Capital accumulation strategies dominated adviser research in the final quarter of 2025, according to Titan Square Mile.
The firm’s quarterly Market Intelligence Report, which provides a detailed account of advisers’ viewing patterns, found almost half (47.8%) of outcome-focused searches conducted through the Titan Square Mile Academy of Funds were for strategies with the potential for capital accumulation.
The report also suggests a resurgent interest in funds with an inflation protection outcome. While still the least researched investment outcome, searches for inflation protection stood at 4.4% in the fourth quarter, having failed to register at all during the previous quarter.
In contrast, there was a notable decline in searches for capital preservation which dropped from 21.4% to 8.7% in the fourth quarter.
Scott Dakers, senior business development director at Titan Wealth, said: “The strong ongoing interest in funds that have the potential of delivering capital appreciation coupled with the decline in research into more defensive capital preservation strategies suggests that fund selectors may feel relatively sanguine about prospects over the coming months.
“Risks no doubt remain, with a tense geo-political backdrop, the potential for earnings season surprises and an unpredictable incumbent in the White House.
“All of these make a strong case for diversification and exposure to active funds managed by professionals who can demonstrate their ability to adhere to proven investment processes that can navigate market uncertainty to deliver on expected outcomes.”
The report showed a significant shift in research into passive fund groups over the previous quarter. Aberdeen Investments rose from fourth place in the third quarter to pole position, accounting for over a third of all views (35.9%). This pushed Vanguard into second place with a 16.5% share, followed by Legal and General at 14.8%.
Among active funds, the biggest mover over the quarter was the Aegon Diversified Monthly Income fund, which moved from 19th place in the third quarter to third place. Baillie Gifford Japanese moved up to second place, while Havelock Global Select once again took the top spot with 10.2% share of views.
At sector level, IA Global continued to be the most researched for active funds at 19.2%, followed by the IA Sterling Strategic Bond (10.2%) and IA UK All Companies (8.1%). However, viewing patterns differed significantly among passive strategies. The three most popular sectors were IA Asia Pacific ex-Japan (13%), IA North America (10.6%) and IA Global Inflation Linked Bond (10.2%) with IA Global lagging in 12th place with a 3.8% share.
The report also highlighted a notable change in leadership among fund groups offering risk targeted solutions. Aviva Investors registered a 14.6% increase in searches making it the most viewed group over the quarter, accounting for one quarter of all views, while Legal & General came second place with 15.2%. This was just ahead of Blackrock which also saw a significant increase of 8.7% to 14.4%, putting the group in third place.
Dakers added: “As 2025 drew to a close, global equities showed strong growth over the year with leadership largely concentrated in mega cap technology and AI-exposed sectors in a continuation of a well-documented trend.
“To the end of November, China, Asia and emerging markets were the strongest performing which is perhaps reflected in the popularity of IA Asia Pacific ex-Japan among advisers researching passive investment strategies.”
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