UK ISA millionaires are stock pickers at heart. New data from AJ Bell shows that shares make up the largest portion of portfolios worth more than £1m, with investment trusts the second-most popular choice. Funds and exchange-traded funds (ETFs) trail behind – a finding that mirrors data from interactive investor published last year.
Dan Coatsworth, head of markets at AJ Bell, said the pattern makes intuitive sense. "ISA millionaires might be experienced investors and feel they've got what it takes to pinpoint the best stocks themselves. With a concentrated portfolio, any change to the value of individual stocks is instantly felt, good or bad."
The names that dominate these seven-figure portfolios will be familiar to anyone who follows the UK market. Oil major Shell, healthcare firm GSK, financials giant Legal & General, electricity firm National Grid and insurer Aviva fill the top five spots for most-held shares. The list skews heavily towards dividend-paying blue chips – a reflection, perhaps, of the typical ISA millionaire's age and preference for income over speculation.
"More of AJ Bell's ISA millionaires hold shares in Greggs than Tesla," Coatsworth noted, "suggesting they prefer jam today rather than jam tomorrow."
On the investment trust side, Scottish Mortgage and Alliance Witan lead the pack – a finding consistent with interactive investor's own data, where the same two trusts topped the millionaire rankings. JPMorgan Global Growth & Income, BlackRock World Mining and Primary Health Properties round out the top five.
| AJ Bell ISA millionaires' most popular investments | ||
| Stocks | Investment Trusts | Funds & ETFs |
| Shell | Scottish Mortgage | iShares Core FTSE 100 ETF |
| GSK | Alliance Witan | iShares Physical Gold ETF |
| Legal & General | JPMorgan Global Growth & Income | Vanguard S&P 500 ETF |
| National Grid | BlackRock World Mining | Vanguard FTSE Developed Asia Pacific ex-Japan |
| Aviva | Primary Health Properties | Vanguard FTSE 100 ETF |
| BP | Fidelity European Trust | Vanguard FTSE Japan |
| Lloyds | City of London Investment Trust | ETFS Physical Silver |
| Haleon | Law Debenture | Vanguard FTSE 250 ETF |
| HSBC | Temple Bar | Artemis Global Income |
| AstraZeneca | Edinburgh Investment Trust | WisdomTree Physical Gold |
| Source: AJ Bell. Stocks and Shares ISA portfolios as at 31 December 2025. | ||
Junior ISAs
While the sums are smaller, the investment habits of junior ISA with more than £100,000 saved reveal something about wealth transfer.
Eight of the top 10 most-held shares in large junior ISA portfolios on the AJ Bell platform also appear in the ISA millionaire stock list. GSK and BP feature in both, suggesting experienced investors are effectively replicating their own portfolios for the next generation.
Scottish Mortgage is the single most popular holding across junior ISA super investor accounts overall. The logic, Coatsworth suggested, is straightforward: "Parents or grandparents who contribute to a junior ISA might take the view that time is on the child's side and so they can take higher risks."
Yet some of the investment trust choices go against that narrative. City of London, Greencoat UK Wind and Personal Assets Trust – names more associated with capital preservation and steady income than explosive growth – also feature prominently. Based on these, the adults funding these accounts may be sticking to what they know rather than tailoring the portfolio to a child's long-term horizon.
Lifetime ISAs
The picture shifts considerably when looking at Lifetime ISAs worth more than £50,000. Here, funds and ETFs dominate, with multi-asset products from AJ Bell and Vanguard's LifeStrategy range among the most popular choices. Fidelity Index World also features highly.
The contrast with ISA millionaire portfolios is stark. Lifetime ISAs can only be opened by those aged 18 to 39, meaning many holders are first-time investors for whom broad, low-cost diversification is a natural starting point.
Where stocks do appear, the list is a generational contrast to the millionaire cohort: US tech firms Nvidia and Tesla sit alongside aerospace firm Rolls-Royce and Aviva, blending artificial intelligence (AI) -era enthusiasm with more traditional UK names.
Investment trusts barely feature in Lifetime ISA super investor portfolios – but where they do, the theme is unambiguously technology. Scottish Mortgage, Polar Capital Technology Trust and Allianz Technology Trust all make the top 10, suggesting a subset of younger investors are willing to concentrate their bets in search of market-beating returns.