Top 10 most-popular investment trusts: June 2025

 There were two new entrants in June, with investors increasing exposure to both the UK and property. 

• Invest with ii: Find Investment Trusts | Interactive investor Offers | Transfer an Investment Account

Entering in ninth is Primary Health Properties (LSE:PHP). It owns more than 500 healthcare properties around the UK, collects rent and returns it to shareholders via dividends. The yield is currently 6.85%.

Investor interest has also risen on the back of Primary Health Properties winning a bidding war for rival healthcare property trust Assura (LSE:AGR). If given the green light by both sets of shareholders this will create an enlarged group that will own a combined £6 billion of assets.

The other new entry, in tenth, is Fidelity Special Values (LSE:FSV). Managed by value fund manager Alex Wright, this investment trust looks for cheap shares that are out of favour. In a recent video interview with interactive investor, Wright explained: "A company being cheap is clearly the first thing we look for. So, companies that are unloved and were an issue either on a sector level, so in the industry that the company operates in, or the company itself is clouding people's judgement about why this is actually a valuable company. So, often that is that short-term financial performance is poor, and we think it can turn around."

Greencoat UK Wind (LSE:UKW) takes pole position. As the name suggests, it invests in UK wind farms and aims to provide investors with a yearly dividend that increases in line with RPI inflation. It has successfully achieved this each year since launch in 2013. Its dividend yield is 8.6%. 

• Three reasons UK outperformance can continue 

Joining Greencoat UK Wind for the second successive month are sector peers SDCL Efficiency Income Trust (LSE:SEIT) and NextEnergy Solar Fund (LSE:NESF), with respective yields of 11.6% and 11.5%. Both entered the top 10 in May.  

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 -24.4% to 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 8.9%) and in the hope of a change in fortunes for the sector.  

Our recent feature examined prospects for the renewable energy infrastructure sector, which you can also view by clicking the link below. 

• 9% plus yields: how to navigate this investment trust sector
• What latest big deals mean for investment trusts

In second is Scottish Mortgage (LSE:SMT), which has been knocked off top spot. The last time the highly popular trust did not appear in pole position was November 2024. While not a technology trust, it does have a lot of exposure to tech themes. It invests in global businesses, including up to 30% in private companies that are tapping into technological advancements. Its top holding is Elon Musk’s Space Exploration Technologies, a private company

Another regular in our top 10 taking fourth place in June is City of London (LSE:CTY). It mainly invests in FTSE 100 firms that demonstrate good prospects for growing their profits and dividends. It has been managed by veteran fund manager Job Curtis since 1991. This ‘Steady Eddie’ investment trust is a reliable dividend payer, having increased payouts each year since 1966.  

Elsewhere, two of the final three trusts featuring in June’s top 10 adopt a global equity approach. JPMorgan Global Growth & Income (LSE:JGGI) is in fifth.  It is “style neutral”, meaning it does not favour value or growth, for example. It holds 50 “best idea” stocks, and looks to trim its winners and recycle the money into underperformers that it still has conviction in. The trust makes quarterly distributions with the intention of paying dividends totalling at least 4% a year. 

In eighth is Alliance Witan (LSE:ALW). This is a well-diversified portfolio that outsources stock picking to several external fund managers. Most of those fund managers are asked to pick 20 of their best stock ideas.  

Last but certainly not least given its table topping three-year performance figures is 3i Group (LSE:III). The private equity trust’s biggest position, European discount retailer Action has proved very successful. Action comprises around two-thirds of 3i Group’s portfolio. The trust is on a high premium of 65.5%.  

With investment trust premiums there is the risk that investors are paying too high a price. Over time, a high premium could cool, in turn causing the investment trust share price to fall, when conditions or investment sentiment changes. 

Some investors may be happy to pay more – especially if a high yield is on offer or feel the investment case is compelling. As ever, it is a case of looking closely under the bonnet and considering whether it is worth paying over the odds. 

In addition, it is worth bearing in mind that investment trusts that invest in less liquid areas, such as property, private equity and infrastructure, revalue their investments infrequently, and shares trading at a premium or discount can reflect optimism or pessimism about the most recent valuation. 

A rising premium can indicate that investors are anticipating an uplift in net asset value, whereas a widening discount can reflect uncertainty over valuations due to a change in the investment environment.  

Exiting our top 10 table this month are F&C Investment Trust (LSE:FCIT) and JPMorgan European Growth & Income (LSE:JEGI). The former, which like Alliance Witan outsources the decision-making process to a number of stock pickers, is often in our top. While, JPMorgan European Growth & Income has appeared twice this year, in March and May.  

Performance data sourced from FE Analytics. Performance data to 27 June 2025. Note: the top 10 is based on the number of “buys” during the month of June 2025. Past performance is not a guide to future performance.