Top 10 best-selling investment trusts in April

Only half of the 10 investment trust best sellers for April had also appeared in the list for the first quarter of the year – most strikingly of all, Scottish Mortgage, last month’s most bought trust on the Fidelity platform, was absent from the combined table for January, February and March.

Shares in Scottish Mortgage have risen strongly in recent weeks. This is partly because of big increases in the trust’s valuation estimates for private holdings such as SpaceX and Anthropic, which are widely expected to float soon, and partly because it has significant exposure, via holdings in companies such as Nvidia and Taiwan Semiconductor Manufacturing Company (TSMC), to the semiconductor sector, which has been enjoying a spectacular bull run.

The trust’s shares trade at £14.23 at the time of writing, which is not too far from their record closing price of £15.44 reached in November 2021 and represents a strong recovery from a low of 612.2p in May 2023. Please remember past performance is not a reliable indicator of future returns.

In second position in April’s top 10 was a trust rarely absent from the best sellers’ list: City of London, whose yield of 4% and lengthy record of annual dividend increases appeal to income investors. It was the fifth most bought listed fund in the first quarter of the year. Yields are variable and not guaranteed.

• Read: The 'dividend superheroes' that beat inflation every year

Next in the table came Polar Capital Technology, which like Scottish Mortgage has benefited from the recent enthusiasm for semiconductor stocks. The trust has significant holdings in Nvidia, TSMC and AMD, among others, and the shares have risen by 44.5% so far this year. It was absent from the top 10 in the first quarter of the year.

Fourth-placed Fidelity Special Values, by contrast, is another top 10 stalwart. It is about as unlike Scottish Mortgage and Polar Capital Technology as an equity fund could be – it invests mostly in London-listed stocks far from the world of Silicon Valley, such as Standard Chartered bank, the utility SSE and British American Tobacco. After a volatile first quarter the trust’s shares are roughly back where they were at the start of the year.

The fifth most popular trust among Fidelity customers was International Public Partnerships, an infrastructure fund. Like many income-generating investments, it suffered in the environment of rising interest rates that followed the return of inflation about five years ago because its yield needed to rise to maintain a margin above the ‘risk-free’ return from government bonds. A rising yield, of course, normally means a falling share price. The shares finally bottomed out at about 108p in March last year and since then they have recovered strongly to 130p. The trust, which yields 6.5% at present, features on our Select 50 list of recommended funds. Please note this yield is not guaranteed.

JPMorgan Global Growth & Income, in sixth place in April, was another trust to return to the top 10 after an absence in the first quarter. Despite that ‘global’ name, the fund has almost 70% of its assets in American stocks, including ‘Magnificent Seven’ members Nvidia, Microsoft, Amazon, Apple and Meta.

Another re-entry to the top 10 after an absence during the first quarter is Allianz Technology. Its share price, like those of Scottish Mortgage and Polar Capital Tech, has risen sharply over the past six weeks or so. Three semiconductor stocks, Nvidia, Broadcom and TSMC, feature among its top four holdings.

Greencoat UK Wind was in eighth place in April. The fund, which owns wind farms in Britain, has experienced recent changes to the regulatory framework that should, according to analysts, make its revenues and profits more predictable. It currently yields 10.2% (not guaranteed) following a prolonged decline in the shares prompted by the return of higher inflation and interest rates. The share price has staged a modest recovery this year, however.

The yield on ninth-placed TwentyFour Income is, coincidentally, also in double figures (10.1%), although this fund generates its income in a very different way. It invests in a little-known corner of the bond market known as asset-backed securities. In effect, the money it lends is secured against assets such as mortgages. This trust was also absent from the first quarter’s best-sellers’ table.

Schroder Oriental Income, the 10th most bought trust in April, had been placed seventh in the table for the first three months. The fund, another member of the Select 50, yields 3% and invests in countries from the Asia-Pacific region. Top holdings include TSMC, Korea’s Samsung Electronics and Singapore-based Oversea-Chinese Banking Corp.
 

Top 10 best-selling investment trusts on Fidelity Personal Investing in April 2026:

1. Scottish Mortgage
2. City of London
3. Polar Capital Technology Trust
4. Fidelity Special Values
5. International Public Partnerships
6. JPMorgan Global Growth & Income
7. Allianz Technology Trust
8. Greencoat UK Wind
9. TwentyFour Income
10. Schroder Oriental

Source: Fidelity International. Net investment trust sales in April 2026 for Personal Investors only.

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• Read: Top 10 best-selling investment trusts of 2026
• Read: Top 10 best-selling ISA and SIPP funds in April
• Read: Top 10 best-selling ETFs in April

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. Select 50 is not a personal recommendation to buy or sell a fund. 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.