10 hottest ISA shares, funds and trusts: week ended 31 October 2025

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

A busy quarterly results season in the US, plus some notable share price declines, has generated a lot of interest in some of the world’s biggest tech companies. Three of them appear in this list of most-bought stocks in ISAs on the ii platform, while a couple sit just outside the top 10.

Meta Platforms Inc Class A (NASDAQ:META) last appeared here in April 2024, NVIDIA Corp (NASDAQ:NVDA) has been out of this list for 11 weeks, while Microsoft Corp (NASDAQ:MSFT) hasn’t featured since the end of January. Meta attracted bargain hunters keen to pick up stock as cheap as it’s been since May. The 13% drop followed concerns about heavy spending this year. Microsoft fell 6% for much the same reason. But chip giant Nvidia’ bullish update cemented its position as the world’s first $5 billion (£3.8 billion) company. Amazon.com Inc (NASDAQ:AMZN) and Alphabet Inc Class A (NASDAQ:GOOGL) were 13th and 15th place respectively.

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Back in the FTSE 100, Diageo (LSE:DGE)’s four-week run of appearances in the top 10 ended a month ago. But interest in the global drinks giant was piqued again when its share price fell to 1,700p for the first time since September 2015, which is an important level of technical support.

In the past few weeks, ahead of its first-quarter trading update on 6 November, a handful of analysts adjusted their forecasts for what was the worst-performing FTSE 100 company in September (down 13%).

Citigroup cut its price target on Diageo to 2,480p from 2,750p but retained a buy rating, Barclays cut to 2,490p and retained its overweight stance, UBS cut to 2,250p from 2,450p but still says buy, while Deutsche Bank cut to 1,915p and said hold. On the upside, Bernstein raised its target to 2,550p from 2,460p and rates the shares as “outperform”.

Glencore (LSE:GLEN) has become something of a yo-yo stock but won its place back in the top 10 after delivering a quarterly production update that exceeded City estimates. Also leaving forecasts for annual output broadly unchanged meant the miner and commodity trader’s share price extended gains since the April low to 80%, reaching a nine-month high.

WPP (LSE:WPP) has only made the top 10 once before, back in July when a profit warning grabbed the attention of bargain hunters. There were gains to be had for nimble investors, but a bounce back was limited and brief, the shares drifting lower ever since. And there was renewed interest last week when the ad agency warned on profits again.

Third-quarter revenue less pass-through costs was down 5.9% like-for-like (LFL) and 4.8% for the year to date. WPP now expects a drop of 5.5-6% in 2025 and full-year operating profit margin of 13% versus forecasts for 13.5%. WPP shares currently trade around levels last seen in 1998.

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Analysts were quick to cut price targets. UBS has a sell rating and 280p target, Barclays is underweight with 325p target, while Bernstein is market-perform and 440p. But experts at Deutsche Bank are more optimistic than most, rating the shares a buy with 510p target.

“While net negative, we believe new updated WPP guidance reflects the conflict between (sensible) caution ahead of the planned CEO strategy review early next year vs worse implied 4Q performance, that we believe has further spooked the market,” they wrote, but admitted there are “limited near-term positive catalysts”.

Analysts have also been busy scribbling notes on clean tech firm Ceres Power Holdings (LSE:CWR), sending shares to their highest in over a year. A month ago, Goldman Sachs boosted its rating to buy from neutral and hiked its price target to 190 from 138p, believing the business is well-positioned to benefit from data centre-driven fuel cell adoption. Downside risks to consensus estimates also appear limited in the near term, it said.

Then last week, UBS almost tripled its target to 350p from 120p, taking a similar view to Goldman, citing the strong adoption outlook following significant data centre orders. It now expects Ceres to reach EBITDA breakeven in 2026, a year earlier than expected.

Top 10 funds and trusts in ISAs

Polar Capital Technology Ord (LSE:PCT)and Scottish Mortgage Ord (LSE:SMT) have returned to the top 10 list in a week where many investor favourites have maintained their dominance.

The Polar Capital trust came in at fourth place, having hovered just outside the top 10 a couple of weeks earlier. It continues to offer concentrated exposure to some of the US mega-cap shares, with Nvidia making up 10.9% of the fund, Microsoft 6.9% and Apple Inc (NASDAQ:AAPL) 6.4%. Meta, Broadcom Inc (NASDAQ:AVGO), Alphabet, Taiwan Semiconductor Manufacturing Co Ltd ADR (NYSE:TSM) and Cloudflare Inc (NYSE:NET) are also among its top 10.

The trust has understandably made big gains this year, although its shares trade on an 11.6% discount to net asset value (NAV). PCT’s most obvious rival Allianz Technology Trust Ord (LSE:ATT), which trades on a marginally smaller discount, sits outside this week’s top 10 in 15th place.

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Staying with the tech theme, investor favourite L&G Global Technology Index I Acc is unmoved in second place. On a performance basis, it’s worth noting that PCT shares have outperformed both ATT and the L&G fund so far this year, although the L&G fund is comfortably ahead of both trusts over a five-year period.

Scottish Mortgage, whose artificial intelligence (AI) exposure we analysed last month, returns to the list, while high-yielding renewable energy infrastructure trust Greencoat UK Wind (LSE:UKW) drifts up a couple of spots into fifth place. Vanguard FTSE Global All Cap Index, one of the global passive funds commonly favoured by customers, is also back to sit alongside the likes of HSBC FTSE All-World Index C Acc.

Several of the list’s constituents remain firmly in place. The Royal London Short Term Money Mkt Y Acc fund refuses to budge from the top spot, while Vanguard LifeStrategy 80% Equity remains in third place. The US-light Artemis Global Income fund is also unmoved at number six.

For now, UK income trusts City of London Ord (LSE:CTY) and Temple Bar Ord (LSE:TMPL) are out of the list. It’s also worth noting that Henderson Far East Income Ord (LSE:HFEL), a trust whose shares offer a double-digit dividend yield but also trade on a premium, is hovering in 14th place.

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