The 10 best-selling investment trusts in May

Europe became a more popular destination for investors’ money in May, at least among Fidelity clients who buy investment trusts. The most bought trust last month was Fidelity European, which climbed from eighth place in April. It was joined in the top 10 by JPMorgan European Growth & Income in 10th place.

Europe’s increased popularity reflects a broader movement of money from America to other markets by investors concerned about the tariff wars and fears of an end to US ‘exceptionalism’. Since the start of this year European stock markets have gained 7.7% while America’s S&P 500 index has risen by just 1.5%.

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Fidelity European’s rise displaced Scottish Mortgage from the top spot it had occupied for the first four months of the year. The giant technology-heavy fund slipped to second place.

Two trusts that invest in British stocks also gained in popularity. City of London rose to third place in May from fifth in April while Fidelity Special Values rose from ninth place to sixth. The London stock market has been another refuge for investors fleeing Wall Street and has also risen strongly, by 9.5%, so far this year.

The fourth most popular trust among our clients in May was Allianz Technology while International Public Partnerships, an infrastructure trust that features on our Select 50 list of favourite funds, was in fifth position. In April they were placed third and fourth respectively. Fidelity China Special Situations dropped from second place in April to seventh in May and JPMorgan Global Growth & Income slipped by two places to eighth. F&C, the venerable global trust formerly known as Foreign & Colonial, was the ninth most bought last month, compared with seventh in April.

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Top 10 best-selling investment trusts on Fidelity Personal Investing in May 2025:

1. Fidelity European Trust
2. Scottish Mortgage
3. City of London
4. Allianz Technology Trust
5. International Public Partnerships
6. Fidelity Special Values
7. Fidelity China Special Situations
8. JPMorgan Global Growth & Income
9. F&C
10. JPMorgan European Growth & Income

Source: Fidelity International. Gross investment trust sales in May 2025 for Personal Investors only.

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Important information - investors should note that the views expressed may no longer be current and may have already been acted upon. Before investing, please read the relevant key information document which contains important information about each investment trust. The shares in these investment trusts are listed on the London Stock Exchange and their price is affected by supply and demand. Investment trusts can gain additional exposure to the market, known as gearing, potentially increasing volatility. Overseas investments will be affected by movements in currency exchange rates. Investments in emerging markets can be more volatile than other more developed markets. Reference to specific securities should not be construed as a recommendation to buy or sell these securities and is included for the purposes of illustration only. Eligibility to invest in an ISA and tax treatment depends on personal circumstances and all tax rules may change in the future. This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice.