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

Market Overview: Tech Dominance Under Pressure

January 2026 marked a significant shift in investor sentiment as technology stocks faced their first serious challenge in years. Microsoft's $37.5bn data centre spending announcement triggered widespread concerns about AI returns, leading to a 17.4% decline in the S&P 500 Software & Services index.

Regional Market Performance

While US markets struggled, other regions delivered stronger returns:

FTSE 100: +2.9%

MSCI Europe: +2.9%

Emerging Markets: +8.9%

S&P 500: Marginally positive at 6,939

Commodity Market Volatility

Precious metals experienced extraordinary swings:

What Investors Were Buying

Popular Funds

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

• Artemis Global Income Fund

• Lazard Emerging Markets

• Jupiter Gold & Silver Fund

• Fidelity Special Situations

Top Investment Trusts

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

• BlackRock World Mining

• Seraphim Space Investment Trust (+179.4% over three years)

• Polar Capital Technology

• Fidelity China Special Situations

Most Popular ETFs

• iShares Physical Silver

• iShares Physical Gold

• Vanguard S&P 500 ETF

• Global X Copper Miners ETF

Key Investment Themes

What This Means for Investors

January's movements suggest a turning point in investment strategy. After years of US technology dominance, investors are actively seeking:

• Geographic diversification beyond US markets

• Sector alternatives to technology

• Commodity exposure for inflation protection

• Active fund management over passive tracking

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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.