Investors balanced caution and opportunity in May, with cash, dividends and global exposure leading the way, according to the latest data from Fidelity International.
Fidelity’s top-selling funds, investment trusts and shares through its Personal Investing platform for May 2025, offer insights into investor behaviour during a period marked by cautious optimism.
The platform highlighted capital preservation as a core priority – evidenced by the continued dominance of cash and money market funds – but there are signs of selective re-entry into growth sectors, dividend strategies, and global equity exposure.
Continued preference for cash and income strategies
The data shoes that investors maintained a strong preference for cash and income-focused investments in the month. Funds such as the Fidelity Cash Fund, Royal London Short Term Money Market Fund and Legal & General Cash Trust remaining popular choices.
Similarly, income-generating funds like Artemis Global Income Fund attracted investors seeking reliable returns.
The best-selling funds, shares and investment trusts on Fidelity Personal Investing in May 2025
Source: Fidelity International Personal Investing Platform Net combined ISA and SIPP sales 01.05.25-29.05.25
“May’s sales data continue to show a cautious but calculated approach from investors,” said Tom Stevenson, Investment Director, Fidelity International. “While we’re clearly seeing a defensive tilt – evidenced by flows into cash funds and income-focused strategies – there are also signs of selective optimism, especially in areas like global technology and value equities.
“With inflation concerns still top-of-mind and interest rates plateauing, investors continue to gravitate toward dividend-paying strategies that can provide consistent income. The Fidelity Global Dividend Fund once again appeared in the table for fund sales, with investors favouring its diversified portfolio of financially robust, dividend-paying global companies. Joining it in popularity, the Artemis Global Income Fund also saw significant investor inflows, suggesting that even among cautious investors, the appetite for reliable income and international diversification remains strong.
“We’re also seeing renewed interest in growth-oriented funds such as the Rathbone Global Opportunities Fund, which returned to our top 10. Managed by James Thomson and Sammy Dow, the fund focuses on innovative, high-quality global companies across sectors such as healthcare, technology, and consumer goods.
“The appearance of Marks & Spencer in the top-traded shares, despite a widely publicised cyberattack, reflects a degree of resilience in investor thinking. It suggests that many private investors are willing to look through short-term disruption in favour of long-term potential, particularly when they believe in a company’s underlying fundamentals.
“Notably, Berkshire Hathaway’s return to the top 10 shares list coincides with Warren Buffett’s retirement announcement, reflecting investors’ confidence in the succession plan and a sign that, even as leadership changes hands, long-term fundamentals still matter most to many investors.”
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