ISA investors favour global trackers

ISA investors piled into global tracker funds and US equities in a last-minute push to maximise tax-year allowances at the start of April, according to Hargreaves Lansdown.

Data covering 30 March to 3 April show strong demand for low-cost, diversified funds, alongside allocations to areas including technology and precious metals.

The firm said gold and silver saw demand alongside core holdings, highlighting a mix of defensive positioning and tactical risk-taking.

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Kate Marshall, lead investment analyst, Hargreaves Lansdown, said: “Investors on Hargreaves Lansdown’s platform favoured global equity tracker funds and US-focused investments in the final days of the tax year, as they rushed to make the most of their ISA allowances.”

Index funds led the way among ISA investors, according to the data, with globally diversified strategies proving the most popular.

Fidelity Index World topped the list of most bought funds, alongside Vanguard FTSE Global All Cap Index and the Legal & General International Index Trust. One active equity fund made the list – Artemis Global Income – and which has been a perennial favourite over the past year, off the back of strong returns.

Despite recent headlines and market volatility, US equities were also a focus, with Legal & General US Index and UBS S&P 500 Index both featuring among the most purchased funds.  

Among investment trusts, Scottish Mortgage Investment Trust plc was the most bought, reflecting continued appetite for long-term growth strategies.

Overall, investors were willing to take on more risk with some more thematic plays. Technology was one theme, with Polar Capital Technology Trust plc seeing strong demand. Alternatives also featured prominently, including Greencoat UK Wind plc, highlighting demand for infrastructure and renewable energy exposure. Seraphim Space Investment Trust plc also appeared in the top 10, which may have been due to recent heightened public interest in space.

At the same time, income-focused trusts such as City of London Investment Trust and Temple Bar Investment Trust plc proved popular with investors seeking reliable dividends. 

Exchange-traded funds (ETFs) saw strong inflows into US and global equity strategies. The Vanguard S&P 500 UCITS ETF and Vanguard FTSE All-World UCITS ETF were among the most bought ETFs over the period.

In a similar vein to the top investment trusts, some investors were keen to take a more tactical approach, with technology and precious metals proving popular. Gold and silver ETFs were also in demand following strong performance from the metals in 2025. Some investors were willing to take on significantly higher risk, with a 3x leveraged silver ETF making an appearance among the most purchased.

HL warned: “These products are not designed for typical retail investors: while potential returns can be magnified, losses can be equally severe.”