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.
Few will be surprised to hear which investment trust was most popular among Fidelity customers in the first nine months of the year: it was Scottish Mortgage, which regularly tops our monthly best-sellers’ lists. The trust’s market value of £12.6bn makes it one of London’s largest listed funds and it has attracted investors’ attention for years thanks to big bets on American tech giants such as Amazon and Tesla.
In second place in our top-10 table for the first three quarters of 2025 was Fidelity China Special Situations. Buyers of the trust are likely to have noticed its outperformance of the wider Chinese market this year: China Special Sits’ share price has risen by 40.6% in 2025 so far, against 33.2% for the MSCI China index. The fund celebrated its 15th anniversary in the spring and we recorded a video interview with its manager, Dale Nicholls, to mark the event. You can also watch a conversation between Nicholls, Fidelity’s Tom Stevenson and the trust’s first manager, the renowned investor Anthony Bolton, here.
Next came Fidelity Special Values, which takes a ‘value’ approach to investing in British stocks (they account for 88.1% of the fund). It too has outperformed its benchmark index, the FTSE All-share, thanks to a share price rise of 26.5% against 17.2% for the index over the year so far. The fund managers, Alex Wright and Jonathan Winton, said in the most recent factsheet: ‘We believe the UK market continues to offer relative value against other regions, including the US, Europe, Japan and Asia Pacific … We remain excited by the prospects of our holdings and the deep and attractive investment universe that the UK offers.’
In fourth place in the table is City of London. Like Fidelity Special Values, this trust invests largely in British stocks. It is popular for its yield (currently 4.4%, variable and not guaranteed) and its 59-year record of annual dividend increases. To find out more, read our recently published profile of the trust.
International Public Partnerships, an infrastructure fund, came next. This trust, which currently yields 5.9%, is on our Select 50 list of recommended funds and was also chosen by Tom Stevenson as one of his four fund picks for 2025.
In sixth place was Fidelity European, which has appeared intermittently in our monthly top 10s in 2025. This trust’s gain so far this year, 23.8%, has also beaten its benchmark index, which has risen by 19.6%. Some investors redirected money towards Europe and away from America when Donald Trump’s tariff plans spooked markets earlier in the year. Fidelity European recently absorbed a rival trust, Henderson European, and its greater scale will help to bring about a reduction in the annual cost.
JPMorgan Global Growth & Income came next. The £3.3bn trust currently has 72.7% of its money invested in the US and 11.1% in the eurozone, along with smaller exposures elsewhere. Another global portfolio, F&C, the world’s oldest investment trust, was in eighth position. Its exposure to American stocks is 65.2%.
In the final two places were Allianz Technology and Polar Capital Technology. Their appearance at the foot of the table, while Scottish Mortgage was at the top, came in spite of their stronger performance over the past couple of decades, as discussed in our recent comparison of the three trusts.
Top 10 best-selling investment trusts on Fidelity Personal Investing in the first three quarters of 2025:
- Scottish Mortgage
- Fidelity China Special Situations
- Fidelity Special Values
- City of London
- International Public Partnerships
- Fidelity European Trust
- JPMorgan Global Growth & Income
- F&C
- Allianz Technology
- Polar Capital Technology
Source: Fidelity International. Gross investment trust sales 1 Jan to 30 Sept 2025 for Personal Investors only.
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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