Top 10 most-popular investment trusts: November 2025

There were three new entrants among the most-bought investment trusts, with private equity trust 3i Group (LSE:III) topping the table. The rankings are based on the number of buys among interactive investor customers each month, with regular investing excluded.

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3i Group’s performance over the past three and five years has been driven by its successful stake in Dutch retailer Action Group, which accounts for more than half its assets. This successful investment has pushed 3i Group to trade on a sky-high premium over the past couple of years.

However, November saw its share price premium come in somewhat after Action warned that challenging trading conditions in France could dent its sales growth. Over the month, its premium cooled from more than 50% to 11.5%. Versus other investment trusts this premium is high, with the sector average discount around -15%, but the significant move has prompted some investors to take action and attempt to “buy low”.

We’ve previously highlighted examples of trusts, including Lindsell Train (LSE:LTI), where high premiums haven’t been sustainable when performance or sentiment changes. When premiums fall, the share price takes the strain. Over the past month, 3i Group’s share price is down around 30%. 

The other two new entrants climbed into the top 10 on the back of corporate activity that has now been abandoned. The boards of HICL Infrastructure (LSE:HICL) and Renewables Infrastructure Group (LSE:TRIG)proposed a merger, which was met with fierce opposition from various shareholders, mainly due to both trusts investing in different parts of the renewable infrastructure sector. It was announced today (1 December) that the merger is now off the table.

The deal also drew criticism over the fact that it would have allowed the same investment manager (InfraRed Capital Partners) to keep both funds, meaning all board members would retain their jobs.

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Both TRIG and HICL have disappointed over the past three and five years. Over those periods, TRIG’s share price total return shows losses of -28.6% and -17.9%, while HICL has lost -14.6% and -11.1%. However, both are far from alone, with many investment trusts in the renewable energy infrastructure sector having a tough time over those periods. 

Interest rate rises proved to be a headwind for the sector, increasing the appeal of returns made in safer areas, such as cash and bonds. As a result, income-seeking investors were less incentivised to take on risk, which lowered demand for infrastructure trusts.

On the back of the proposed merger, HICL’s share price fell, while TRIG’s rose. In response, investors attempted to profit from the contrasting fortunes. At the time of writing, on the day the proposed merger was abandoned, HICL shares have recovered and are now back above their pre-deal announcement level. Meanwhile, TRIG’s share price has given up gains, and is now close to its level prior to the proposed merger being announced. 

The trio exiting the top 10 are Golden Prospect Precious Metal (LSE:GPM), Fidelity China Special Situations (LSE:FCSS), and JPMorgan Global Growth & Income (LSE:JGGI).

Two other renewable energy infrastructure trusts feature prominently in the top 10.

Greencoat UK Wind (LSE:UKW), in second place, has been a permanent fixture in our top 10 investment trust table over the past couple of years. Investors are attracted to its dividend track record and its high yield – currently 10.4%. It aims to provide investors with a yearly dividend that increases in line with RPI inflation. This has successfully been achieved each year since the trust launched in 2013. However, investors who bought in over the past few years, haven’t seen a recovery play out, reflected in losses of -13.4% and -18.1% over one and three years. Its discount is -28.8%.

NextEnergy Solar (LSE:NESF), in fourth place, has been in and out of the top 10 over the past year. It invests in solar energy infrastructure assets, including energy storage. It is offering an even higher yield of 16.4%, with a wider discount of -43.5%. Over one and three years, it has lost -15.3% and -36.3%.

In between the duo, in third place, is Scottish Mortgage (LSE:SMT). The Baillie Gifford-managed trust is hugely popular with retail investors. Its approach of trying to identify exceptional growth companies (both listed and unlisted) has paid off over the long term.

Its one-year and three-year performance numbers have shown signs of improvement following a tough time for its high-growth investment style over five years in the period when UK interest rates rose from rock-bottom levels to peak at 5.25%. Over five years, the trust has posted a small loss of -0.7%.

In fifth place is Polar Capital Technology Ord (LSE:PCT). In our latest Fund Battle column, my colleague Dave Baxter explained that its approach is more “benchmark-aware” than its rival Allianz Technology Trust (LSE:ATT), meaning that it’s more likely to have similar exposures to the index.

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City of London (LSE:CTY) takes the sixth spot. Managed by veteran fund manager Job Curtis since 1991, it mainly invests in FTSE 100 firms that demonstrate good prospects for growing their profits and dividends. This “Steady Eddie” investment trust is a reliable dividend payer, having increased payouts each year since 1966.  

Value strategy Temple Bar Ord (LSE:TMPL) is in eighth place. This investment style has performed strongly over the past one, three and five years, as our recent analysis reveals. Its fund managers, Nick Purves and Ian Lance, invest in good-quality companies they believe are unjustly out of favour. The duo focus on financial strength – strong cash flows and robust balance sheets – to avoid “value traps”, companies that are cheap for a good reason due to structural decline.

Completing the table in 10th place is Henderson Far East Income (LSE:HFEL). Investors appear attracted to its sky-high dividend yield, of 10.6%. However, its performance has lagged rivals. Over five years, it is up 19.5% versus 45.4% for the average Asia-Pacific Equity investment trust, of which there are only five.

Top 10 most-popular trusts in November 2025

Source: The Association of Investment Companies (AIC) and Morningstar. Performance data to 29 November 2025. Note: the top 10 is based on the number of “buys” during the month of November. Past performance is not a guide to future performance.