Top investment funds, trusts, and equities to invest in

A woman looks at the top investment funds' performance on her mobile phone

Interactive Investor reveals the top investment funds every month

(Image credit: © Getty Images)

last updated 2 July 2024

Every month, we look at the top investment funds, equities and stocks investors are buying into. Tech exposure amid the artificial intelligence (AI) boom has once again dominated portfolios, according to Interactive Investor research.

US chip powerhouse Nvidia, which briefly overtook Microsoft to become the biggest company in the world in June, dominates the equities rankings. Meanwhile, tech-adjacent trusts and funds with big holdings in the other Magnificent Seven (Mag7) tech giants, have also proved popular.

It comes amid concerns that the tech bubble could be about to burst after Nvidia stock took a big hit in late-June. Former Silicon Valley darling Tesla has also struggled of late, although bargain hunters appear to have brought Elon Musk's EV manufacturer back into the top 10 most-bought equities.

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So, when it comes to investment funds, trusts and equities, which names should you be looking out for? Here are the top 10s, according to Interactive Investor.

Top investment funds ranked

L&G Global Tech Index took over the top spot from Vanguard LifeStrategy 80% Equity in June. Kyle Caldwell, funds and investment education editor at Interactive Investor, said "excitement around the potential of artificial intelligence (AI) to disrupt various industries" was behind the change.

He advised that investors should consider the risk of becoming too exposed to tech. "Bear in mind that [L&G Global Tech] has big individual weightings to Microsoft (16.1%), Apple (14.7%) and Nvidia (13.9%)," he added. "Therefore, the performances of this trio have a big influence on overall returns. As ever, it is important that investors look under the bonnet and understand how much concentration risk they are exposed to."

Caldwell also highlighted the continuing struggles of Fundsmith Equity, which has gone from being a chart-topper to sixth place on the list of the most popular fund options.

He said: "The performance of the global equity fund, overseen by star fund manager Terry Smith, has taken a hit over the short term (it has underperformed its benchmark over the past three years). However, its long-term performance has delivered the goods for investors."

Here is the investment fund top 10 for June:

L&G Global Technology Index
Vanguard LifeStrategy 80% Equity
Jupiter India
Royal London Short Term Money Market
HSBC FTSE All World Index
Fundsmith Equity
Vanguard LifeStrategy 100% Equity
Fidelity Index World
Vanguard LifeStrategy 60% Equity
Vanguard FTSE Global All Cap Index

Top investment trusts ranked

The tech theme was also seen in the investment trust sphere. Scottish Mortgage Trust, which is particularly exposed to the Mag7 through the likes of Nvidia, Amazon and Tesla, continued to be the most popular investment trust in June.

But other trusts with major Mag7 exposure also performed strongly. Polar Capital Technology and Allianz Technology both returned to the top 10 after dropping out of it the previous month. Nvidia is the top holding for both trusts, accounting for more than 11% of their respective portfolios, while they also proved attractive because they are trading at discounts of around 10%, Interactive Investor said.

Elsewhere, trusts focused on renewable energy infrastructure continued to receive interest. The Renewables Infrastructure Group joined Greencoat UK Wind and NextEnergy Solar Fund in the top 10. Here are the top 10 investment trusts for June:

Scottish Mortgage (SMT)
Greencoat UK Wind (UKW)
JP Morgan Global Growth & Income (JGGI)
Alliance Trust (ATST)
NextEnergy Solar Fund (NESF)
Polar Capital Technology (PCT)
City of London (CTY)
Allianz Technology (ATT)
Pershing Square Holdings (PSH)
The Renewables Infrastructure Group (TRIG)

Top equities ranked

FTSE 100 heavyweights continued to play a dominant role in the top 10 equities in June. But while some investors were gunning for strong performance, others were buying low.

Household names, such as Rolls Royce, BP and Glencore, all retained their places in the top 10. Strong performer Eurasia Mining also surged up the rankings after its shares grew from 1.4p to 7.5p a pop in little more than a week despite it saying that there had been no material change to its operations.

But trouble is afoot for the firm and its investors, II's head of equity strategy Lee Wild has warned. He said: "Shares have been suspended because the company said it couldn’t publish its annual report before the 30 June deadline. It blames audit delays due to more complex procedures in relation to concentrate stock confirmation and also an upgrade of local accounting systems (they say the audit should be completed in four weeks). AIM rules state that a listing will be cancelled if the shares are suspended for six months.”

Opportunism has also been the flavour of the month, according to Wild, and may explain GSK's rise in the popularity stakes. He said: “Bargain hunters snapped up GSK stock at prices not seen since the start of 2024. Behind the slump was a ruling which could significantly reduce the addressable US market for the company’s Arexvy jab for respiratory syncytial virus (RSV). Trading above 1,800p just five weeks ago, GSK shares changed hands for as little as 1,484p in the aftermath of the ruling."

II also pointed out that concerns about the markets potentially being overdependent on tech may also have been behind GSK's resurgence. That hasn't stopped investors from continuing to go big on Nvidia, though.

The investment platform found it was the most popular equity in June, the second consecutive month in which it has held this status. This came despite a sell-off that "landed [its] shares in correction territory". But II pointed out that by the end of the month, Nvidia was "in the green" and up by over 150% over the course of 2024, so far.

Tesla also made a comeback, having slipped out of the top 10 in May due to what II's head of investment, Victoria Scholar, described as "fading" appeal among investors. Elon Musk's Mag7 giant returned to the top 10 in June due to a "revival of more positive price action" with the shares "regaining strength" as the month drew to a close.

Nvidia (NVDA)
Legal & General (LGEN)
Rolls Royce Holdings (RR)
National Grid (NG)
BP (BP)
Helium One (HE1)
GSK (GSK)
Eurasia Mining (EUA)
Glencore (GLEN)
Tesla (TSLA)

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The Vanguard Group Interactive Investor

Henry Sandercock has spent more than eight years as a journalist covering a wide variety of beats. Having studied for an MA in journalism at the University of Kent, he started his career in the garden of England as a reporter for local TV channel KMTV.

Henry then worked at the BBC for three years as a radio producer - mostly on BBC Radio 2 with Jeremy Vine, but also on major BBC Radio 4 programmes like The World at One, PM and Broadcasting House. Switching to print media, he covered fresh foods for respected magazine The Grocer for two years.

After moving to NationalWorld.com - a national news site run by the publisher of The Scotsman and Yorkshire Post - Henry began reporting on the cost of living crisis, becoming the title’s money editor in early 2023. He covered everything from the energy crisis to scams, and inflation. You will now find him writing for MoneyWeek. Away from work, Henry lives in Edinburgh with his partner and their whippet Whisper.