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.
The Japanese stock market has risen by almost 90% since Donald Trump announced his ‘Liberation Day’ tariffs just over a year ago. And that extraordinary rise may have encouraged Fidelity's Personal Investing customers to make a Japan investment trust the most popular listed fund on our platform in the first quarter of this year.
The Schroder Japan Trust topped our list of the 10 best-selling listed funds over the first three months of 2026. The trust is on our Select 50 list of recommended funds and Fundhouse, which compiles the Select 50 independently on our behalf, says: ‘The Schroder Japan team is largely made up of Japanese nationals, based in Japan, and [the trust] benefits from excellent research covering the local equity market.’
The second most popular trust invests much closer to home, predominantly in London-listed stocks. Fidelity Special Values has 79.1% of its money in British companies, followed by 13.1% in the eurozone. Alex Wright, the manager, has run the trust since 2012 and his investment style is ‘guided by a contrarian philosophy’. He also runs the open-ended Fidelity Special Situations Fund, which is a member of our Select 50.
Fidelity Emerging Markets Limited took the third spot. These markets too have performed strongly since the ‘Liberation Day’ lows – the MSCI Emerging Markets index has risen by almost 65% over the period on a total return basis, although that figure is handsomely beaten by the Fidelity trust’s 103% gain. Please remember past performance is not a reliable indicator of future returns.
In fourth place is International Public Partnerships, which invests in infrastructure assets and is also on the Select 50 list. Its yield of 5.7% (variable and not guaranteed) is likely to appeal to income investors.
The following four places in our top 10 were also occupied by listed funds that focus on generating income, although they do so by different means. Fifth-placed City of London, which yields 4%, is a conventional equity portfolio of mainly London-listed stocks, while Law Debenture Corporation (3.2% yield) in sixth position adds a professional services business to a stock portfolio; both trusts’ portfolios are run by Janus Henderson Investors. Greencoat UK Wind, by contrast, owns wind farms around the United Kingdom. It yields 7.9%. Please note these yields are not guaranteed.
- Read: The dividend 'superheroes' that beat inflation every year
- Read: Challenging year for Greencoat UK Wind
In eighth position is Schroder Oriental Income, another member of the Select 50. The trust invests in the Asia-Pacific ex-Japan region and can hold bonds as well as shares, although it currently has just one bond holding. The present yield is 3%.
Global trusts take the final two positions in the table. F&C has almost 60% of its money in America and its top 10 holdings are dominated by technology stocks; Murray International has less exposure to Wall Street (31.7%) and has the likes of tobacco firm Philip Morris, the drug maker Merck and healthcare company Johnson & Johnson among its top 10 holdings. The two trusts yield 1.2% and 3.7% respectively.
Top 10 best-selling investment trusts on Fidelity Personal Investing in the first quarter of 2026
- Schroder Japan
- Fidelity Special Values
- Fidelity Emerging Markets Limited
- International Public Partnerships
- City of London
- Law Debenture Corporation
- Greencoat UK Wind
- Schroder Oriental Income
- F&C
- Murray International
Source: Fidelity International. Net investment trust sales 1 January to 31 March 2026 for Personal Investors only.
Top 10 best-selling investment trusts on Fidelity Personal Investing in 2025:
- Scottish Mortgage
- Fidelity China Special Situations
- Fidelity Special Values
- City of London
- Fidelity European Trust
- International Public Partnerships
- F&C
- JPMorgan Global Growth & Income
- Allianz Technology
- Polar Capital Technology
Source: Fidelity International. Gross investment trust sales 1 Jan to 10 December 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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