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 sudden and marked increase in appetite for Chinese shares is the most striking feature of the list of investment trusts most bought by Fidelity’s customers last month. Fidelity China Special Situations jumped to the top spot from ninth position in July.
The Chinese stock market has performed well this year after a period in which it was judged ‘uninvestible’ by some. The MSCI China index has risen by 28.7% in 2025 in sterling terms, building on modest gains last year that followed severe falls from a peak in early 2021. But Fidelity’s China trust has outperformed the index this year thanks to a gain of 39.4%. Figures are on a ‘total return’ basis with dividends reinvested. Please remember past performance is not a reliable indicator of future returns.
Dale Nicholls, the trust’s manager, said in the most recent monthly factsheet: ‘China’s economy [has] continued to show resilience with robust industrial production and retail sales. Accelerated [government] support and fiscal spending, alongside some improvement in consumer sentiment, aided performance.’
To mark the trust’s 15th anniversary Tom Stevenson sat down with Dale Nicholls and the trust’s founder Anthony Bolton to discuss the story so far and the opportunities that lie ahead.
In second place in our table is Fidelity Special Values, which has also enjoyed a strong 2025 with a rise of 20.7%, compared with the FTSE 100’s 15.9% on a total return basis. The trust was in first place in July.
Alex Wright, its manager, said in the most recent factsheet: ‘The UK has been performing well over the past five years and remains a fertile hunting ground for contrarian stock pickers.’ He said it offered ‘strong earnings growth, high dividend yields and low valuations’.
In third position, up from fifth, comes City of London, which, like Fidelity Special Values, has appeared in the top 10 every month this year except February, when both dropped out. City of London is popular with investors who want income; it currently yields 4.5% (variable and not guaranteed).
Scottish Mortgage is in fourth place, its lowest position so far this year (it occupied the top spot between January and April and was in second place in July). This is despite a strong gain so far this year of 14.2%, which represents an outperformance of America’s Nasdaq technology index.
In fifth place is Polar Capital Technology, down from third spot in July. The fund has plenty of exposure to American tech giants such as Nvidia, Microsoft and Meta (Facebook), which have proved volatile in recent weeks as some investors fret that enthusiasm for AI risks turning into a bubble, while others are convinced that it constitutes a new industrial revolution and hence justifies high valuations for AI stocks such as Nvidia.
JPMorgan Global Growth & Income was in sixth place in August, a rise from 10th the previous month. Although a global fund it has 72.2% of its assets in America and considerable exposure to the tech sector – Nvidia and Microsoft are its two biggest holdings.
F&C reappeared in the top 10 in seventh place last month after a rare absence in July (it was the third most bought trust in June, for example). This trust, the world’s oldest, also invests globally.
Greencoat UK Wind also returned to the table, after a five-month absence, in eighth position. The green energy fund yields 7.4%. It was followed in ninth place by International Public Partnerships, a member of Fidelity’s Select 50 list of recommended funds. The trust has made the top 10 every month so far this year and was placed eighth in July.
Bringing up the rear was Allianz Technology Trust, which returned to the top 10 after a one-month absence. As a result, August was the first month this year in which the three most popular tech trusts – Scottish Mortgage, Polar Capital Tech and Allianz Tech – have all featured.
Finally it’s worth mentioning that July’s strong showing for green energy funds largely unwound in August: The Renewables Infrastructure Group (TRIG), Foresight Solar Fund and Bluefield Solar Income Fund all dropped out of the table last month, a trend partially offset by Greencoat UK Wind’s return.
Top 10 best-selling investment trusts on Fidelity Personal Investing in August 2025:
- Fidelity China Special Situations
- Fidelity Special Values
- City of London
- Scottish Mortgage
- Polar Capital Technology
- JPMorgan Global Growth & Income
- F&C
- Greencoat UK Wind
- International Public Partnerships
- Allianz Technology Trust
Source: Fidelity International. Gross investment trust sales in August 2025 for Personal Investors only.
- Read: Anthony Bolton: why everyone should have an exposure to China
- Read: Which global index is best for you?
- Read: What is the best way to invest in gold - ETFs or gold miners?
| (%) As at 4 Sept |
2020-2021 | 2021-2022 | 2022-2023 | 2023-2024 | 2024-2025 |
|---|---|---|---|---|---|
| Fidelity China Special Situations | 15.2 | -29.9 | -9.7 | -15.2 | 74.8 |
| Fidelity Special Values | 79.2 | -14.1 | 6.2 | 22.9 | 20.8 |
| Scottish Mortgage | 62.4 | -41.0 | -14.0 | 16.8 | 36.1 |
Past performance is not a reliable indicator of future returns
Source: FE, share price returns from 4.9.20 to 4.9.25. Excludes initial charge.
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. 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.
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