Are fund managers’ best ideas different or the same? Here’s how global fund portfolios stack up

Global equity funds are some of the most popular investment choices among AJ Bell DIY investors. While many people opt for a simple tracker fund designed to mirror the performance of a global index such as the MSCI World, others are drawn to actively managed funds that aim to beat the market.

We thought it would be interesting to dive into the most popular actively managed global equity funds to see if they’re all invested in the same shares or whether their best ideas are found in lots of different places.

Passive fans often argue that too many active funds are “closet market trackers”, namely running portfolios that are remarkably like the index they track.

Interestingly, we can see that none of the most popular active global equity funds among AJ Bell customers are closet market trackers. Some have similar holdings in their top 10 to a benchmark such as the MSCI World index, but none have an identical list.

Source: AJ Bell. Data taken 17 Nov 2025. We've included Vanguard LifeStrategy 100% Equity as while its underlying portfolio contains passive funds, its asset allocation is actively managed 

Furthermore, the range of companies held across the 10 fund portfolios is incredibly broad, and the weightings of the stocks in each fund add further diversity.

Source: AJ Bell, Morningstar. Data taken 17 Nov 2025. Based on latest published factsheet at time of analysis 

Only four stocks appear in five or more of the most popular global equity funds on AJ Bell’s platform. Microsoft is the biggest draw, appearing in seven of the funds, followed by Nvidia in six funds. Both stocks are giants in the technology sector.

Retailer-to-cloud computing provider Amazon and Google’s parent company Alphabet appear in five funds. Beyond those names, fund managers’ preferred holdings are more diverse.

Active managers principally pick stocks they think are attractive based on valuation, growth or quality. Some asset managers will have a distinct investment approach, such as looking for unloved names or ones with the biggest potential to be tomorrow’s market leaders. Others might pick a stock because it offers growth at a reasonable price.

It's worth checking any fund you hold to understand the investment style, because active funds will each take a slightly different approach.

From tech to tractors

Certain funds on the top 10 list are tech-heavy, such as Baillie Gifford Long Term Global Growth. That’s perhaps a reflection of the world we live in – some fund managers might believe technology is at the heart of everything we do, and companies behind systems and processes provide interesting places in which to invest.

Some investors like diversity when it comes to global funds as having exposure to different geographies and sectors helps to spread risks. We note Liontrust Sustainable Future Global Growth’s top holdings feature tech names alongside companies involved in music streaming, financial services and laboratory equipment. Baillie Gifford Positive Change even blends an American tracker manufacturer with an Asian internet conglomerate in its portfolio.

It's easy to find out which names are a fund’s top positions. Just look at the latest factsheet or go to the relevant fund’s information page on our website and scroll down to see the top 10 holdings list.