Investor behaviour on Fidelity International’s (“Fidelity”) Personal Investing platform in December suggests a subtle but meaningful shift in positioning as the year ended.
Compared with November, December’s data points to a more confident approach to risk. Investors appear to be diversifying globally across asset classes – an approach that would have served investors well in 2025 as performance rotated out of the US towards cheaper markets elsewhere.
One of the most notable developments this month is the exit of several cash and short-duration bond funds that had been consistent features throughout much of 2025. This points to investors becoming more comfortable putting cash to work as interest rate expectations stabilise.
December also marks a contrast with November, when emerging market equity and bond funds attracted strong demand. This shift suggests investors may be pausing more targeted regional exposure in favour of broader, more diversified strategies.
The best-selling funds, shares, and investment trusts on Fidelity Personal Investing December 2025
Jemma Slingo, Pensions and Investment Specialist at Fidelity International comments:
Liquidity remains important, but portfolios begin to rebalance
“Cash continues to play a central role in investor portfolios, with Fidelity Cash Fund and Royal London Short Term Money Market Fundremaining popular choices in December. However, the exit of several long-standing cash funds, such as Legal & General Cash Trust andAegon High Yield Bond Fund, suggests investors are slowly becoming more adventurous.
“With interest rates falling towards the end of December, the relative attractiveness of holding excess cash may be starting to diminish, encouraging investors to look again at longer-term investment opportunities.”
Diversification takes centre stage
“December saw a number of new entrants, including Vanguard LifeStrategy Funds, Fidelity Multi Asset Allocator Growth Fund and Artemis SmartGARP European Equity Fund. The presence of HSBC FTSE All World Index Fund and Fidelity Index World Fund further underlines growing demand for broad, diversified equity exposure.
“This points to a deliberate and controlled approach to re-risking. Investors are favouring balance and diversification rather than concentrated regional or thematic bets.”
Gold and real assets help manage uncertainty
“The arrival of Jupiter Gold and Silver suggests investors are not abandoning caution altogether. Instead, alternative assets are being used alongside equities and multi-asset funds to help manage risk and protect portfolios against uncertainty.
“This theme is echoed in the investment trust rankings, where infrastructure, renewables, and defensive income strategies such as International Public Partnerships, NextEnergy Solar Fund and City of London Investment Trust remain popular.
Stock selection favours income, resilience, and resources
“Among individual shares, December’s most-bought list was dominated by UK-listed companies with strong cash generation and income appeal, including Diageo, BP, and Marks & Spencer. Mining and precious metals names such as Fresnillo, Hochschild Mining and Metals One also featured, reinforcing interest in real assets. Soaring gold and silver prices have no doubt helped to stoke demand.
“The inclusion of Shawbrook Group is particularly notable following its IPO in October, which was the UK market’s largest listing of the year. Its appearance highlights strong early demand for new UK listings.”
