Top 10 best-selling ISA and SIPP funds in March

Important information - the value of investments and the income from them can go down as well as up, so you may get back less than you invest.

ISA investors grew increasingly risk averse in March, judging by the funds they put their money into. Savers in SIPPs, whose focus on retirement may make them less concerned about short-term risks to the stock market, showed less change in their behaviour compared with February. Investors around the world have been unnerved by Donald Trump’s imposition of tariffs on a range of imports and have reacted by selling American shares.

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ISAs: Fidelity customers put more into cash and the UK, less into Wall Street

Cash or ‘money market’ funds became even more popular among our ISA customers in March, while three UK funds entered the top-10 list of best-sellers; previously there were none. By contrast, the list contained only three global stock funds, down from five, and just one US fund, compared with two in February.

Cash funds are far less risky than stock market funds, while Wall Street is seen as vulnerable to the effects of the new tariffs and starts from a much higher valuation than the London market. ‘Global’ funds tend in practice to have a large percentage of their money in US shares, so the shifts in our customers’ choices can all be seen as a reflection of greater risk aversion.

While, as in February, three cash funds made the March top 10, they moved up the table. The Fidelity Cash Fund went from second place to top, while the Royal London Short Term Money Market Fund moved up from fourth to third and the Legal & General Cash Trust climbed four places from ninth to fifth. The amounts of money committed to the three cash funds also increased sharply.

Even more striking was the arrival of three UK funds in March’s top 10; none appeared in February. The most popular was the Fidelity Index UK Fund in seventh place, followed by the Legal & General UK Index Trust in eighth. Both are ‘tracker’ funds that passively follow the London stock market. In 10th place, however, was an actively managed UK fund, Fidelity Special Situations Fund.

Global funds became less popular. The Fidelity Index World Fund dropped from first place to second, Fidelity Global Dividend Fund went from third to fourth and, while Fidelity Global Technology Fund held on in sixth position, two other global funds – Legal & General Global Technology Index and Rathbone Global Opportunities – dropped out of the top 10 altogether. In February they had occupied fifth and seventh places respectively. 

It was a similar story with US funds. While the Fidelity Index US Fund remained in the table in March, dropping one place to ninth, the UBS S&P 500 Index Fund, 10th placed in February, fell out of the table. 

Top 10 best-selling ISA funds on Fidelity Personal Investing in March 2025

1. Fidelity Cash Fund
2. Fidelity Index World Fund
3. Royal London Short Term Money Market Fund
4. Fidelity Global Dividend Fund
5. Legal & General Cash Trust
6. Fidelity Global Technology Fund
7. Fidelity Index UK Fund
8. Legal & General UK Index Trust Fund
9. Fidelity Index US Fund
10. Fidelity Special Situations Fund

Source: Fidelity International. Gross ISA sales in March 2025 for Personal Investors only. 

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SIPPs: much less change as global and US funds remain popular

The big changes seen in the ISA top 10 in March were not replicated in the SIPP best-seller table, which was notable for its continuity. In fact, all 10 funds to feature in February remained in the table last month, although there was some shuffling of positions. 

The only change among the top six funds was that the Fidelity Index World Fund and Fidelity Cash Fund swapped positions as the cash fund rose from second to top and the Index World Fund made the opposite move. The Royal London Short Term Money Market Fund in third, the Legal & General Cash Trust in fourth, the Fidelity Global Dividend Fund in fifth and the Fidelity Index US Fund in sixth position were all unchanged.  

In the last four places in the table the Rathbone Global Opportunities Fund dropped from seventh position in February to 10th in March and Vanguard LifeStrategy 80% Equity went from eighth to ninth, while Fidelity Global Technology climbed two places to seventh and Fidelity Multi Asset Allocator Growth went up two spots from to 10th to eighth. 

Top 10 best-selling SIPP funds on Fidelity Personal Investing in March 2025

1. Fidelity Cash Fund
2. Fidelity Index World Fund
3. Royal London Short Term Money Market Fund
4. Legal & General Cash Trust
5. Fidelity Global Dividend Fund
6. Fidelity Index US Fund
7. Fidelity Global Technology Fund
8. Fidelity Multi Asset Allocator Growth Fund
9. Vanguard LifeStrategy 80% Equity Fund
10. Rathbone Global Opportunities Fund

Source: Fidelity International. Gross SIPP sales in March 2025 for Personal Investors only. 

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