SIPP investors remain bullish in 2026

SIPP investors remained bullish overall in the first quarter of 2026, according to new figures published by Hargreaves Lansdown.

The firm’s analysis of its data showed that global equity investments were most popular.

Gold and Silver also made an appearance in the top 10 ETFs in the first quarter of the year.

The company said space is a potential theme among investment trust buyers.

Hal Cook, senior investment analyst, Hargreaves Lansdown, said: “While investors may have been more conservative in March due to the Iranian conflict, looking back at Q1 as a whole shows investors were definitely in risk-on mode in January and February.

For Self-Invested Personal Pension (SIPP) investors choosing long or very long-term investments, it’s typical to see global equity at the top of the most bought lists. Q1 2026 was no different, with these options topping the most bought funds, ETFs and investment trust lists.”

He said passive funds continued to dominate over their active peers, with Artemis Global Income the only active fund in the top 10 for the quarter. He said performance for the Artemis fund has been extremely strong over the last couple of years, “so it’s no surprise to see that this fund has continued to be a popular pick.”

When it comes to ETFs, the US and Global stock market trackers were the most popular, but three of the top 10 recorded in the first quarter invest in gold and silver.

Mr Cook said: “Gold is often used as a diversifier within an investment portfolio and Silver has seen a rise in popularity too. It’s hard to know how much of the recent buying is linked to strong performance of both metals in 2025 or to diversification.”

He said the investment trust list is more varied but continues the risk-on theme, with Scottish Mortgage leading the list. The trust had around 35% invested in private equity at the end of 2024, an area that many investors have avoided in recent years.

Mr Cook said there has been a lot of positive news relating to SpaceX, the largest private equity investment in the trust and likely to be a driver of demand.

He added: “Perhaps this also explains the inclusion of the Seraphim Space Investment Trust. Although it doesn’t invest in SpaceX, as a specialist trust investing in SpaceTech companies, it seems to appeal to investors looking to get access to a broader set of investments in the space.”