The interactive investor (ii) index: Q4 2025
interactive investor customers give a masterclass in creating well-balanced portfolios for the long term, with impressive portfolio growth.
27th February 2026 12:10
interactive investor (ii), the UK’s second-largest platform for private investors, has published its latest instalment of theii Index:providing unique insight on how interactive investor customers are performing and positioning their portfolios.
Key findings:
- Ongoing strong performance of retail investors: the average ii customer outperformed the IA Mixed Investment 40-85% Shares sector benchmark once again – with portfolio growth of 47.7% over the last six years
- Those aged 35-44 have the greatest returns, as their portfolios grew 52.3% since January 2020
- Investors are largely favouring global approaches when it comes to the funds, trusts, and exhange-traded funds (ETFs) filling their portfolios
- The full report also contains Investor Insights, where ii’s fund team dive into retail investment trends, and Market Watch, where ii’s Head of Investments delves into the current market movements.
- Visit the full report on the ii website here.
Across the six years ii has tracked the data, the average ii customer has seen their portfolio grow an impressive 47.7% - beating the aggregated performance of funds in the IA Mixed Investment 40-85% Shares sector (38.5%).
Note – we use this IA sector as a comparator for private investor portfolios, given its mix of bonds, cash, and equities.
The average ii customer also outperformed the benchmark across all time frames measured.
6 years | 5 years | 4 years | 3 years | 2 years | 1 years | |
All ii investors | 47.7% | 43.1% | 26.6% | 39.3% | 27.8% | 15.7% |
IA Mixed Investment 40-85% Shares sector | 38.5% | 31.4% | 18% | 31.4% | 21.5% | 11.6% |
Performance data to 31 December 2025. Source: interactive investor/Morningstar.
Camilla Esmund, Senior Manager at interactive investor, says: “interactive investor customers consistently demonstrate their ability to hold their nerve and stay invested. This disciplined approach isn’t always easy when we see markets go through its inevitable peaks and troughs, so this is admirable; a true masterclass in retail investment.
“Over the last six years, ii customers have grown their portfolios by almost 48% on average, once again beating the IA Mixed Investment 40-85% Shares sector.
“Those aged 35-44 outperformed the most of all the age groups, retuning 52.3% over the six years we’ve tracked this data. Of all the age ranges, their portfolios tend to have the highest weightings to ETFs and bonds. This age group still has lots of time for their portfolios to grow and benefit from the magic of compounding, so this is very encouraging to see.”
Age analysis - performance
6 years | 5 years | 4 years | 3 years | 2 years | 1 years | |
18 - 24 | 45.2% | 31.6% | 20.3% | 38.4% | 27.2% | 12.8% |
25 - 34 | 49.8% | 36.8% | 22.4% | 39.3% | 26.5% | 13.2% |
35 - 44 | 52.3% | 41.8% | 26.6% | 42.6% | 29.2% | 14.1% |
45 - 54 | 50.5% | 42.3% | 26.8% | 41.5% | 28.8% | 14.7% |
55 - 64 | 48% | 42.4% | 26.1% | 39.7% | 28% | 15.5% |
65+ | 46.2% | 44.2% | 27% | 38.1% | 27.2% | 16.7% |
Where are interactive investor customers putting their money?
ETFs have consistently grown in popularity across the last few years, and the last quarter proved the same – particularly with those aged 35-44 – with their 21% allocation in Q3 2025 rising up to 22% in Q4.
The gap between ii’s youngest and oldest investors buying direct stocks also continues to grow – with those aged 18-24 only allocating 19% to equities, versus those 65+, who allocate 39%.
Investment trusts have slightly dwindled in popularity since the last index – for example those 65+, who tend to have a higher weighting to trusts, have lowered their weighting from 24% to 23%.
Portfolio breakdowns across ages
Age Band | Cash | Equity | ETP (includes ETFs) | Fund | Investment Trust | Other (Bonds) |
18-24 | 9.3% | 19.1% | 16.4% | 32.5% | 18.7% | 4% |
25-34 | 9.1% | 19.4% | 21% | 30.5% | 13.8% | 6.2% |
35-44 | 8.6% | 23.1% | 21.8% | 31.6% | 7.9% | 7% |
45-54 | 8.8% | 29.2% | 16.3% | 31.5% | 8.6% | 5.6% |
55-64 | 9% | 29.7% | 12.2% | 31% | 13.3% | 4.7% |
65+ | 8.1% | 38.6% | 6.6% | 21.3% | 22.9% | 2.5% |
Average | 8.6% | 32.2% | 11.8% | 27.3% | 15.8% | 4.2% |
Delving into the core trends, Kyle Caldwell, Funds and Investment Education Editor at interactive investor, says: “As our top 10 tables show, our customers are largely favouring global approaches, which are the cornerstone of many investors’ portfolios. Such funds, whether they passively provide the return of the global stock market or are managed by a fund manager who attempts to outperform it, are core holdings that investors can tuck away with confidence. This is due to the diversification they offer in being able to invest across the world, in a range of countries, sectors and industries.
“In opting to go global, many investors are not seeking dedicated regional exposure. There is not a single UK fund or investment trust in the top 10 tables across all age categories. In addition, more adventurous fund types, such as those investing in Asia Pacific, emerging markets or specialising in smaller companies, also do not appear.”
Top holdings across age groups
18-24 | 25-34 | 35-44 | 45-54 | 55-64 | 65+ |
VANGUARD S&P 500 UCITS ETF | ACC | |||||
VANGUARD S&P 500 UCITS ETF | DIS | VANGUARD S&P 500 UCITS ETF | DIS | ||||
VANGUARD S&P 500 UCITS ETF | |||||
VANGUARD S&P 500 UCITS ETF | DIS | |||||
Gender: performance and holdings comparison
6 years | 5 years | 4 years | 3 years | 2 years | 1 years | |
Women | 46.4% | 42.5% | 25.9% | 37.8% | 26.4% | 15.1% |
Men | 48.4% | 43.5% | 27.1% | 40.3% | 28.6% | 16.1% |
Camilla Esmund, Senior Manager, adds: “Both men and women on interactive investor have diversified and balanced portfolios. There are a minor differences when it comes to how men and women invest on our platform, but nothing material enough to suggest a widely different approach between them.
“Men have a slightly higher weighting to equities (33% versus 30%), where women will tend to allocate more to investment trusts (19% versus 14%). The portfolio similarities are encouraging, as it helps our industry shift away from the counter-productive narrative that women lack confidence when it comes to investing.
“We still have a stubborn gender investment gap in the UK, but it isn’t to do with capability or approach. This is something interactive investor is very passionate about and is why we are excited to showcase such impressive investment performance from both our male and female customers.”
Cash | Equity | ETP | Fund | Investment Trust | Other (Bonds) | |
Women | 8.5% | 30.3% | 10.5% | 28.2% | 18.9% | 3.6% |
Men | 8.7% | 33.3% | 12.2% | 27% | 14.4% | 4.5% |
To see the full report, including our Investor Insights and Market Watch sections, visit here.
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