Top 10 best-selling investment trusts of 2025

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.

Perhaps the most striking aspect of the ‘open-ended’ funds that were most popular with our customers in the first two months of this year is the complete absence of funds that invest in British shares. Instead, portfolios that invest in global or American stocks, or in cash, occupied all top 10 spots in our ‘most-bought’ tables for both ISAs and SIPPs.

Our investment trust customers made very different choices. Although four global stock funds (and one global infrastructure portfolio) featured among the 10 most bought trusts, there were no US trusts (there were also no portfolios dedicated to cash investments, although this is because there are no ‘money market’ investment trusts). Instead, three trusts that invest in British assets – two in London-listed shares, one in UK-based infrastructure – featured, along with one European trust and one that invests in Chinese shares.

Here in detail are the most popular trusts among Fidelity customers over the first two months of the year.

• Get expert insights straight to your inbox with our free investor emails

Global trusts

The most bought trust between the beginning of January and the end of February was Scottish Mortgage, the giant £11.6bn portfolio that aims to hold the world’s most promising ‘disruptive’ companies. It has just over half its money in American stocks so it has felt some of the recent Wall Street pain, although the shares are only back to where they began the year.

In fourth position in our trust top 10 was JPMorgan Global Growth & Income, another large fund at a market value of £2.8bn. It has just under three quarters of its assets in US stocks and has also suffered over the past month as the ‘Trump bump’ gave way to the ‘Trump slump’.

F&C Investment Trust, in seventh position, is another global fund. Its market value of £5.3bn qualifies it for inclusion in the FTSE 100 index of leading companies. It has 65.6% of its money invested on Wall Street and, like Scottish Mortgage, has fallen back in recent weeks to roughly where it traded at the start of the year.

The final global stock market fund to make the top 10 in the first two months of the year was Allianz Technology Trust in 10th place. The £1.4bn portfolio has about 95% of its money invested in the US and its shares have fallen sharply since mid-February.

Also a global fund, albeit one that invests in very different assets, is International Public Partnerships, which was the third most bought trust. The fund, which features on our Select 50 list of favourite funds and, thanks to its domicile in Guernsey, can be bought without stamp duty, invests in a diverse range of infrastructure sectors, including energy transmission, transport and education, and in a wide variety of jurisdictions, such as the UK, the EU, Australia and the US. It is also one of my colleague Tom Stevenson’s fund picks for 2025.

• See what funds Investment Director Tom Stevenson is investing in this year

UK trusts

Fidelity Special Values, run by the experienced ‘value’ investor Alex Wright, was the second most popular trust among Fidelity clients in the first two months of the year. It has 84.3% of its money invested in the UK so it has performed well since the new year as global investors have withdrawn money from America and switched to Europe.

Greencoat UK Wind, in sixth place, is a different animal – it invests in wind farms in Britain. The shares have been falling since the summer of 2022, partly because higher interest rates have forced the trust’s yield higher to maintain the differential between what is available on safe cash and riskier shares. The trust now yields 7% (dividends are not guaranteed).

Ninth-placed City of London is another portfolio popular among income seekers. It has 89.8% of its money in London-listed shares and yields 4.7%.

Other trusts

The final two listed funds in our list are both dedicated to individual countries. In fifth position is Fidelity China Special Situations, whose shares have just regained their pre-pandemic levels, while the Fidelity European Trust, in eighth place, has enjoyed a good run since the new year as investors have started to move money away from Wall Street.

• See our current offers to help your money go further

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

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

Source: Fidelity International, gross investment trust sales in January and February 2025 for Personal Investors only.

• Read: What can we expect from the Spring Statement?
• Read: The 2025 market wobble explained – and funds to consider
• Read: Six habits of successful investors (and how to form them)