Investors continued to back technology themes throughout the month of June, with the Legal & General Global Technology Index Trust topping Fidelity’s Personal Investing list of best-selling ISA funds and the Polar Capital Technology Trust leading for investment trusts across ISAs and SIPPs.
Money market funds also appealed to investors, with the Fidelity Cash Fund as the best-selling SIPP fund and ranking third for best-selling ISA funds. The Fidelity Index World fund was the second-best seller for both ISAs and SIPP funds, and the L&G Global Technology Index Trust reappeared as the third-best seller for SIPP funds.
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Ed Monk, associate director of Fidelity International, said: “As attention in AI shows no signs of slowing, Fidelity investors piled into technology funds last month. Legal & General Global Technology Index Trust topped the charts in June for ISA investors and was third place for SIPP funds. With the fund’s top positions comprising Microsoft, Apple, Nvidia, Meta and Alphabet – it’s a solid option for investors seeking exposure to tech.
The tech trend continued into investment trusts, led by the Polar Capital Technology Trust, and with the Allianz Technology Trust also breaking the top ten for ISA and SIPP investors. The Polar Capital Technology Trust is currently trading on a 10.5% discount, according to the AIC.
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“Polar Capital Technology Trust shot up the rankings to first place for both ISA and SIPP investors having not featured in the top 10 list since April. The firm’s 45% position in tech has driven performance and top holdings include Nvidia, Microsoft, Meta and Amazon,” Monk said.
“A recently reduced position in Apple reflects concerns over regulatory headwinds, although it still accounts for 4.31% of the portfolio.”
The F&C Investment Trust, which has 53 years of dividend growth, also increased its popularity, ranking fourth for ISA trusts and third for SIPP trusts. Monk noted this was also likely because of technology holdings. An attractive valuation could also be a driving force for the trust, which the AIC lists as trading on a 12% discount.
“This trust holds more modest exposures to the technology behemoths that have driven world markets higher in the recent past and is currently invested in more than 400 companies over 35 countries. Microsoft is the largest holding accounting for 3.09% of the portfolio; Nvidia is next at 2.10%.”
