Most-bought investments: May 2025

• Vanguard funds take up half of the most-bought list for passive funds
• Investors bought Marks & Spencer based on weakness, at it entered the most-bought equities list in sixth place 
• Global funds dominated in May in both the most-bought active and passive fund lists

interactive investor (ii), the UK’s second-largest platform for private investors, reveals its most-bought equities, funds, and investment trusts in May 2025.

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In terms of passive funds, Vanguard funds continue to take up half of the most-bought list, with the Vanguard S&P 500 UCITS ETF retaining the number one spot once again. 

When it comes to both active and passive funds, global funds dominated in May. One example is a new entrant in the active funds list – Ranmore Global Equity. 

The renewable energy infrastructure sector proved popular in May, with NextEnergy Solar Fund and SDCL Efficiency Income Trust entering the most-bought list for investment trusts.

BP once again topped the most-bought equities list last month, with Rolls-Royce and Nvidia both climbing up one spot each to come in at second and third respectively. 

MicroStrategy also re-entered the top 10 equities list in May, coming in at fourth place. The likes of Barclays, Greatland Gold and Amazon all dropped off after featuring last month. 

Below, interactive investor’s experts explore May 2025’s most-bought data in depth.

Funds and investment trusts

Commenting on the most-bought funds and investment trusts on ii in May,Kyle Caldwell, Funds and Investment Education Editor, says: “In May, stock markets continued to recover from tariff turbulence. In turn, investors became more ‘risk on’ and were on the lookout for opportunities. One sector that fans of investment trusts are circling is renewable energy infrastructure, with two new entrants, NextEnergy Solar Fund and SDCL Efficiency Income Trust, to the top 10 in May.

“They join Greencoat UK Wind, which was the second-most bought investment trust. Over the past couple of years this investment trust sector has been firmly out of favour, reflected by the average trust moving from an average 7.2% premium at the end of 2021 to a current average discount of -29.5% to net asset value (NAV). 

“Interest rate increases have been the big headwind, as this has caused bond yields to rise and, in turn, handed investors the opportunity to pick up an attractive level of income for less risk. However, now that interest rates are falling, some investors are buying to take advantage of high yields (the sector average yield is 9.7%) and in the hope of a change in fortunes for the sector. 

“Our list of the top 10 most-bought active open-ended funds also shows that investors have turned more bullish. In May, the number of money market funds dropped from four to two, with global funds dominating. The two new entrants were Ranmore Global Equity and Artemis SmartGARP European Equity. 

“Our investment trust top 10 list also shows that investors are tapping into Europe more, with JPMorgan European Growth & Income a new entry. Europe as an investment destination has been unloved for many years among UK retail investors, with sentiment not helped by the ongoing conflict in Ukraine. A lack of world-leading technology shares may also deter investors. 

“While European markets are home to sectors that some investors may find less exciting, such as finance, industrial and healthcare, this hasn’t led to dull returns. In fact, over both three and five years the average European fund (Investment Association Europe Excluding UK sector) has outperformed the average UK equity fund (Investment Association All Companies sector) returning 29.9% and 61.4% versus 19.0% and 50.6%.”

Equities

Commenting on the most-bought stocks on ii in May, Richard Hunter, Head of Markets at interactive investor, says:“May was an easier ride for investors, even though market movements continue to be dominated by tariff twists and turns.

“The early announcement of a trade deal between the US and the UK gave rise to hopes that others could follow in short order, although subsequent events put paid to that optimism. A court ruling that the tariffs were not legal was replaced by a temporary removal of that blockage, while in the final weekend in May the aggressive rhetoric towards other trading partners resumed.

“However, for the month of May itself, US markets regained some poise, with rises of 3.9%, 6.2% and 9.6% for the Dow Jones, S&P 500 and Nasdaq respectively.

“There was something of a recovery in the beleaguered 'Magnificent Seven' stocks, also helped by another blockbuster set of numbers from Nvidia, who nonetheless warned of a multi-billion dollar hit on revenues to come following the blockade of chip sales to China. Nvidia shares are now down by just 2% this year and remain a favourite for potential recovery, alongside Tesla (down 9% this year but remaining up by 97% over the last 12 months).

“Elsewhere, the familiar themes continued in the UK, with investors chasing momentum (such as Rolls-Royce, up 48% this year alone), income (Legal & General dividend yield 8.6%) or both (Lloyds Banking up 40% this year, yield 4.1%).

“Equally, there were potential recovery plays in action on the most-bought list, such as Glencore and BP, which have lost 22% and 10% respectively in the year to date.

“The cyber attack on Marks & Spencer also attracted buyers on weakness, although the shares are still ahead by 23% over the last year despite the inevitable weakness of the last month.”

MOST-BOUGHT INVESTMENTS ON INTERACTIVE INVESTOR (ii) IN MAY 2025