As we approach the halfway mark of 2025, market volatility has been a defining theme.
A major driver has been political uncertainty – particularly US President Donald Trump’s tariff threats and eventual implementation of sweeping trade measures.
How have markets reacted?
US stocks initially wobbled, then dropped on the news, though they've since recovered to hold steady from where they started the year.
In contrast, Germany’s stock market has surged over 20% this year, helped by government spending plans.
Meanwhile, gold prices have climbed, as investors seek ‘safe-haven’ assets amid the uncertainty.
This article isn’t personal advice. If you’re not sure if an investment is right for you, ask for financial advice. Remember, past performance isn’t a guide to the future.
How to invest during market uncertainty?
Diversification is the foundation for any portfolio – and it pays its way during volatility.
One of the easiest ways to navigate market ups and downs and diversify your investments, without having to pick individual stocks, is through funds.
A fund pools money from multiple investors and spreads it across a variety of shares and/or bonds, helping to manage risk.
So, where did HL Self-Invested Personal Pension (SIPP) investors put their money during this turbulent time?
We take a look at the most bought funds so far this year.
Investments have a higher chance of providing positive returns compared to cash savings over a five-year period or more. But investments fall as well as rise in value, so you could get back less than you put in.
Most bought funds by HL SIPP clients in 2025 so far
The table below shows the most bought actively-managed funds (trying to beat the market) and tracker funds (trying to track the market), by HL's SIPP investors in 2025 so far (1 January 2025 – 30 May 2025).
This is by number of trades (buys, not including those purchased monthly with Direct Debit, minus any sales) and funds are listed alphabetically.
This article has been written independently of our investment research team to offer some inspiration, but it isn't a guide on how or where to invest.
You should choose investments based on your own objectives and attitude to risk.
Most bought active funds this tax year so far | Key Investor Information |
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Most bought tracker funds this tax year so far | Key Investor Information |
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How to pick investments for a SIPP
If you’re looking for inspiration from our investment research team on where to invest your SIPP this tax year, explore our latest SIPP investment ideas.
Or you can use our Wealth Shortlist, where we’ve put funds under the microscope to select the ones our in-depth analysis shows have the greatest long-term performance potential.
Investing in funds won’t be right for everyone though. Only invest in a fund if its objectives align with your own, and there’s a specific need for that type of investment within your portfolio. Investors should understand the specific risks of a fund before they invest and be investing for the long-term (five years or more).
Leave day-to-day investment decisions to the experts
If you’ve got an HL SIPP and want a team of experts to look after the day-to-day investment decisions, consider the HL Ready-Made Pension Plan.
It’s a simple, low-cost investment solution, exclusively available to our HL SIPP clients.
The plan is managed by experts and aims to grow your money when you’re younger, then lower risk as you get closer to retirement.
The plan is administered by Hargreaves Lansdown Asset Management Ltd and the underlying funds are managed by Hargreaves Lansdown Fund Managers Ltd.
Enjoy 20%-48% tax relief on pension contributions with us, the UK’s largest direct pension provider.
Open or top up an HL SIPP from as little as £25 a month or a £100 lump sum.
Before you apply, make sure you’re happy with our Terms and Conditions (including Tariff of Charges) and Key Features (including Contribution Checklist). Then all you need is your debit card and National Insurance number to hand.
Your contribution allowances and how much tax relief you can get depend on your circumstances. You can usually access money in a pension from age 55 (rising to 57 in 2028). Pension and tax rules may change.
Plus, if you open an account before 30 June 2025, you can enjoy our lowest ever account charge, with 40% off for up to six months. Add at least £10,000 (including cash and/or transfers) to qualify. Other investment charges may apply.