urge investors to steer clear of commercial property funds. Mr Dampier says: “Until the current credit crunch is over I would not go near commercial property. There will be a buying opportunity, but I don't think it is yet.”

Mr Harley adds: “Property looks like an area to avoid on a risk-related basis.”

Another sector that is unloved by our experts is the US. Darius McDermott says: “The US now looks like it is in recession and the US consumer is extremely overstretched. There doesn't seem much to be optimistic about there and I can't see what could drive the market forward in the short term.”

Brian Dennehy shares Mr McDermott's concern. “The US does not look an attractive place to be while it is unwinding its huge debt mountain,” he says, “and the falling housing market could be a drag on the economy for some time.”

But the US was not the only region to receive a thumbs down from our experts. Mick Gilligan is very wary of Japan. He says: “I would steer clear of the Tokyo stock market until the political situation looks more promising,. At the moment the reformers have been pushed aside and more conservative elements are back in power. I don't see things turning more hopeful any time soon.”

For Tim Cockerill, the sector to avoid is government bonds, or gilts. “In recent years they have done very well compared with corporate bonds, but that is set to change as inflation starts to bite,” he says.

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