10 hottest ISA shares, funds and trusts: week ended 17 April 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.

• Invest with ii: Open a Stocks & Shares ISA | ISA Investment Ideas | Transfer a Stocks & Shares ISA

Top 10 shares in ISAs

Legal & General Group (LSE:LGEN) leads the pack again this week, making a seventh consecutive appearance in the top two most-bought stocks in ISAs on the ii platform. Rolls-Royce Holdings (LSE:RR.) has rarely been far from Legal & General Group (LSE:LGEN)  and is second in the list this time. Both stocks have made it back to pretty much where they were just before the Iran war broke out, rewarding brave investors who bought in after the crash.

Of the four new stocks this week, ITM Power (LSE:ITM) is the highest new entry at number four. The hydrogen technology firm has only appeared here three times, most recently in June last year.

IQE (LSE:IQE) makes it into the list for the first time in sixth place. The semiconductor company is currently the second-best performing share anywhere on the London Stock Exchange, with a gain of 1,050% so far in 2026, behind only £11 million Kendrick Resources (LSE:KEN).

In an update in January, chief executive Jutta Meier said: “I am pleased to report a positive second half of trading for IQE in 2025. Coupled with a strong Q1 order book and sustained demand across key end markets, the company is well-positioned to enter 2026”.

But last September, IQE said it was “expanding the scope of the previously announced strategic review to also incorporate the potential sale of the company and is seeking buyers”. It admitted to having already received an approach from a potential buyer of the business.

• Shares for the future: nothing dull about this FTSE 100 stock
• Funds and trusts the pros are buying and selling: Q2 2026

easyJet (LSE:EZJ) has been a popular ISA stock since the Middle East conflict began at the end of February. Shares traded down as much as 27% as investors worried about rising fuel costs and a drop in demand in the travel sector. But others have seen the slump to multi-year lows as an opportunity to pick up cheap stock.

Last week, in a trading update for the six months ended 31 March 2026, the airline warned that it had spent an extra £25 million on fuel in March plus £30 million on legal costs. While it said the underlying first‑half result was broadly in line with expectations, war in the Middle East “has introduced near-term uncertainty around fuel costs and customer demand. As expected, the booking curve has shortened in recent weeks, resulting in lower-than-normal forward visibility”.

In response, analysts at RBC cuts their price target to 415p from 440p and JPMorgan cut from 350p to 340p.

Analysts at Morgan Stanley, who were already negative on the shares, trimmed their target to 300p and repeated their “underweight” rating. They said: “While the shares have de-rated -20% since the start of the conflict (vs European airlines at -15%), we see further downside as earnings upgrade potential remains limited across both the airline and Holidays businesses in the second half of 2026, amid weaker demand and pressured yields”. 

• eyeQ: easyJet, BP, Reckitt Benckiser, BlackRock
• Stockwatch: a rare but risky example of rapid growth

Perhaps surprisingly, it’s only the second time FTSE 100 tobacco giant Imperial Brands (LSE:IMB) has found itself among the 10 most-bought stocks in ISAs, the first being 11 months ago.

In a trading update early last week ahead of first-half results on 12 May, the company repeated full-year guidance. However, that was poorly received, the shares dropping by as much as 11% over the week. There were modest downgrades to full-year consensus earnings given Imperial warned translation foreign exchange will be a 0-1% headwind on full-year earnings per share. In November, it had predicted a tailwind of around 2.0% to 2.5%, with consensus for around +1%.

The four stocks dropping out of this week’s top 10 are Lloyds Bank, which slips from third place to 11th, Aviva down from ninth to 11th, Standard Life and Barclays.

Top 10 funds and trusts in ISAs

Growth fund Scottish Mortgage Ord (LSE:SMT) has topped our table for the first time in 12 months, with a handful of other specialist investment trusts also breaking into the top 10 list.

The flagship Baillie Gifford trust has enjoyed some strong performance as markets have rallied in recent weeks, while its chunky allocation to SpaceX could also be attracting investors.

The fund might have drawn some attention thanks to concerns that the board of Baillie Gifford stablemate Edinburgh Worldwide Ord (LSE:EWI), another trust with a big SpaceX position, risks getting overthrown by US activist Saba Capital in a vote due at the end of this month.

• ISA investing: nine ii experts reveal their ISA tips for 2026-27
• Sign up to our free newsletter for investment ideas, latest news and award-winning analysis

We see a few other specialist trusts enter this week’s list. Greencoat UK Wind (LSE:UKW), the battered renewables play that last week announced plans for a continuation vote triggered by its wide share price discount to net asset value, returns to the table. So does Polar Capital Technology Ord (LSE:PCT) and “space tech” name Seraphim Space Investment Trust Ord (LSE:SSIT).

The latter last week mooted the idea of capitalising on its strong returns by issuing a C share class. Such fundraising would enable the trust to invest more money in its subsector, while also potentially improving liquidity in its shares.

Meanwhile, the Royal London Short Term Money Market Y Acc remains popular but drops to second place for the first time since February. Value fund Artemis Global Income I Acc drifts up to third. Investors also continue to back tracker funds, with four such names in this week’s table.

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