Welcome to the latest edition of the ii Top 50
Fund Index, which ranks the most-popular funds,
investment trusts and exchange-traded funds
(ETFs) in each quarter.
Each quarter, we look at how the index has changed,
highlighting key trends. Here’s what caught our eye
in the first quarter of 2026.

Investors broaden their horizons
In the two and a half years since we started this quarterly index,
the number of global funds has dropped to its lowest level, falling
from 15 to 12 at the end of March. This could reflect concerns over
the heavy weighting to the US, with a typical global tracker fund or
ETF allocating over 70% to the country. The concentrated nature of
US stock market performance over recent years, which has been
heavily influenced by the world’s biggest businesses, the so-called
Magnificent Seven, may also be giving investors pause for thought.
Another related concern among some investors is the heavy
spending on artificial intelligence (AI) infrastructure. This has
prompted more scrutiny over whether the world’s largest
companies – Microsoft, Nvidia, Amazon, Alphabet, Apple, Meta
Platforms and Tesla – can deliver the kind of growth that will satisfy
elevated expectations.
In addition, with other markets outside the US offering lower, and
potentially more compelling valuations, there’s been a pivot in
outlook, with our own UK market seeing an uptick in demand of
late. The number of UK funds in our index has risen from three to seven.


Top 50 Fund Index – April 2026


While there are various ways to build a portfolio, one useful
strategy is the core and satellite approach. Core holdings, such as
multi-asset funds or those investing in global shares, are among
the contenders as such approaches can, in theory, work for the
long term as they shouldn’t give you any nasty surprises. As a
rough rule of thumb, core holdings could collectively comprise
around 70% of a portfolio.
The remaining 30% is where investors can consider being more
adventurous by seeking out higher-risk funds in pursuit of higher
rewards. Among the options are funds that invest in themes,
which investors are showing a preference for at present, with
commodities, technology and renewable energy infrastructure
proving particularly popular.
Other funds that fall into the adventurous category are those that
invest in the emerging markets or Asia Pacific. iShares Core MSCI
Emerging Markets ETF is a new entrant in the first quarter, joining
Henderson Far East Income. However, funds with a dedicated focus
on smaller companies, which are also potential satellite holdings,
are not represented in the index at all. However, a number of funds
in the index do have some exposure to smaller-sized firms.
Three new areas appearing in the index this quarter are defence
via VanEck Defense ETF, copper through Global X Copper Miners
ETF, and a very specialist space tech play (in the Growth Capital
sector) in the form of Seraphim Space Investment Trust.
It is interesting to note declining demand for money market funds
over the three-month period, with the number in the index falling
from six to three, despite the notable uptick in volatility in March in
response to conflict in the Middle East.
Such funds, which offer a cash-like return that is usually close
to the level of UK interest rates, remain a compelling option for
investors who are more cautiously minded or those who are
tactically seeking some defensive exposure.

The ii Top 50 Q1 2026
Ranking Change from last quarter Fund/trust/ETF What it invests in Active or passive ?


1 ↑ 1 iShares Physical Gold ETC Commodities Passive
2 ↑ 1 iShares Physical Silver ETC Commodities Passive
3 ↓ 2 Royal London Short Term Money Market (accumulating) Money markets Active
4 ↑ 4 Artemis Global Income Global shares Active
5 ↑ 6 Vanguard FTSE All-World ETF (distributing) Global shares Passive
6 ↑ 3 Vangaurd FTSE Global All Cap Index Global shares Passive
7 ↓ 3 Vanguard LifeStrategy 80% Equity Shares and bonds (multi-asset) Passive
8 ↑ 9 Global X Silver Miners ETF Commodities Passive
9 ↑ 1 HSBC FTSE All World Index Global shares Passive
10 ↓ 5 Vanguard S&P 500 ETF (accumulating) US shares Passive
11 ↑ 1 Vanguard LifeStrategy 100% Equity Global shares Passive
12 ↓ 6 Vanguard S&P 500 ETF (distributing) US shares Passive
13 ↑ 1 Scottish Mortgage Global shares Active
14 ↑ 18 WisdomTree NASDAQ 100 3X Daily Leveraged ETF Technology shares Passive
15-Greencoat UK Wind Renewable energy infrastructure Active
16 ↓ 3 Vanguard LifeStrategy 60% Equity Shares and bonds (multi-asset) Passive
17 ↑ 4 Vanguard FTSE All-World ETF (accumulating) Global shares Passive
18 ↑ 8 WisdomTree Physical Silver ETC Commodities Passive
19 ↑ 12 iShares Core FTSE 100 ETF (distributing) UK shares Passive
20 ↑ 2 City of London UK shares Active
21 ↑ 13 Artemis SmartGARP European Equity European shares Active
22 New entry Seraphim Space Growth capital Active
23 ↑ 3 Jupiter Gold & Silver Commodities Active
24 ↑ 23 BlackRock World Mining Commodities Active
25 ↓ 5 Fidelity Index World Global shares Passive

26 ↓ 19 L&G Global Tech Index Trust Technology shares Passive
27 ↓ 2 iShares Core MSCI World ETF Global shares Passive
28-Amundi Smart Overnight Return ETF Money markets Passive
29 ↓ 5 Polar Capital Technology Trust Technology shares Active
30 New entry Global X Copper Miners ETF Commodities Passive
31 ↓ 12 3i Group Private equity Active
32 ↑ 14 WisdomTree Silver 3x Daily Leveraged Commodities Passive
33 New entry VanEck Defense ETF Defence shares Passive
34 ↑ 8 Vanguard FTSE All World High Dividend Yield ETF Global shares Passive
35 New entry Vanguard FTSE UK Equity Income Index UK shares Passive
36 ↓ 18 Invesco EQQQ NASDAQ 100 ETF Technology shares Passive
37 ↑ 8 VanEck Semiconductor ETF Technology shares Passive
38 ↓ 3 Invesco FTSE All-World ETF Global shares Passive
39 New entry Artemis SmartGARP UK Equity UK shares Passive
40 New entry Vanguard FTSE 100 ETF (distributing) UK shares Passive
41 ↓ 11 Temple Bar UK shares Active
42 New entry iShares Core MSCI Emerging Markets ETF Emerging market shares Passive
43 ↓2 WisdomTree Physical Gold ETC Commodities Passive
44 New entry iShares Core FTSE 100 ETF (accumulating) UK shares Passive
45 ↓ 7 Henderson Far East Income Asia Pacific shares Active
46 ↓ 30 VanEck Crypto and Blockchain Innovators ETF Cryptocurrency shares Passive
47 ↓ 24 Royal London Short Term Money Market (distributing) Money markets Active
48 New entry The Renewables Infrastructure Group Renewable energy infrastructure Active
49 ↓ 20 NextEnergy Solar Fund Renewable energy infrastructure Active
50 New entry Artemis Global Income (distributing) Global shares Active


A key trend in the first quarter of 2026 was increased demand
Investors focus on UK
large company plays
12 14 15 17 19 20 21 24

Investment Trust
11 16


Exchange-traded
fund (ETF)
Q1 2025 Q2 2025
10 11

Index fund
(passively managed)
Q3 2025
Top 50 Fund Index – April 2026
Q4 2025
9
8 8
6 6
5
7
Fund
(actively managed)


Q1 2026

For funds investing in the UK. In terms of how investors gained
exposure, three of the four new UK entrants are passively
managed, meaning they seek to replicate the return of a certain
part of the UK stock market.
Vanguard FTSE UK Equity Income Index, the highest-ranked new UK
fund, consists of shares “that are expected to pay dividends that
generally are higher than average”. Therefore, its performance and
income generation is heavily influenced by the biggest FTSE 100
dividend stocks.
While Vanguard FTSE 100 ETF and iShares Core FTSE 100 ETF (with
both accumulation and distributing share classes featuring) seek
to track the performance of the FTSE 100 index, which houses the
100 largest UK-listed companies.
The other new entrant, Artemis SmartGARP UK Equity, is actively
managed, meaning it attempts to outperform a standard tracker
fund. Its performance has been strong over multiple time periods,
helping attract investors.
Of the other UK funds in the index two are actively managed.
City of London is a favourite among income seekers due to its
remarkable consistency in raising its dividend every year since 1966