What investment trusts did investors buy in January?

British and emerging market stocks were the assets that attracted investment trust buyers in January; American shares hardly got a look-in. One trust that invests in Japanese companies also made the list of the 10 best-selling listed funds on the Fidelity platform last month. It is perhaps no coincidence that stock markets in Britain, the emerging markets and Japan all outperformed Wall Street last year.

Trusts that invest predominantly in UK-listed companies occupied three of the top four places: Fidelity Special Values in the top spot, City of London in third and Law Debenture in fourth. The Fidelity trust takes a contrarian ‘value’ approach, while ‘dividend hero’ City of London focuses on maintaining its unparalleled record of annual dividend increases. Law Debenture takes a unique approach: a conventional portfolio of mainly London-listed stocks is augmented by a separate professional services business. 

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Schroder Japan, a member of Fidelity’s Select 50 list of recommended funds, occupied the second spot. It and the three British trusts were followed by three emerging market funds – Fidelity Emerging Markets, Fidelity China Special Situations and Templeton Emerging Markets – in fifth, sixth and seventh place respectively.

A characteristic of emerging market funds not always appreciated by investors is that their holdings can be based or listed in developed markets such as Britain or America, as long as they have a significant presence in emerging markets.

The Templeton fund makes full use of this flexibility; 52.7% of its assets have their home in developed markets, according to the most recent factsheet. The figures for Fidelity Emerging Markets and Fidelity China Special Situations are 37.8% and 16.4% respectively. Companies listed or based in developed economies generally enjoy higher standards of corporate governance and the shares may appeal to a wider pool of investors.

Two more funds that invest in British assets, Temple Bar and Greencoat UK Wind, followed in eighth and ninth place. Temple Bar is a conventional portfolio of shares listed predominantly on the London Stock Exchange while Greencoat UK Wind owns wind farms. Both have yields likely to appeal to income investors; they are 3.9% and 7.9% respectively. Please note these yields are not guaranteed.

The final trust in the top 10 is a very different animal. Seraphim Space, which describes itself as ‘the world’s first listed SpaceTech fund’, is the only trust on the list to have significant exposure to the US – 23% as at June last year, the most recent figure available. The trust’s popularity among Fidelity customers last month can no doubt be attributed in part to its spectacular gain of 121% in 2025. Please remember past performance is not a reliable indicator of future returns.
 

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

1. Fidelity Special Values
2. Schroder Japan
3. City of London Investment Trust
4. Law Debenture
5. Fidelity Emerging Markets 
6. Fidelity China Special Situations
7. Templeton Emerging Markets
8. Temple Bar
9. Greencoat UK Wind
10. Seraphim Space

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

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Important information - investors should note that the views expressed may no longer be current and may have already been acted upon. Overseas investments will be affected by movements in currency exchange rates. Investments in emerging markets can be more volatile than other more developed markets. 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. 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. 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.