Fidelity International has released sales data for November, which the group says reveals a marked shift in investor behaviour, driven by changing market dynamics, notably the outcome of the US election and evolving monetary policy in the UK.
In response to these factors, Fidelity report that investors reallocated their portfolios towards higher-growth opportunities and greater diversification. There was a clear focus on US equities, with funds like Vanguard US Equity Index and JP Morgan Global Growth & Income Trust seeing increased demand, as well as technology-focused sectors, which attracted increased investor interest.
The best-selling funds on Fidelity Personal Investing in November 2024
| Top 10 best-selling ISA funds on Fidelity Personal Investing in November 2024 | Top 10 best-selling SIPP funds on Fidelity Personal Investing in November 2024 |
| Fidelity Index World Fund | Fidelity Index World Fund |
| Fidelity Index US Fund | Vanguard US Equity Index Fund |
| UBS S&P 500 Index | Legal & General Global Technology Index Trust |
| Legal & General Global Technology Index Trust | Legal & General Global Equity Index Fund |
| Fidelity Global Dividend Fund | UBS S&P 500 Index |
| Artemis Global Income Fund | Fidelity Global Dividend Fund |
| HSBC FTSE All World Index Fund | Vanguard LifeStrategy 80% Equity Fund |
| Vanguard US Equity Index Fund | Fidelity Multi-Asset Allocator Growth |
| Legal & General Global Equity Index Fund | Fidelity Global Technology Fund |
| Artemis US Smaller Companies Fund | Fidelity Index US Fund |
Source: Fidelity International. Net ISA and SIPP sales in November 2024
The best-selling investment trusts on Fidelity Personal Investing in November 2024
| Top 10 best-selling ISA investment trusts on Fidelity Personal Investing in November 2024 | Top 10 best-selling SIPP investment trusts on Fidelity Personal Investing in November 2024 |
| JP Morgan Global Growth & Income | JP Morgan Global Growth & Income |
| JP Morgan American Investment Trust | City of London Investment Trust |
| TwentyFour Select | Personal Assets Trust |
| JP Morgan US Smaller Companies | Mid Wynd International Investment Trust |
| Edinburgh Investment Trust | TwentyFour Select |
| Greencoat UK Wind | Blackrock World Mining |
| City of London Investment Trust | Greencoat UK Wind |
| Law Debenture Corporation | JP Morgan American Investment Trust |
| Baillie Gifford US | JP Morgan US Smaller Companies |
| Invesco Global Equity | The Renewables Infrastructure Group |
Source: Fidelity International. Net ISA and SIPP sales in November 2024
Tom Stevenson, Investment Director, Fidelity International comments: “Fidelity Personal Investing’s sales data for funds and investment trusts in November reveals the adaptability of investors as they navigate changing market conditions.
“We’re seeing a clear shift towards diversification and growth, with global equity and technology-focused funds taking centre stage. The popularity of funds like the Artemis Global Income Fund, HSBC FTSE All-World Index Fund and Vanguard US Equity Index Fund reflects confidence in global and US markets as investors are taking a cautious yet opportunistic approach in the wake of the US election results.
“The data for investment trusts also shows a notable reallocation among investors increasing their exposure to American markets through investment trusts. The strong performance of JP Morgan Global Growth & Income – with its portfolio tilted strongly towards the United States at 74% – which remains the top choice for ISAs and now leads in SIPPs, reflects growing confidence in US equities and globally diversified strategies with significant American exposure.
“Technology investments, such as the Legal & General Global Technology Index Trust, continue to be of interest, suggesting that investors anticipate conditions for innovation and growth under the new administration.
“The increased interest in US smaller companies, as seen in the strong interest in funds such as Artemis US Smaller Companies and JP Morgan US Smaller Companies investment trust, further underscores investors’ confidence in dynamic, high-growth segments of the US market.
“The Bank of England’s decision to cut interest rates in November has clearly influenced investor behaviour, as evidence by the omission of cash funds like the Royal London Short Term Money Market Fund and Fidelity Cash Fund which have appeared on Fidelity’s best-selling list for much of the year. With rates lower, the appeal of cash and near-cash investments has reduced, prompting investors to reallocate towards assets with higher growth potential.”
The best-selling shares on Fidelity Personal Investing in November 2024
| Top 10 best-selling ISA shares on Fidelity Personal Investing in November 2024 | Top 10 best-selling SIPP shares on Fidelity Personal Investing in November 2024 |
| JD Sports | GlaxoSmithKline |
| AstraZeneca | AstraZeneca |
| GlaxoSmithKline | M&G |
| 3i Group | easyJet |
| Vodafone | BP |
| Ocado Group | John Wood |
| Marks & Spencer | Legal & General |
| HSBC | Sainsbury |
| John Wood | Persimmon |
| NatWest | Vistry Group |
Source: Fidelity International. Net ISA and SIPP sales in November 2024
Tom Stevenson comments: “There was much volatility among some of the shares featured in the top-selling list in November which presented unique buying opportunities, especially for investors looking to capitalise on lower share prices. JD Sports’ shares dropped to a two-year low after the retailer issued a warning that it might miss its profit milestone. Despite the challenges, the shares have become attractive to investors looking for a bargain, with the lower price presenting potential value in the longer term.
“In a similar vein, AstraZeneca shares saw a dramatic fall, losing £50bn in value following disappointing results from clinical trials. Despite these setbacks, investors appear to be viewing the dip as a buying opportunity, confident that the pharmaceutical giant can recover from these challenges. Meanwhile, Vodafone’s share price fell in response to modest H1 2025 results and a 6.2% fall in service revenues in its key German market. However, with a turnaround plan in place, investors seem optimistic about the company’s growth prospects.
“On a brighter note, Marks & Spencer has been enjoying a share price rally, driven by strong performance across its food and clothing divisions. With a 275% rise in share price over the past two years, the retailer is back in the FTSE 100 and catching the attention of investors. Its robust half-year results suggest that M&S has successfully turned a corner.
“Budget airline, easyJet, has also flown into the 10 best-sellers for SIPP investors, thanks to a surge in passenger numbers as holidaymakers take to the skies. The airline’s strong performance over the past year has fuelled investor optimism about its continued growth potential in the travel sector.”
