Best-selling funds, Investment Trusts and ETFs of February 2026

February's markets split in two as the HALO trade challenges tech

Technology stumbled in February, whilst the rest of the world thrived. The S&P 500 dipped 1%, but the FTSE 100 surged 6.7%, and emerging markets climbed 5.5% — 18% higher over three months. Investors coined a new acronym: HALO (heavy assets, low obsolescence), capturing growing appetite for the anti-AI trade.

The calm didn't last. A Supreme Court tariff ruling rattled markets mid-month, before US strikes on Iran sent oil, the dollar, and bond yields sharply higher.

Regional Market Performance

While US markets struggled, other regions delivered stronger returns:

FTSE 100: +6.7%

MSCI Europe ex UK: +3.5%

Emerging Markets: +5.5%

S&P 500: dropped 1%

Commodity Market

Enthusiasm for precious metals among ETF investors was undimmed.

What Investors Were Buying

Popular Funds

• Fidelity Cash Fund (top seller on the Fidelity platform)

• Artemis Global Income Fund

• Lazard Emerging Markets

• Vanguard FTSE Global All Cap Index

• Fidelity Special Situations

Top Investment Trusts

• Scottish Mortgage (ranked 1st or 2nd across all platforms)

• Seraphim Space Investment Trust (+228.6% over three years)

• Polar Capital Technology

• Fidelity Emerging Markets

Most Popular ETFs

• iShares Physical Silver

• iShares Physical Gold

• Vanguard S&P 500 ETF

• Vanguard FTSE All-World UCITS ETF GBP

Key Investment Themes

What This Means for Investors

February's trends suggest the era of simply buying a US tracker and waiting may be losing its appeal. With emerging markets, UK equities, European stocks and precious metals all outpacing Wall Street, diversification is quietly paying off again. Investors who spread their bets beyond US tech are being rewarded — and the HALO trade suggests that shift could have further to run.

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This monthly analysis examines the most popular investments purchased across the UK's leading platforms, providing unique insights into retail investor behaviour and market sentiment.