Important information - investment values and income from investments can go down as well as up, so you may get back less than you invest.
Space technology, wind farms, AI, Japanese stocks, equity income: a wide variety of investment themes appealed to Fidelity’s investment trust buyers in the first nine months of the year, to judge by our table of the 10 best sellers (full table below).
In first place was the Schroder Japan Trust, a member of Fidelity’s Select 50 list of recommended funds. The trust’s share price has risen by 23% so far this year, after a 22.8% gain last year. ‘The multi-year recovery in Japan has been supported by reflation, rising wages, significant corporate reforms and improving shareholder returns,’ said Tom Stevenson, Fidelity Personal Investing’s Investment Director. ‘The strong performance of the Japanese stock market in recent years means it is no longer cheap … But it deserves a place in any balanced portfolio.’
Second in our top 10 was City of London, a consistent favourite for investors who seek income. The trust currently yields 4.2% (variable and not guaranteed) but it can also boast a unique record of 60 years of consecutive increases in the annual dividend. And its income record has not come at the expense of capital gains: over the past 10 years the trust has produced a total return of 123%, the fifth best of the Association of Investment Companies’ 17-strong ‘UK Equity Income’ sector. Please remember past performance is not a reliable indicator of future returns.
International Public Partnerships was in third place. Another member of the Select 50, this infrastructure trust last year agreed to invest about £50m a year in the Sizewell C nuclear power station for the next five years in return for a 3% stake in the project. The trust said it would ‘benefit from regulated, inflation-linked returns from day one of its investment, as returns are not exposed to fluctuations in power generation or the market price’.
Other assets in the portfolio include hospitals and care facilities, toll roads, railways and digital cabling. Fundhouse, the independent consultancy that compiles the Select 50 on our behalf, says: ‘[The trust’s] investments tend to be in partnership with the government and have a steady, reliable source of customers who are dependent on them for their daily lives. This creates a steady income stream and one that is usually linked to inflation.’
Next in the top 10 came Polar Capital Technology. The trust, which has made big bets on the AI theme, has gained 58.3% so far this year. Its biggest holding is Nvidia, which accounts for just over 10% of the trust’s assets.
Fifth-placed Schroder Oriental Income is another listed fund to belong to our Select 50. Fundhouse says the trust would be ‘a good addition’ to the portfolio of any long-term investor who sought a combination of growth and income. ‘We suggest a long-term view is taken – 10 years plus – and that this fund is seen as one of the riskier allocations within a diversified portfolio,’ it adds.
Fidelity Emerging Markets was in sixth place. The trust has been enjoying a period of very strong performance: it has gained 53.4% in 2026 so far and more than doubled over the past two years.
Next was Seraphim Space in seventh position. This is another trust to have enjoyed spectacular performance, a rise of 141% in the shares so far this year. The space sector seems to have caught investors’ imagination in recent months, partly thanks to the flotation in June of SpaceX, Elon Musk’s space company. The trust invests largely in unlisted businesses.
Eighth-placed Law Debenture could hardly be more different. It has a hybrid portfolio – one part is a professional services business, the other a conventional stock portfolio managed by Janus Henderson, which also runs City of London. It has produced the highest 10-year total return, 251%, of any trust in the AIC’s UK Equity Income sector.
In ninth position was Greencoat UK Wind, which owns a portfolio of wind farms across Britain. An income-focused fund, it currently yields 8.1%. The shares have recovered from a low of 92.2p in mid-February to 111.8p at the time of writing.
Completing the top 10 was Murray International, a global stock fund run by Aberdeen Investments. Its portfolio includes Cisco Systems, Philip Morris, Merck, Johnson & Johnson and Coca-Cola among its top 10 holdings. The trust’s current yield is 3.8%.
One notable absence from the top 10 was Scottish Mortgage, the £17bn trust managed by Baillie Gifford that has taken big bets on technology pioneers such as SpaceX, Tesla and Amazon.
Top 10 best-selling investment trusts on Fidelity Personal Investing in 2026
- Schroder Japan
- City of London
- International Public Partnerships
- Polar Capital Technology
- Schroder Oriental Income
- Fidelity Emerging Markets
- Seraphim Space
- Law Debenture
- Greencoat UK Wind
- Murray International
Source: Fidelity International. Net investment trust sales 1 January to 30 September 2026 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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