Top 10 best-selling funds in November

After seven months of growth, the global stock market juddered to a halt in November. America’s biggest tech stocks fell and, closer to home, the FTSE 100 got tantalisingly close to the 10,000 mark - only to retreat again.

This has made personal investors cautious. Money is flooding into cash funds and, in the world of equities, dividends are a priority. A trace of bullishness remains, however, with Fidelity customers continuing to invest big in certain technology funds.

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Cash is still king

Demand for cash remained high last month. The Fidelity Cash Fund topped the charts yet again, and the Royal London Short Term Money Market Fund and the Legal & General Cash Trust are yapping at its heels. A new fund has also climbed onto the ISA best-sellers list: the abrdn Sterling Money Market Fund.

Money market funds aim to track UK interest rates. They invest in different forms of short-term debt, including Treasury bills and certificates of deposit. Crucially, the holdings are very high quality, liquid, and diversified. This means the funds themselves are low-risk and stable - albeit slightly higher risk than a traditional savings account.

The returns delivered by these funds have risen steeply since 2021, when interest rates started to climb. In the year to September, they delivered returns of roughly 4.5% in exchange for very little capital risk.

Money market funds have been attracting more attention than usual since the government announced plans to reduce the cash ISA allowance to £12,000. As they are a form of investment, the funds are held within stocks and shares ISAs, meaning they are not affected by the cut - despite offering cash-like returns.

• Read: Cash ISA cut: what does it mean for savers?

It may not stay this way forever, however. In order to ‘avoid circumvention’ of the new rules, the government plans to introduce tests to determine whether an investment is eligible to be held in a stocks and shares ISA or is ‘cash like’

Source: Morningstar from 30.9.20 to 30.9.25. Basis bid to bid with income reinvested in GBP. Excludes initial charge.

Dividend hunters

Personal investors also prioritised dividends in November - perhaps in a conscious move away from highly valued growth stocks. One fund has attracted a particularly loyal following this year: the Artemis Global Income Fund.

Investors have been attracted by this fund’s returns. In the year to September 2025, it managed to grow by a whopping 44%. Its benchmark rose by 10% in the same period.

Known for its contrarian approach, Artemis Global Income targets undervalued, dividend-paying stocks. Its portfolio typically includes between 60 and 80 holdings, with a strong emphasis on free cash flow. It has achieved a historic dividend yield of 2.5%.

The fund also stands out for its focus on lesser-known companies. While familiar names like Chevron and Pfizer feature among its top holdings, others - such as Hanwha Aerospace and Hon Hai Precision - are less widely covered in the UK.

• Read: Where to find the best dividends

Artemis has benefited from favourable structural trends. Aerospace and defence stocks, which make up around 20% of the portfolio, have been key drivers of recent outperformance. Its significant exposure to financials has also proved advantageous in the current high-interest rate environment.

Dividend hunters have also been buying the Fidelity Global Dividend Fund. This actively managed has limited its exposure to the US, prioritising the UK and Europe instead. As a result, it is a useful diversifier for those with an investment horizon of a decade or more.

Its top three holdings are Unilever, Taiwan Semiconductor Manufacturing Company (TSMC), and French electrical equipment company Legrand.

Source: Morningstar from 30.9.20 to 30.9.25. Basis bid to bid with income reinvested in GBP. Excludes initial charge.

Multi-asset approach

Dividends are not the only form of income, of course. Bonds are also back on investors’ radars in the form of multi-asset funds.

The Fidelity Multi Asset Allocator Growth Fund is split roughly 60/40 between higher risk assets like shares and lower risk assets like bonds. This makes it a useful diversifier. By spreading their money across different asset classes, investors are hoping for less volatility and smoother returns over the long term. Historically, stocks and bonds have moved in opposite directions, although this hasn’t always played out.

Multi-asset funds slipped off the best-sellers list in August and September. However, with rumours of a stock market bubble swirling around, SIPP investors appear to be taking a more cautious approach as we near the end of the year.

The Fidelity Multi Asset Allocator Growth Fund forms the basis of Fidelity’s Retirement Builder, a fuss-free investment option for customers who want stable growth and a diversified portfolio.

Source: Morningstar from 30.9.20 to 30.9.25. Basis bid to bid with income reinvested in GBP. Excludes initial charge.

Tech titans

Fears about an AI bubble have increased in recent weeks. In the Financial Times, there are reports of UK pension funds cutting back their exposure to US equities. Meanwhile, shares in AI superstar Nvidia fell by over 10% in November, despite stellar earnings.

Some technology funds remain popular with ISA and SIPP investors, however. The Legal & General Global Technology Index Trust is a particular favourite. This passive fund tracks the FTSE World-Technology Index, and counts Nvidia, Microsoft, Apple, Meta and Broadcom - a lesser-known chip designer - as its top five holdings. It has delivered impressive growth over the past three years.

Other investors have been shaking-up their sector exposure. The Fidelity Global Technology Fund is actively managed and steers away from the Magnificent 7. In fact, its exposure to the US is disproportionately low. Its biggest position is Taiwan Semiconductor Manufacturing Company (TSMC), which makes chips for Nvidia. Nvidia itself does not appear in the top 10 holdings.

Source: Morningstar from 30.9.20 to 30.9.25. Basis bid to bid with income reinvested in GBP. Excludes initial charge.

Gold

The gold price has risen by more than 50% in the past year and currently hovers around $4,200 a troy ounce. After a wobble in October, however, bullion has lost some of its shine for personal investors.

The Ninety One Global Gold Fund dropped off the ISA best-sellers list last month after climbing to fifth position in October. SIPP investors were more enthusiastic, but the fund still slipped from fifth to tenth position in November.

The fund invests in some of the world’s bigger gold miners, including US giant Newmont Corp and South Africa-based Gold Fields. In recent months, the performance of this fund has stormed ahead of the gold price. Please remember past performance is not a reliable indicator of future returns.

• Watch: Gold price surge - is it too late to gain?

A key reason why miners have been doing so well is due to something known as operational gearing. Gold miners have lots of fixed costs, such as machinery and staff. This is a problem when times are tough, as they are forced to keep spending even as revenue falls. When sales are rising, however, this cost structure can turbocharge profit growth.

On the London market, Fresnillo - Mexico's largest gold producer - is the FTSE 100’s best performer of the past one and two years. 

Source: Morningstar from 30.9.20 to 30.9.25. Basis bid to bid with income reinvested in GBP. Excludes initial charge.

Best-selling ISA funds

1. Fidelity Cash Fund
2. Royal London Short Term Money Market Fund
3. Fidelity Index World Fund
4. Legal & General Cash Trust
5. Artemis Global Income Fund
6. Legal & General Global Technology Index Trust
7. Fidelity Special Situations Fund
8. Fidelity Global Dividend Fund
9. abrdn Sterling Money Market Fund
10. HSBC FTSE All World Index Fund

Source: Fidelity International. Gross ISA sales 1 to 30 November 2025 for Personal Investors only.

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Best-selling SIPP funds in November

1. Fidelity Cash Fund
2. Royal London Short Term Money Market Fund
3. Legal & General Cash Trust
4. Fidelity Index World Fund
5. Fidelity Multi Asset Allocator Growth
6. Artemis Global Income Fund
7. Legal & General Global Technology Index Trust
8. Fidelity Global Dividend Fund
9. Ninety One Global Gold Fund
10. Fidelity Global Technology Fund

Source: Fidelity International. Gross SIPP sales 1 to 30 November 2025 for Personal Investors only.

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• Read: Where to find the best dividends
• Read:‘ETF’ no longer means ‘passive’: the rise of active ETFs
• Read: 5 stocks to watch in December

Important information - investors should note that the views expressed may no longer be current and may have already been acted upon. Withdrawals from a pension product will not be possible until you reach age 55 (57 from 2028). Eligibility to invest in an ISA and tax treatment depends on personal circumstances and all tax rules may change in the future. Overseas investments will be affected by movements in currency exchange rates. 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. There is a risk that the issuers of bonds may not be able to repay the money they have borrowed or make interest payments. When interest rates rise, bonds may fall in value. Rising interest rates may cause the value of your investment to fall. 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.