Top 10 best-selling funds in September

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.

This actively managed fund invests in some of the world’s bigger gold miners, including US giant Newmont Corp and South Africa-based Gold Fields.

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 been playing out across the sector this year - and shareholders are reaping the rewards. Newmont, for example, reported record free cash flow $1.7bn in the second quarter of 2025 and returned $1bn to shareholders via dividends and share buybacks.

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

Cash was also in demand 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 remain popular.

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.

In the year to September, these funds delivered returns of roughly 4.5%.

The outlook for cash is somewhat hazy. In early August, the base rate was lowered from 4.25% to 4.0%. However, borrowing costs have not shifted since then, and the Bank of England says there is now ‘considerably more doubt about exactly when and how quickly’ further cuts will be made.

Cash could remain attractive, therefore. However, the Bank of England’s caution is linked to concerns about high inflation - and high inflation erodes ‘real’ returns. The market expects UK inflation to hit 4% in September, in line with interest rates.

Read more on cash and money market funds

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 is just one part of the story, 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. Please remember past performance is not a reliable indicator of future returns.

Artemis Global Income is ‘highly contrarian’ and buys undervalued, income-focused stocks. The portfolio typically contains around 60-80 holdings, and free cash flow is a big focus. The portfolio is cheaper than its benchmark and boasts a historic dividend yield of 2.5%.

The fund claims to focus on ‘lesser known’ companies, and this is borne out by its biggest holdings. While names such as Chevron and Mitsubishi are familiar, the likes of Simon Property Group and Hanwha Techwin are not well covered in the UK.

• Read: Artemis Global Income: a new bestseller

The fund has benefited from some strong structural tailwinds. Its aerospace and defence holdings - which represent about a fifth of the portfolio - has driven recent outperformance. It is also very exposed to financials, which have benefited from higher interest rates.

Dividend hunters have also been buying the Fidelity Global Dividend Fund. This actively managed fund 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.

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 and SIPP 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 perspective, veteran fund managers Alex Wright and Jonathan Winton favour industrials and consumer discretionary stocks.

This approach has worked well in recent years. In the 12 months to 30 September, Special Situations rose twice as fast as its benchmark, climbing by 18.7%.

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

Last but not least is technology. Despite signs of wariness, Fidelity customers are still seeking exposure to Big Tech via a variety of channels. The Legal & General Global Technology Index Trust has been an ISA favourite all year, as has the Fidelity Global Technology Fund.

The former passively tracks the FTSE World-Technology Index, and counts Nvidia, Microsoft, Apple, Meta and Broadcom - a lesser-known chip designer - as its top five holdings.

In contrast, the Fidelity fund is actively managed and underweights many of America’s biggest names. Taiwanese chip maker TSMC is its top holding, and the fund has also sought out exposure to names such as Sweden’s Ericsson and South Korea’s Samsung.

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 September

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

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

• Open a Fidelity Stocks and Shares ISA

Best-selling SIPP funds in September

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. Ninety One Global Gold Fund
7. Vanguard LifeStrategy Funds ICVC-Vanguard LifeStrategy 80% Equity Fund
8. Fidelity Global Technology Fund
9. Fidelity Global Dividend Fund
10. Fidelity Special Situations Fund

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

• Open a Fidelity Self-Invested Personal Pension

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