What have investors been buying in their ISAs so far in 2026?

The two big themes for AJ Bell’s ISA investors in January and February were looking beyond the US for opportunities and buying on the dip.

With only a month left to use up any remaining ISA allowance, it’s possible that individuals are thinking more seriously about making the most of the tax benefit. The idea of putting money into the wrapper and not having to give the taxman a single penny from future income or capital growth is highly compelling. It’s a use it or lose it situation as you cannot carry any unused allowance into the next tax year.

That message needs to be heard loud and clear by investors, along with the principle that you don’t have to invest straight away. You might want to put money into an ISA and wait for volatile market conditions to calm down before investing. 

Events in the Middle East have naturally caused investors to be more cautious, but future you might be thankful for feeding your ISA through bad times as well as good.

We’ve looked at how AJ Bell’s customers behaved during the first two months of 2026.

Funds

Fund investors have typically gravitated towards global equities and the US stock market in their ISAs over the past decade, but we saw a shift in behaviour last year when Donald Trump returned to the White House.

The trend to fish in other seas has gathered pace this year, with ISA investors showing more interest in the UK, Europe and emerging markets. Gold and silver have also muscled in on the most bought list as investors sought to take advantage of strengthening precious metal prices.

The FTSE 100 had its fifth best year ever in 2025, so it’s no wonder that investors are showing more love to the UK.

Backing the blue-chip index this year has been a profitable call as the UK market has continued to move high so far in 2026.

The UK was depressed for years by uncertainty around Brexit, a revolving door in parliament, and limited ways to play the once-red-hot tech theme. Brexit now seems like a distant memory, tech has gone off the boil, and the UK market is cheaper than the US, meaning it has mopped up flows redirected away from America.

Multi-asset funds

Multi-asset funds continue to grow in popularity among ISA investors. They’re big hits with people looking for broad exposure to different investment types through a single product. Also known as ‘all-in-one-funds’, they are a simple and effective way to get instant diversification and often chime with people who don’t feel confident picking investments or would rather an expert do the hard work in managing a portfolio.

These funds contain a mixture of shares, bonds and potentially other assets, and are often available in different iterations where the investors can choose the level of risk they want to take. They’re also popular with individuals who want to follow a certain investment approach, as illustrated by two funds on the list that either exclude certain types of companies or proactively seek ones that make a positive contribution to society.

Investment trusts

Certain names on the most popular investment trust list rarely change, with stalwarts like JPMorgan Global Growth & Income, Scottish Mortgage and City of London permanent fixtures. Investors using investment trusts are showing a preference for either broad coverage, tech exposure, or income opportunities.

What’s different to the typical list of most popular investment trusts is the growing presence of UK equity names, such as Fidelity Special Values and Temple Bar which now both trade at premiums to the value of their underlying assets. Moving from a discount to premium implies investors are happy to pay up for managers with a top-tier record.

Shares

AJ Bell DIY investors have form in pouncing on market opportunities, such as snapping up shares when everyone was selling last April post-Liberation Day. That trend has happened once again this year as they pounce on stocks either down on AI disruption fears or because of negative news flow.

Going against the crowd takes nerve but get it right and the rewards can be worth the risk.

Anthropic’s legal AI plug-in knocked RELX for six, with £20 billion wiped off the latter’s market value in a matter of weeks as investors worried about part of its business made redundant by new AI technology. Sentiment eventually started to turn as investors took the view the shares had fallen too far, with RELX staging a comeback in recent weeks.

Microsoft and Amazon have also seen big share price losses this year, and feature on the most bought lists for AJ Bell ISA investors. These investors might be taking the view that Microsoft and Amazon are giants of industry and will continue to prosper for decades to come.

Elsewhere, investors continued to snap up names that have previously served them well, or where the news flow is positive. Engineer Rolls-Royce has been unstoppable on the stock market, Legal & General has proven irresistible for income seekers given its juicy dividends, while fallen star Vodafone is finally winning new fans after years of being unloved.