Advisers focus on capital accumulation in Q4 2025

Titan Square Mile’s quarterly Market Intelligence Report published today reveals that capital accumulation as an investment outcome dominated adviser research in the final quarter of 2025.  Almost half (47.8%) of outcome-focused searches conducted through the Titan Square Mile Academy of Funds were for strategies with the potential of delivering on this objective.

The latest report also suggests a resurgent interest in funds with an inflation protection outcome. While still the least researched investment outcome, inflation protection as a search term stood at 4.4%, having failed to register at all during the previous quarter. However, there was a notable decline in searches for capital preservation which dropped 12.7 percentage points to 8.7% (21.4% in Q3 2025).

Titan Square Mile’s quarterly Market Intelligence Report provides a detailed account of viewing patterns among financial advisers using the Academy of Funds, a depository of insight and opinion on all 402 active, passive and risk targeted funds rated by the company’s team of analysts. 

The MI Report evidenced a major shift in research into passive fund groups over the previous quarter. Aberdeen Investments rose from fourth place in Q3 to pole position, registering a significant increase of 20.7 percentage points to account for over a third of all views (35.9%). This pushed passive heavyweight Vanguard into second place with a 16.5% share – a decrease of 9.8 percentage points on the previous quarter, followed by Legal and General at 14.8% down five percentage points.

Among active funds, the biggest mover over the quarter was the Aegon Diversified Monthly Income fund which moved from 19th place in Q3 2025 to third place with a share of views of 1.9%. Baillie Gifford Japanese moved up to second place at 3.1%, an increase of 1.2 percentage points on the previous quarter while Havelock Global Select was once again the most viewed at 10.2%.

There was also a change of leadership among funds with a responsible investment mandate. The FP Carmignac European Leaders fund rose from 12th place to be the most viewed responsible fund in Q4 with a 4.6% share of views. The Wellington Global Impact fund and BlueBay Impact-Aligned Bond fund shared second place with a 4.2% share. Both these funds moved rapidly up the ranks; having sat at 15th place and 5th place respectively in Q3.

At a sector level, IA Global continued to be the most researched for active funds at 19.2%, nine percentage points ahead of the next most researched sector, the IA Sterling Strategic Bond (10.2%) followed by IA UK All Companies (8.1%).  However, viewing patterns differed significantly among passive strategies.  The three most popular sectors were IA Asia Pacific ex-Japan (13.0%), IA North America (10.6%) and IA Global Inflation Linked Bond (10.2%) with IA Global lagging in 12th place with a 3.8% share.

The MI Report also highlighted a notable change in leadership among fund groups offering risk targeted solutions. Aviva Investors registered a 14.6 percentage point increase in searches making it the most viewed group over the quarter, accounting for one quarter of all views (25.5%), pushing Legal & General into second place at 15.2% (22.9% in Q3). This was just ahead of Blackrock which also saw a significant increase of 8.7 percentage points to 14.4%, putting the group in third place.

Scott Dakers, senior business development director, Titan Wealth, commented, “As 2025 drew to a close, global equities showed strong growth over the year with leadership largely concentrated in mega cap technology and AI-exposed sectors in a continuation of a well-documented trend. To the end of November, China, Asia and emerging markets were the strongest performing which is perhaps reflected in the popularity of IA Asia Pacific ex-Japan among advisers researching passive investment strategies.

“The strong ongoing interest in funds that have the potential of delivering capital appreciation coupled with the decline in research into more defensive capital preservation strategies suggests that fund selectors may feel relatively sanguine about prospects over the coming months. Risks no doubt remain, with a tense geo-political backdrop, the potential for earnings season surprises and an unpredictable incumbent in the White House. All of these make a strong case for diversification and exposure to active funds managed by professionals who can demonstrate their ability to adhere to proven investment processes that can navigate market uncertainty to deliver on expected outcomes.”