Following a volatile start to the year, and continued uncertainty over the impact of President Trump’s potential trade tariffs, investors appear to be in risk-off mode.

Data from Fidelity International shows that in April 2025, the top three selling funds among its DIY pension investors were all cash funds*.

At the same time, GCP Infrastructure Investments headed up the top ten selling investment companies for SIPP investors*, and was also in the top ten selling investment companies across the entire Fidelity Personal Investing platform**.

This aligns with recent research from the company which shows a marked shift towards caution. 41% of investors surveyed described their outlook on the market as ‘pessimistic’, up from 24% in February*. 28% of investors also said they now see gold as a key opportunity.

“The popularity of cash funds and infrastructure trusts shows a clear preference for defensive strategies in uncertain markets,” said Ed Monk, Associate Director at Fidelity. “The growing interest in gold reflects the broader trend of investors looking for assets that can provide both safety and long-term value,” he added.

Most popular SIPP investments

Top 10 SIPP funds, shares and investment trusts on Fidelity's investment platform
Fund	Shares	Investment trusts
Royal London Short Term Money Market Fund	BP	GCP INFRASTRUCTURE INVESTMENTS LTD
Legal & General Cash Trust	HSBC HOLDINGS PLC	INTERNATIONAL PUBLIC PARTNERSHIP
Fidelity Cash Fund	LEGAL & GENERAL GP	ALLIANZ TECHNOLOGY TRUST PLC
Fidelity Multi Asset Alloc Growth W-Acc	GLENCORE PLC	JPMORGAN GLOBAL GROWTH & INCOME PLC
Fidelity Index World Fund	DIAGEO PLC	SDCL ENERGY EFFICIENCY INC TST PLC
BNY Mellon Multi-Asset Balanced Fund	M&G PLC	F&C INVESTMENT TRUST PLC
Fid FIF Global Dividend Fund	ASHMORE GROUP	CQS NEW CITY HIGH YIELD FUND LTD
Legal & General Global Equity Index Fund	ABERDEEN GROUP PLC	SCOTTISH MORTGAGE INV TRUST
Ninety One Global Gold Fund	GREATLAND GOLD	POLAR CAPITAL TECHNOLOGY TRUST PLC
Fidelity Global Aggregate Bond Feeder Fund	BURBERRY GROUP	LAW DEBENTURE CORP

*Source: Fidelity International Personal Investing Platform Net SIPP sales 01.04.25-29.04.25 Most popular SIPP investments | MoneyWeek

**Source: Fidelity International. Gross investment trust sales in April 2025 for Personal Investors only. What investment trusts did investors buy in April?

Important Information

This article has been prepared by Gravis Capital Management Limited (the "Investment Adviser“ or “Gravis”) and is for information purposes only. It is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to local law or regulation. Any recipients of this article outside the UK should inform themselves of and observe any applicable legal or regulatory requirements in their jurisdiction and are treated as having represented that they are able to receive this article without contravention of any law or regulation in the jurisdiction in which they reside or conduct business.

This article should not be considered as a recommendation, invitation or inducement that any investor should subscribe for, dispose of or purchase any such securities or enter into any other transaction in the GCP Infrastructure Investments Ltd (the “Company”) or any other fund affiliated with Gravis.  The merits and suitability of any investment action in relation to securities should be considered carefully and involve, among other things, an assessment of the legal, tax, accounting, regulatory, financial, credit and other related aspects of such securities.

No undertaking, representation, warranty or other assurance, express or implied, is made or given by or on behalf of the Company, the Investment Adviser or any of their respective directors, officers, partners, employees, agents or advisers or any other person as to the accuracy or completeness of the information or opinions contained in this article and no responsibility or liability is accepted by any of them for any such information or opinions or for any errors, omissions, misstatements, negligence or otherwise for any other communication written or otherwise. In addition, neither the Company or the Investment Adviser undertake any obligation to update or to correct any inaccuracies which may become apparent. The information in this article is subject to updating, completion, revision, further verification and amendment without notice.

Past performance is no guarantee of future performance.

Gravis Capital Management Ltd is authorised and regulated by the Financial Conduct Authority; registered in England and Wales No: 10471852 and its principal place of business is 24 Savile Row, London W1S 2ES.