Top 10 best-selling investment trusts in May

Several surprises confront us in May’s investment trust best-seller list. All UK-focused funds disappeared; Scottish Mortgage failed to take the top spot despite the excitement about SpaceX; and there were new entries from a dedicated ‘spacetech’ fund whose value has tripled in the course of about six months and a natural resources fund whose appearance in the top 10 was perhaps linked to expectations of a new commodities ‘super-cycle’.

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It was however no surprise to see that Polar Capital Technology was the trust most bought by Fidelity Personal Investing customers in May. The trust has gained 58.3% so far this year and has placed big bets on AI stocks such as Nvidia, Taiwan Semiconductor Manufacturing Company (TSMC) and Broadcom.

It has also gained the distinction of praise from the manager of a rival tech fund. Mark Sheppard, who runs the AI-heavy Manchester & London trust, lauded the ‘brilliance’ of Polar Cap Tech for its managers’ willingness to change the portfolio rapidly as the AI landscape evolves at breakneck pace.

In second place, down from the top spot the previous month, was Scottish Mortgage, which has attracted attention of late for its big holding in SpaceX and its achievement of a new share price record high after a lengthy and painful slump. SpaceX is expected to float on New York’s Nasdaq exchange later this month and Scottish Mortgage has valued Elon Musk’s space firm at $1.25 trillion, compared with expectations of at least $1.75 trillion when the company lists. The discount at which Scot Mort shares had traded for long periods has given way to a premium of 6.2%, a sign of the return of positive sentiment towards the fund.

• Read: The funds that already invest in SpaceX

The second-placed trust in April was City of London, but that fund dropped out of the top 10 in May, along with two other British-focused trusts, Fidelity Special Values (4th in April’s list) and Greencoat UK Wind (eighth). As a result there were no UK trusts among May’s best sellers.

Right after Scottish Mortgage in third place last month was Seraphim Space, which has all its money in space-related stocks, most of which are unlisted. A spectacular rise in its shares, by 191% over the past year, has led to a premium of 16% and a market value of £638m. Past performance is not a guide to future returns.

Schroder Japan took the fourth spot last month. The trust was also the most bought by Fidelity customers in the first quarter of the year, although it did not appear among April’s best sellers. Its shares have gained 20% so far this year and the discount, 14% in early April, has shrunk significantly, to 5.4% at the time of writing. Its largest holdings include Toyota, Mitsubishi Electric and Hitachi.

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Next in the table came another trust managed by Schroders, Schroder Oriental Income, which was in 10th place in April. Although an income fund, its two largest holdings, TSMC and Samsung Electronics, are more ‘growth’ stocks; they yield 1% and 0.7% respectively. The trust itself yields 2.8% and trades at a discount of 2.5%. Yields are variable and not guaranteed.

• Read: Schroder Oriental Income: a 2026 bestseller

Murray International, another income-focused fund, took sixth position. Top holdings include the tobacco firm Philip Morris and the energy giant TotalEnergies, although Murray too has a stake in TSMC, a reflection of that company’s pivotal role in the AI supply chain globally. The trust currently yields 3.5% and trades at a small premium.

In seventh place was International Public Partnerships, an infrastructure trust and one of Fidelity’s Select 50 recommended funds. The share price bottomed out at about 110p in April last year and has since recovered to 135.6p. The trust yields 6.4% and trades at a 10.8% discount.

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Next came JPMorgan Global Growth & Income, which despite its global remit currently has 68.8% of its money in American shares and several ‘Magnificent 7’ tech stocks among its top 10 holdings. But despite such stakes in growth stocks, the trust yields 3.9%.

Fidelity European was in ninth position. European stock markets have gone off the boil this year after outperforming in 2025; the MSCI Europe index has gained just 3.9% in 2026 and the share price of the Fidelity trust is flat so far this year. It has however greatly outperformed the index over the past 20 years (485% against 231% in total return terms). 

Bringing up the rear was another new entry to the top 10, BlackRock World Mining. The shares have almost doubled over the past 12 months and some analysts expect geopolitical tensions, supply-chain vulnerabilities and rising energy demand from data centres to support demand for certain commodities. Gavekal, the respected consultancy, suggested in January that heightened geopolitical risk could also encourage governments to build larger strategic reserves of key commodities, further boosting demand.

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

1. Polar Capital Technology 
2. Scottish Mortgage 
3. Seraphim Space
4. Schroder Japan 
5. Schroder Oriental Income 
6. Murray International 
7. International Public Partnerships
8. JPMorgan Global Growth & Income 
9. Fidelity European 
10. BlackRock World Mining

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

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