From cash to cosmos: Fidelity investors balance caution with appetite for AI and space exposure

Investor behaviour on Fidelity International’s Personal Investing platform in May shows that technology and AI themes are in favour, with investors increasingly looking beyond listed mega-cap tech stocks towards businesses and investment trusts linked to AI infrastructure, semiconductors and the growing space economy.

At the same time, elevated cash allocations suggest many investors are still balancing enthusiasm for long-term growth themes with caution over the broader economic outlook.

Technology-focused strategies including Polar Capital Global Technology remained among the most bought funds in May, alongside Scottish Mortgage and Seraphim Space Investment Trust as investors look to access the growing space economy. 

The data also suggests the AI trade is broadening beyond large US technology companies, with investors increasingly targeting semiconductor, infrastructure and digital asset-linked names such as Micron Technology, Strategy Inc and BitMine Immersion.

Despite this increased appetite for growth opportunities, cash strategies continued to feature prominently in May, with Fidelity Cash Fundand Royal London Short Term Money Market Fund among the best-selling funds, highlighting how investors are continuing to balance liquidity with selective exposure to higher-growth areas.

The best-selling funds, shares and investment trusts on Fidelity Personal Investing in May 2026

Ed Monk, Pensions and Investment Specialist at Fidelity International comments: “May’s data suggests investors are continuing to strike a balance between caution and selectively increasing risk exposure.

“At the same time, technology-related demand is broadening beyond the large US mega-cap names. Strong earnings from major AI and technology companies have helped reinforce investor confidence in the sector, with businesses linked to semiconductors, AI infrastructure and digital assets increasingly appearing on investors’ radars as the AI theme continues evolving across markets.

“Investor interest also appears to be extending into listed vehicles offering exposure to private technology and space-related growth themes. Scottish Mortgage Investment Trust remained among the most bought investment trusts in May, with its holdings in companies such as SpaceX continuing to attract attention amid IPO speculation and growing enthusiasm for AI infrastructure, satellite technology and the commercial space economy.

“Demand for housebuilders such as Persimmon and Taylor Wimpey may suggest some investors are buying into recent share price weakness in anticipation of improving housing market conditions and lower interest rates supporting a recovery in the sector.”