Most popular SIPP investments

Evidence suggests DIY pension investors are looking to strike a balance between stability and a few select growth opportunities. We look at the most popular SIPP investments right now.

Woman looks at SIPP investments on laptop screen as she sits at kitchen table.

(Image credit: Luke Chan via Getty Images)

By Laura Miller

Cash. Cash. Cash. The funds that made up the top three among Fidelity SIPP investors in April were all cash funds. The kind of funds investors pile into when they are worried about which way the wind is blowing.

And with April seeing sky high tariffs and trade wars emanating from the United States rocking stock markets around the world, the fear of a hurricane brewing has been intense.

Ed Monk, associate director at Fidelity International, says: “SIPP investors continue to prioritise stability with funds like the Royal London Short Term Money Market Fund and Legal & General Cash Trust holding prominent positions.

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“These cash and money market funds are sought after in times of uncertainty due to their ability to preserve capital and offer liquidity.”

This aligns with recent research from Fidelity which shows a marked shift towards caution, with 41% of investors now describing their outlook on the market as ‘pessimistic’, up from 24% in February.

At the same time, heading up the investment trust chart during the period was GCP Infrastructure Investments and International Public Partnerships, taking first and second place respectively – both infrastructure investments, as even SIPP investors not choosing cash funds retreated to cash-like safety.

“The popularity of cash funds and infrastructure trusts shows a clear preference for defensive strategies in uncertain markets,” says Monk.

Likewise that old favourite in troubled times, gold. Gold’s performance in 2025 underscores its value as a safe haven, with the Ninety-One Global Gold Fund climbing into the top holdings among SIPP investors in April.

Fidelity’s research also supports this, revealing 28% of investors now see gold as a key opportunity. “The growing interest in gold reflects the broader trend of investors looking for assets that can provide both safety and long-term value,” Monk says.

Yet SIPP investors are striking a balance between stability and selective growth opportunities. While not as popular as cash and infrastructure, global equity and index funds held their own in the top 10, showing investors’ ongoing appetite for diversification.

“We’re seeing selective interest in growth sectors, with funds like the Fidelity Index World Fund and Allianz Technology Trust attracting attention, showing that there’s still room for optimism in certain areas of the market,” says Monk.

Finally, the return of Scottish Mortgage Investment Trust to the top ranks suggests that some investors are cautiously dipping back into the growth space.

But, says Monk, that is occurring with a keen eye on balancing these exposures with more defensive holdings elsewhere.