Despite the hype around tech and AI, the most popular theme among the allocators we cover remains healthcare.
In fact these theme has consolidated its lead and now accounts for 14 holdings among the specialist funds in our database - around a third of the total holdings in specialist funds. A year ago it accounted for only a quarter of holdings.
This does not include Reits which specialist in healthcare, which are also very popular in our database. If we had included them, it would have added a further four holdings.
The most popular healthcare fund is AllianceBernstein International Healthcare, which is held by three allocators, having gained one earlier this year.
Of course healthcare has well-known defensive characteristics and it offers much greater diversification beyond the US than tech. So perhaps the enduring popularity of healthcare demonstrates a touch of bearishness among some fund pickers.
7IM have been long-term fans of this fund and Ahmer Tirmizi, the firm's head of fixed income strategy, says healthcare remains one of 7IM's favourite long-term investments.
He said: "Earnings stability helds to weather economic downturns, valuations are attractive and it's coming off one of the worst periods of performance in decades.
"Form is temporary but class is permanent. And at the same time, if there's one area where AI really can make a difference, it's likely to be here."
Tech accounts for 13 holdings but this number includes AI-specific funds which have, to be fair, become more popular. Well, one has: Sanlam Artificial Intelligence is now held three times compared to just once a year ago. No other AI funds are held in our database.
Among the other popular themes are energy and financial services, but the second of these is bolstered by the enduring popularity of the single most-popular specialist fund in our database: Polar Capital Global Insurance which is held by four allocators.
Again, the popularity of this fund focusing on a particularly defensive sector suggests some allocators use their specialist fund picks to add a hand brake to their portfolios rather than to add rocket fuel.
One notable change in the months since we last looked at which funds were particularly popular is a winnowing of the field.
When we last looked, fund pickers were dabbling in battery and water funds, but these now have no holders in our database at all. Tech and healthcare combined now account for nearly two-thirds of specialist fund holdings.
So while there remain a few positions in agribusiness and the ageing population, these are very much outliers.
