Investor behaviour on Fidelity International’s (“Fidelity”) Personal Investing platform in September highlighted a two-pronged approach to markets. While significant flows went into cash, money market funds and gold – signalling caution and a desire for safe havens – there was also renewed appetite for technology and global equity funds.
This pattern suggests that investors are not simply retreating to safety but are actively combining defensive positions with selective exposure to long-term growth and diversification opportunities.
The best-selling funds, shares and investment trusts on Fidelity Personal Investing September 2025
Jemma Slingo, Pensions and Investment Specialist, Fidelity International comments:
Cash and caution still in play
“September saw a decisive tilt toward safety, with Legal & General Cash Trust, Fidelity Cash Fund and Royal London Short Term Money Market Fund all among the best-sellers. Investors remain cautious despite the market’s steady grind higher, and cash continues to serve as a liquid anchor in portfolios. The Bank of England held interest rates at 4% at its September meeting, following August’s quarter-point cut. While the future path of rates is expected to be downward, persistent inflation at 3.8% has delayed further reductions until at least early next year.
“This backdrop helps explain why investors are maintaining high levels of cash in portfolios. Yields on money market and cash funds remain attractive compared with most of the past decade, with many accounts and funds still paying above-inflation returns.”
Gold makes a comeback
“The rally in precious metals has clearly fed through into investor behaviour. The Ninety One Global Gold Fundappeared in the top 10 for the first time since April, while Jupiter Gold & Silver entered the rankings for the first time this year. This surge mirrors the wider market, with gold prices hitting another all-time high in September. Silver too has been trading at levels not seen in nearly 15 years, benefiting from both safe-haven demand and its industrial uses.
Technology re-emerges as a growth play
“Polar Capital Global Technology also featured for the first time this year, underlining investors’ conviction in long-term tech themes despite questions about valuations. Alphabet’s presence in the shares rankings adds to this picture, showing that investors are maintaining exposure to technology both through funds and direct stock positions This reflects the broader AI-driven growth narrative, which continues to underpin earnings optimism as we enter Q3 reporting season.
Global diversification and income as foundations
“Index trackers such as Fidelity Index World Fund and Vanguard FTSE Global All Cap remain central to investor portfolios, providing broad market exposure across geographies. Income strategies, including Artemis Global Income Fund, continue to attract inflows as investors seek dependable yield.
Selective risk-taking in equities
“In shares, stalwart UK dividend payers such as BAE Systems and Centrica continued to attract interest. At the same time, more opportunistic flows went into names like easyJet and Taylor Wimpey, as some investors placed selective bets on cyclical recovery despite ongoing headwinds. Smaller-cap stock Empire Metals also featured in September, reflecting appetite for higher-risk opportunities alongside the more defensive names.”
