Top 10 best-selling investment trusts in July

Recent gyrations in the share prices of semiconductor companies and other technology stocks have not blunted investors’ appetite for technology investment trusts, to judge by the choices of Fidelity’s ‘DIY’ customers last month.

Three listed funds that invest heavily in this area featured among the top 10 best sellers, along with income-focused funds, a Japan fund and a UK ‘value’ trust.

Read on to discover July’s top 10 best-selling investment trusts, or click below to explore the month’s best-selling ETFs, ISA and SIPP funds.

• Read: Top 10 best-selling ISA and SIPP funds in July
• Read: Top 10 best-selling ETFs in July

In first place in July’s top 10 was Scottish Mortgage, the £14.9bn giant. It’s not explicitly a ‘tech’ trust – it describes itself as seeking to invest in ‘transformational growth themes’ – but technology companies feature heavily in its portfolio. It attracted much attention as an early investor in SpaceX, especially in the run-up to the flotation of Elon Musk’s space firm, even though the SpaceX share price has struggled of late.

One result of the flotation is that non-listed or ‘private’ companies now account for a significantly smaller percentage of the Scottish Mortgage portfolio (SpaceX has of course changed category from unlisted to listed).

Investors will watch out for what the trust does with its SpaceX holding now that the shares are traded on the open market (although early investors such as Scottish Mortgage are subject to ‘lock-ups’ that expire at certain points after the float).

• Looking for personalised financial advice? Our advisory service can help you plan for your next step

Next in the best-sellers’ table came Schroder Japan, one of three investment trusts on Fidelity’s Select 50 list of recommended funds. Fundhouse, the research firm that compiles the list independently on our behalf, says: ‘This fund is invested in companies listed in Japan where knowledge of the local market is vital. This is because Japanese companies and the governance of them often differs from other parts of the world.

The Schroder Japan team is largely made up of Japanese nationals, based in Japan, and it benefits from excellent research covering the local equity market.’ Fundhouse also points out that while the trust, like all listed funds, can borrow with the aim to boost returns, in Japan the cost of doing so is ‘negligible’.

• Get the latest market updates, ISA news and pension insights by email

The second of the month’s three tech best-sellers, Polar Capital Technology, was in third place. The fund has enjoyed stellar returns of late thanks to its full-blooded endorsement of the AI investment story coupled with the belief that discrimination in stock selection is key.

The trust says: ‘A new era in technology is unfolding as artificial intelligence drives a powerful surge in investment, reshapes competitive dynamics and challenges long-standing market leaders. AI spending is accelerating rapidly, particularly in data centres and infrastructure. Overall, sector growth remains strong but increasingly uneven as other parts of the technology market lag.

As AI becomes central to corporate strategy, it is raising questions about who will capture the most value, signalling a more complex and uncertain era where dominance is no longer guaranteed. For investors, the key question is no longer whether AI matters. It clearly does. The more difficult question is who benefits and who does not.’

Schroder Oriental Income was in fourth place in July’s top 10. This trust is another member of our Select 50 and Fundhouse says it is ‘run by an Asia expert [Richard Sennitt] who has extensive relevant experience, with specialist expertise finding higher quality dividend payers’. The research firm adds that Mr Sennitt ‘is backed up by an experienced and large group of company analysts, many of whom are based in the region’.

On Schroder Oriental Income’s heels in the best-sellers’ table was a fund with a similar remit, Henderson Far East Income. One notable difference between these two trusts is the yield: Schroder Oriental Income’s is 2.9% but Henderson Far East Income yields 9.6%.

Despite that high yield figure, the Henderson fund has produced the lowest 10-year total return, 72.1%, of the five trusts in the Association of Investment Companies’ Asia Pacific Equity Income sector. Schroder Oriental Income’s total return over the same period was 204%. Yields are variable and not guaranteed.

The next trust on the list, International Public Partnerships, also pays a higher-than-average dividend yield of 5.9% from a portfolio of infrastructure investments. This fund too features on the Select 50 and Fundhouse calls the trust’s management team ‘highly experienced, well-resourced, locally based and dedicated to infrastructure investing’.

Next in the top 10 is another income fund, City of London, whose status as a ‘dividend hero’ has recently been burnished by its achievement of a 60-year unbroken record of annual dividend increases. The trust declared a fourth quarterly divi for the current financial year in July to confirm the milestone. City of London, which invests mostly in large London-listed stocks, currently yields 3.9%.

Another trust to focus on British firms is Fidelity Special Values, in eighth place in the table. The fund has had a good year, posting a return of 28% over the past 12 months against 19.7% for the average rival trust. Currently the portfolio has holdings in energy companies such as DCC and SSE, and financial firms such as Lloyds Banking Group, Aviva and Standard Chartered, in its top 10.

In ninth place was BlackRock World Mining. The trust has enjoyed a spectacular recovery since a share price low of 463p in April last year – the shares now trade at 991p. Recent geopolitical turmoil has focused attention on the importance of the availability of key raw materials and some analysts expect countries to start to stockpile commodities vital to their economies. This could only be bullish for the companies that sell them.

Finally in 10th place we find the last of the three technology trusts to appear in the July table, Allianz Technology. While this trust has produced a very strong gain of 54.9% over the past year, it is beaten over that period by Polar Capital Technology, its closest rival, which has risen by 65.4%. The tables are turned over 10 years, however: Allianz Technology has gained 833% over that period, compared with Polar Capital Technology’s 755% rise. Both are highly creditable performances, naturally.

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

1. Scottish Mortgage
2. Schroder Japan
3. Polar Capital Technology
4. Schroder Oriental Income
5. Henderson Far East Income
6. International Public Partnerships
7. City of London
8. Fidelity Special Values
9. BlackRock World Mining
10. Allianz Technology

Source: Fidelity International. Total net investment trust sales from ISA, SIPP and Investment Accounts in July 2026 for Personal Investors only.

Got a burning question you want to ask? Why not drop us a line. Click here to ask your question.

• Read: Top 10 best-selling ISA and SIPP funds in July
• Read: ISA ideas: low-cost index tracker fund options
• Read: UK stock market investing: 5 British ISA fund ideas

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