Investor behaviour on Fidelity International’s (“Fidelity”) Personal Investing platform in April shows investors putting money back to work at the start of the new tax year, despite ongoing market volatility.
After dominating flows in March at the height of ISA season, cash funds fell sharply in the April rankings, replaced by global equity, income, and growth strategies. Technology-focused funds and US equities were among the most in demand, reflecting a renewed appetite for growth as investors take a more forward-looking approach, supported by the ongoing AI-driven rally in technology stocks.
Technology and AI drive return expectations
Fidelity’s wider research of 1,000 UK retail investors reinforces this trend. Technology and AI are seen as the leading driver of returns over the next 12 months (45%), ahead of energy (29%), financials (28%), and healthcare (23%).
Investors take a global approach to allocation
Investors are also taking a broad-based approach to asset allocation. While 29% of UK investors expect to increase exposure to the US, 31% plan to increase exposure to emerging markets and 47% to their home market.
This is reflected in platform activity, where technology and growth themes dominated. Technology-focused strategies such as Polar Capital Global Technology were among the most bought funds, alongside strong demand for US companies including Microsoft and Tesla.
Emerging markets exposure also remained in demand, with the Lazard Emerging Markets Fund featuring among the top-selling funds, highlighting continued appetite for long-term growth opportunities.
UK assets featured more selectively, with stocks such as Rolls-Royce, BAE Systems and Legal & General appearing in the top buys, alongside demand for UK-focused investment trusts including City of London Investment Trust and Greencoat UK Wind.
The best-selling funds, shares, and investment trusts on Fidelity Personal Investing April 2026
Ed Monk, Pensions and Investment Specialist at Fidelity International comments: “After a clear move into more liquid investments such as cash funds in March, April shows investors beginning to put that money back to work – even as volatility persists. That’s perhaps the most interesting takeaway from our data.
“Given the backdrop, you might have expected cash funds to remain dominant, but instead we’re seeing investors re-engage with markets in a measured and diversified way.
“Technology and growth are clearly back in favour. We’ve seen strong demand for technology-focused funds and US equities, reflecting the continued strength of the AI-driven rally and growing confidence in long-term growth opportunities – something also reflected in our research, where technology and AI are seen as the leading drivers of returns.
“At the same time, this isn’t a one-way shift. Investors are also maintaining exposure to emerging markets and selectively to the UK, in line with our research showing appetite for both global opportunities and home market exposure.
“Overall, this looks like a gradual re-engagement with markets. Investors are moving out of cash but doing so in a phased way – balancing growth opportunities with income and diversification in an uncertain environment.”
