10 hottest ISA shares, funds and trusts: week ended 16 October 2026

We look at the investments ii customers have been buying within their ISAs during the previous week. The data includes only real-time trades, not regular investing instructions, and combines the use of both existing funds and new money.

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Top 10 shares in ISAs

IQE (LSE:IQE) is no stranger to this list of most-bought stocks in ISAs on the ii platform, but it’s the first time the semiconductor wafers manufacturer has been number one. It’s likely the interest is bargain hunting following a 20% slump in the share price last week.

There’s no official company news out, but the PHLX Semiconductor Sector tumbled 11% last week, so it’s reasonable to assume IQE is down in sympathy. However, the shares have still risen over 600% in 2026 so far, up from about 5p to around 40p currently.

We’ve got a couple of mining giants back in the top 10 together. After a week’s break, yo-yo stock Glencore (LSE:GLEN) is in at number four, with sixth-placed Rio Tinto  Ordinary Shares (LSE:RIO) in this list for the first time in 2026. The pair have previously held merger talks, and Glencore’s recent listing on the Australian Securities Exchange (ASX) has fuelled speculation that a deal may be back on the cards.

Turbulent stock markets have obviously affected the mining sector, yet Glencore was little changed on the week, with JP Morgan raising its rating from ‘neutral’ to ‘overweight’ and price target from 510p to 730p. JPM analysts expect 30% growth in copper production out to 2031 and believe the marketing and coal businesses are distinctive hedges against geopolitical uncertainty.

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But they were downbeat on Rio, which keeps its ‘neutral’ rating, but with a slightly lower price target of 7,950p. Despite repeating annual targets after a strong Q3, Rio shares still ended the week down over 4%.

There’s a trio of American stocks in the top 10 this time, something we haven’t seen here since the end of July.

Space Exploration Technologies Corp Class A (NASDAQ:SPCX) remains in the list for a second week. Shares, which have been volatile since the June IPO, dropped 10% over the week, likely in sympathy with the wider technology sector. All eyes will be on the company’s third-quarter results, its second quarterly earnings update since the IPO, after the close of business on Tuesday. The results have been brought forward at short notice, which has surprised some Wall Street analysts.

Investors will be just as focused on Starship technical milestones as the quarterly numbers. As I mentioned here last week, the next SpaceX Starship launch - Flight 15 – is now less than a month away. Morgan Stanley says the flight is “shaping up as SpaceX's biggest test towards Starship reusability since the IPO, with Flight 16 (targeted before year-end) potentially an even bigger one”.

It’s joined by Micron Technology Inc (NASDAQ:MU), which has appeared in this list a number of times before, and AI infrastructure firm Nebius Group NV Shs Class-A- (NASDAQ:NBIS), which hasn’t.

Memory chip company Micron was not immune from the tech sell-off, tumbling more than 14% last week. Investors continue to worry about the AI trade as it’s feared rising borrowing costs will affect big spending tech firms. There are also concerns about competition from China.

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However, shares have still tripled in value this year, and in a recent social post, Elon Musk provided a boost when he said Micron had been “reasonable” about future memory prices, calling it a “smart move for long-term customer loyalty”.

Shares in Amsterdam-based Nebius slumped by 25% last week to their lowest since July, taking losses for the past fortnight to a third and reducing gains for 2026 to 98%. Catalysts for the sharp decline are much the same as for Micron. 

The five stocks making way for this week’s newbies are Lloyds Banking Group, MobilityOne, BAE Systems, Barclays and GSK.

Top 10 funds and trusts in ISAs

Both Polar Capital Technology Ord (LSE:PCT) and Henderson Far East Income Ord (LSE:HFEL) have returned to our bestseller list, after a volatile few weeks for both.

Tech stocks in both the US and Asia have had a tough ride thanks to worries about the sustainability of AI spending. But investors continue to back the sector via PCT, which has outperformed peers this year in part thanks to its greater exposure to Asia.

The L&G Global Tech Index Trust, which has more of a US bias, slips out of the table and moves to 13th place. We also see the steady UK income trust City of London drift out of the table this time.

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The list otherwise shows plenty of consistency. Royal London Short Term Money Mkt Y Acc (B8XYYQ8) maintains the top spot, while three broad tracker funds also sit in the list.

Investors are making good use of quite different active funds.

Henderson Far East Income and Greencoat UK Wind (LSE:UKW) continue to stand out thanks to their bumper share price dividend yields, while Scottish Mortgage Ord (LSE:SMT) targets tech, AI and other future trends.

The value-minded Artemis Global Income I Acc (B5ZX1M7), which is sitting on some strong returns this year, also stays in the most-bought list.

Funds and trusts section written by Dave Baxter, senior fund content specialist at ii.