Top 10 best-selling funds in October

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.

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.

Consider this simplified example. A miner produces $100 worth of gold by spending $50 - leaving a profit of $50. If there is a 50% rise in gold prices, the amount it can sell the metal it produces for rises to $150 - leaving $100 profit after its costs have been deducted. Therefore a 50% rise in the price of gold equates to a 100% rise in its profits.

This has played out across the sector this year - and shareholders are reaping the rewards. Newmont, for example, has delivered free cash flow of over $1bn for four consecutive quarters, which has fuelled bumper dividend payments and share buybacks.

• Read: 2 best-selling gold mining funds
• Read: What is the best way to invest in gold - ETFs or gold miners

Past performance is not a reliable indicator of future returns

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

Cash

Demand for cash also 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.

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.

The outlook for cash may be fading, however. In early August, the base rate was lowered the from 4.25% to 4.0% and the Bank of England will make its next decision on Thursday 6 November. Until recently, markets had virtually ruled out another interest rate cut this year. Inflation for September came in lower than expected, however, meaning analysts now think there is more chance of a cut.

Past performance is not a reliable indicator of future returns

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

Multi-asset funds are back on investors’ radars. 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 push into autumn.

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.

Past performance is not a reliable indicator of future returns

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

Global income

Cash and bonds are a popular source of income. However, personal investors also want dividends, and one fund has attracted a 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 Mitsubishi feature among its top holdings, others - such as Simon Property Group and Hanwha Techwin - are less widely covered in the UK.

• Read: Artemis Global Income: a new bestseller

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.

Past performance is not a reliable indicator of future returns

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

Technology

Despite worries about an AI bubble, technology funds remain popular with ISA and SIPP investors. 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 want to shake-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.

Watch: Are we re-running the dot-com crash?

Past performance is not a reliable indicator of future returns

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

UK

In early 2025, the UK suddenly became fashionable. Fidelity Index UK, Legal & General UK Index Trust, and Fidelity Special Situations Fund all popped up on the best-selling funds list.

As the nights draw in, investor enthusiasm seems to be waning. However, Fidelity Special Situations is still a top pick for ISA investors. This actively managed fund - which features on the Select 50 - tries to find British bargains. Among its top holdings are names like Aviva and British American Tobacco, as well as some less well-known ones such as Irish housebuilder Cairn Homes.

From a sector standpoint, experienced managers Alex Wright and Jonathan Winton lean towards industrials and consumer discretionary stocks. Their strategy has delivered strong results: in the 12 months to 30 September, the fund rose by 19%, more than double the return of its benchmark. Please remember past performance is not a reliable indicator of future returns.

Read: When might the FTSE 100 hit 10,000?

Past performance is not a reliable indicator of future returns

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 in October

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

Source: Fidelity International. Gross ISA sales 1 to 31 October 2025 for Personal Investors only.

• Open a Fidelity Stocks and Shares ISA

Best-selling SIPP funds in October

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. Ninety One Global Gold Fund
7. Artemis Global Income Fund
8. Legal & General Global Technology Index Trust
9. Fidelity Global Dividend Fund
10. Aegon High Yield Bond Fund

Source: Fidelity International. Gross SIPP sales 1 to 31 October 2025 for Personal Investors only.

• Open a Fidelity Self-Invested Personal Pension

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