Top 10 best-selling investment trusts in October

October’s list of best-selling investment trusts is perhaps more notable for who is not there. For the first time this year JPMorgan Global Growth & Income did not feature among the 10 trusts most bought last month by customers of Fidelity Personal Investing. The £3.3bn fund’s significant exposure to the ‘Magnificent Seven’ US tech stocks – its four top holdings are Microsoft, Amazon, Nvidia and Meta (Facebook) – may have put off some investors as talk of a ‘bubble’ among these companies builds. The trust has 72.7% of its money in American stocks, according to its most recent portfolio disclosure.

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The other fund to drop out of the top 10 in October was Murray International, which had crept in for the first time this year at number 10 last month.

So which funds did make the cut? The most prominent new entry was F&C, which reappeared in the table in second place, beaten only by Fidelity China Special Situations in an unchanged top spot. F&C is even bigger than JPMorgan Global Growth & Income at a market value of £5.9bn – enough to get it into the FTSE 100 index – and is slightly more diversified, with 66.5% of assets in the US and smaller positions in Magnificent Seven stocks.

The fund in an unchanged third place in the table definitely holds no ‘Mag 7’ stocks: Fidelity Special Values is predominantly a UK trust and moreover takes a ‘value investing’ approach that favours the slow and steady over the fast-growing and whizzy. Top holdings include the insurer Aviva, British American Tobacco and the banks Standard Chartered and NatWest.

Fidelity European returned to the table in fourth place after a three-month absence. Its top 10 holdings come from a diverse range of sectors and countries; they include a Swiss drugs company (Roche), a Dutch tech company (ASML), a French cosmetics group (L'Oréal), a French oil company (TotalEnergies), a Swiss food firm (Nestlé) and an Italian bank (Intesa Sanpaolo).

Next came Scottish Mortgage in its lowest position all year; it spent the first four months of 2025 in the top spot and was in second place last month. Its top 10 holdings include three mag 7 stocks, Amazon, Meta and Nvidia; the trust is also notable for its stakes in unlisted companies – its largest holding is SpaceX, Elon Musk’s space company.

• Read: How does Scottish Mortgage stack up against its rivals?

Polar Capital Technology was in sixth place, down from fourth. It and eighth-placed Allianz Technology (unchanged from last month) both have plenty of exposure to the Mag 7 but own stakes in less prominent companies too; both have, for example, the chipmaking tool firm Lam Research among their top 10 holdings. The two tech funds, both frequently found in the top 10, were separated in last month’s table by City of London in seventh place, down from fifth. It could not be more different from the two tech trusts; it invests largely in British stocks and aims to produce a steadily rising income.

• Read: City of London Investment Trust: 59 years of increasing dividends

In the last two places were two other trusts likely to attract income seekers, Temple Bar in an unchanged ninth position and TwentyFour Income Fund in 10th, down from seventh. The former invests mostly in London-listed stocks and yields 4.2% while the latter holds specialised fixed-income assets and has a yield of 10.3%. Yields are variable and not guaranteed.

Top 10 best-selling investment trusts on Fidelity Personal Investing in October 2025

1. Fidelity China Special Situations
2. F&C
3. Fidelity Special Values
4. Fidelity European Trust
5. Scottish Mortgage
6. Polar Capital Technology
7. City of London
8. Allianz Technology
9. Temple Bar
10. TwentyFour Income Fund

Source: Fidelity International. Gross investment trust sales in October 2025 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. 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.