Most-bought investments: October 2024
Investors continue to be cautious about the technology sector.
4th November 2024 09:17
by Camilla Esmund from interactive investor
- Investors continue to be cautious about the technology sector, with Allianz Technology dropping out of the most-bought investment trusts list
- Fundsmith Equity also continues on its rocky path, once again dropping from our most-bought funds list
- Tesla re-enters after two months out, following forecast-beating results
interactive investor, the UK’s second-largest platform for private investors, reveals its most-bought equities, funds, and investment trusts in October 2024.
- Invest with ii: SIPP Account | Stocks & Shares ISA | See all Investment Accounts
Investors continued their trend of being cautious when it comes to the technology sector – as Allianz Technology has now joined Polar Capital Technology in dropping out of our top 10 investment trusts list.
Investors instead favour global and US index funds with high weightings in the sector. L&G Global Technology Index Trust has jumped one spot this month up to third place when it comes to the most-bought funds.
Fundsmith Equity continued to be rocky last month, once again dropping out of our top 10 most-bought funds list.
Another notable move is BlackRock World Mining, which dropped from its number one spot in September to tenth in October.
When it comes to equities, BP has once again retained the top spot, and Lloyds Banking has shot from ninth to second place.
Tesla has also re-entered the list after two months out, taking the fourth spot after forecast beating results as well as an optimistic demand forecast for 2025.
Below, interactive investor’s experts explore October 2024’s most-bought data in more depth.
Funds and investment trusts
Commenting on the most-bought funds and trusts on ii in October, Kyle Caldwell, Funds and Investment Education Editor at interactive investor, says: “Allianz Technology has now joined Polar Capital Technology in dropping out of our top 10 most-bought investment trusts’ list. It shows how some investors are becoming slightly more cautious on the technology sector and are looking to cast their nets wider to take advantage of other opportunities.
“However, it’s clear that many investors are long-term bulls on tech shares and continue to favour global and US index funds with high weightings to the sector. The typical global index fund has around 20% in the ‘Magnificent Seven’ technology companies, rising to around 33% for an S&P 500 index fund.
“L&G Global Technology Index Trust is third in our fund ranking for October. Also featuring in the top 10 are: HSBC FTSE All World Index, Fidelity Index World, Vanguard FTSE Global All Cap Index, and Vanguard US Equity Index.
“Also noteworthy is the exit of Terry Smith’s Fundsmith Equity fund from the top 10 for October, given that it returned to the top 10 in September. Smith, like many other stock pickers, has been facing into the performance headwind of being ‘underweight’ the Magnificent Seven. The fund’s fall down our ranking coincides with performance lagging the wider global market over the past couple of years.”
Equities
Commenting on the most-bought direct equities in October, Keith Bowman, Equity Analyst at interactive investor, says: “A 4% retreat for BP (LSE:BP.) shares during the month helped tempt buyers. Late October results showed pressured oil refining margins, with management’s commitment to review, and potentially lower, shareholder returns via share buybacks come 2025 adding to weakness.
“Electric car maker Tesla Inc (NASDAQ:TSLA) detailed forecast-beating results as well as an optimistic demand forecast for 2025. That came in contrast to more downbeat updates from the likes of Volkswagen AG (XETRA:VOW), propelling Tesla back into the most-bought list.
“Elsewhere, disappointing vaccine sales for pharma GSK (LSE:GSK) offset forecast-beating profits, offering a potential discounted buying opportunity, while dividend yields of over 7% at life assurers Aviva (LSE:AV.) and Legal & General Group (LSE:LGEN) continued to attract investor interest.”
MOST-BOUGHT INVESTMENTS ON INTERACTIVE INVESTOR (ii) IN OCTOBER 2024
Fund | Investment Trust | Equity | |
1 | |||
2 | |||
3 | |||
=4 | |||
=4 | |||
6 | |||
7 | |||
8 | |||
9 | |||
10 |
These articles are provided for information purposes only. Occasionally, an opinion about whether to buy or sell a specific investment may be provided by third parties. The content is not intended to be a personal recommendation to buy or sell any financial instrument or product, or to adopt any investment strategy as it is not provided based on an assessment of your investing knowledge and experience, your financial situation or your investment objectives. The value of your investments, and the income derived from them, may go down as well as up. You may not get back all the money that you invest. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser.
Full performance can be found on the company or index summary page on the interactive investor website. Simply click on the company's or index name highlighted in the article.