UK retail investors have been rebalancing investment trust portfolio strategies considering increased market volatility. War in the Middle East, the potential return of the inflation monster, reducing risk, bolstering income, AI capex, de-risking US exposure… there’s plenty to occupy the market mind at present
So where are UK retail investors now focusing their attention? This feature provides answers and explains the thinking behind the rebalancing act. Explore the most-followed investment trusts and trust sectors, from income and infrastructure to technology and global growth, based on current investor interest.
Whether you’re looking for dividend income, long-term capital growth, or diversification, these insights highlight the trusts attracting the most attention across the UK market.
⚖️ Rebalancing act
Among UK retail investors, the most popular investment trust sectors tend to be those that offer either:
- Global diversification and long-term growth
- Reliable income
- Access to specialist assets unavailable in traditional funds
Based on Association of Investment Companies (AIC) data, platform popularity rankings, and retail investor activity, the leading sectors are:
| Rank | Sector | Why retail investors like it |
| 1 | Global | Simple way to access worldwide equities; includes major names like F&C and Alliance Witan. |
| 2 | UK Equity Income | Attractive dividends and a long history of income growth. |
| 3 | Global Equity Income | Combines international diversification with income. |
| 4 | North America | Exposure to US technology and large-cap growth stocks. |
| 5 | Renewable Energy Infrastructure | Popular with income-focused investors seeking higher yields. |
| 6 | Private Equity | Access to unlisted companies and long-term growth opportunities. |
| 7 | UK All Companies | Active UK stock-picking exposure. |
| 8 | Commodities & Natural Resources | Cyclical play on mining, energy and resource demand. |
| 9 | Infrastructure | Defensive cash flows and income characteristics. |
| 10 | Asia Pacific / Emerging Markets | Higher-growth regions outside developed markets. |
The AIC’s list of the most-viewed investment trusts by private investors is dominated by the Global, UK Equity Income, and Global Equity Income sectors. Six of the top 20 most-viewed trusts were in the Global sector, five in UK Equity Income, and three in Global Equity Income.
💰 What UK retail investors are buying today
If you look at popular trusts on platforms such as AJ Bell, Hargreaves Lansdown and Interactive Investor, the names that appear most frequently are:
- Scottish Mortgage (SMT) – Global growth
- F&C Investment Trust (FCIT) – Global
- Alliance Witan (ALW) – Global
- City of London (CTY) – UK Equity Income
- JPMorgan Global Growth & Income (JGGI) – Global Equity Income
- Bankers Investment Trust (BNKR) – Global
- Law Debenture (LWDB) – UK Equity Income
- Greencoat UK Wind (UKW) – Renewable Energy Infrastructure
Scottish Mortgage results dominated by SpaceX and AI trade
Sharesify podcast, with Laura Foll of Law Debenture
📈 Fastest-growing sectors recently
Performance leadership has shifted during 2025/26. The strongest-performing sectors included:
- European Smaller Companies
- Europe
- UK All Companies
- China / Greater China
- Private Equity
- UK Commercial Property
By investor type
- Newer DIY investors: Global and North American trusts.
- Income investors and retirees: UK Equity Income, Global Equity Income, Infrastructure, Renewable Energy.
- More experienced investors: Private Equity, Commodities & Natural Resources, Smaller Companies.
- Value-focused investors: UK All Companies and UK Equity Income, where discounts to NAV remain attractive.
If you’re looking at current retail flows rather than just popularity, the biggest trend over the last year has been a move away from pure US exposure and toward Europe, UK equities, income strategies, and alternative assets, such as infrastructure and private equity.
The shift has been quite visible in platform ‘most bought’ rankings. Retail investors have still been buying some global growth names, but flows increasingly moved into income, infrastructure, renewables, private equity, UK value, and discount opportunities.
The trusts that repeatedly showed up in retail-buy lists were:
| Theme | Trust | Why investors were buying |
| Global growth | Scottish Mortgage (SMT) | Recovery in growth/AI-related holdings after the 2022–23 selloff. |
| Global income | JPMorgan Global Growth & Income (JGGI) | Combination of global equities plus a dependable 4% distribution policy. |
| UK equity income | City of London (CTY) | Dividend track record and exposure to unloved UK stocks. |
| UK value | Temple Bar (TMPL) | Strong performance from value investing and UK recovery trades. |
| Technology | Polar Capital Technology (PCT) | Continued AI and semiconductor enthusiasm. |
| Private equity | 3i Group (III) | Retail investors using it as a private-equity growth vehicle; became one of the most-bought trusts on interactive investor. |
| Infrastructure | HICL Infrastructure (HICL) | Yield plus discounted valuation after rate-driven weakness. |
| Renewable energy | Greencoat UK Wind (UKW) | High yield and large discount to NAV attracted bargain hunters. |
| Renewable energy | The Renewables Infrastructure Group (TRIG) | Similar “discount + income” thesis. |
| Renewable energy | NextEnergy Solar Fund (NESF) | Investors buying into depressed valuations and double-digit yields. |
| Asia income | Henderson Far East Income (HFEL) | Attractive yield and diversification away from the US. |
🔁 What changed versus 2023/24?
Retail investors had previously concentrated heavily in:
- Scottish Mortgage
- Nasdaq/US trackers
- Baillie Gifford growth vehicles
- S&P 500 exposure
By 2025/26, platform buying data showed more interest in:
- Income-producing trusts
- Alternative assets
- Discount opportunities
- UK equities
- Private equity
The most obvious beneficiaries were JPMorgan Global Growth & Income, City of London, Temple Bar, 3i, Greencoat UK Wind, HICL Infrastructure, TRIG and NextEnergy Solar.
💡The strongest retail flow story: buying discounts
A lot of retail investors weren’t necessarily chasing sectors — they were chasing trusts trading on unusually wide discounts to NAV.
That explains heavy buying into:
- Greencoat UK Wind
- TRIG
- HICL Infrastructure
- NextEnergy Solar
- various private-equity trusts
- UK equity-income trusts
The common logic was:
- Higher interest rates had crushed ratings.
- Discounts widened to historically unusual levels.
- Investors could lock in 6–10%+ yields while waiting for discounts to narrow.
🧩 The ‘core portfolio’ trusts still attracting buyers
Even with the diversification trend, the trusts that remain retail favourites as long-term core holdings are:
- Scottish Mortgage (SMT)
- F&C Investment Trust (FCIT)
- Alliance Witan (ALW)
- JPMorgan Global Growth & Income (JGGI)
- City of London (CTY)
- Bankers (BNKR)
UK retail investors have been rebalancing investment trust portfolio strategies considering increased market volatility. These are probably the six names that appear most consistently across UK DIY investor portfolios and platform popularity rankings.
Disclaimer: The author Steven Frazer has a personal interest in Scottish Mortgage.
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