Investors made three times as many purchases of the £4.2 billion global trust, managed by Baillie Gifford's James Anderson, as of Woodford Patient Capital, which moves up from fourth place in November to take second spot in December.
Scottish Mortgage also dominates the table in terms of the value of investments made over the month. The trust, which narrowly failed to gain a listing on the FTSE 100 late last year, has almost 50 per cent of its assets in the US, with online retailer Amazon accounting for over 10 per cent of the portfolio.
Its stellar long-term performance, though, which has seen it return nearly 200 per cent over the five years to 5 January, has been helped by its ownership of unlisted equities, which account for 13 per cent of the portfolio. These include stakes in Airbnb, Skyscanner and Spotify.
Star fund manager Neil Woodford's eponymous trust has been in positive territory over the past month, as its US biotech holdings continued to see strong performance after Donald Trump's election victory over Democratic presidential candidate Hillary Clinton. However, over the past year to 5 January, the trust has lost almost 10 per cent in share price terms.
The City of London investment trust remains in third place, while Finsbury Growth & Income slips from second in November to fourth in December.
Global trust Witan sits in an unchanged fifth place; it has seen good short-term performance in recent months, with a gain of 5.6 per cent over December. Its high weighting to financials stocks, which saw a recovery after Trump's election win, has contributed to performance.
While Biotech Growth saw sentiment to its sector wane through the year due to remarks from Hillary Clinton, the BlackRock offering has returned 107.3 per cent in the year to 5 January as oil prices and commodities firms recouped losses suffered over recent years.
Foreign & Colonial and F&C Global Smaller Companies sit in eighth and ninth place respectively with similar performance figures, while Fundsmith Emerging Equities re-enters the top 10, having been pushed out in November.
|Rank||Fund||AIC sector||Change since October||1m SP total return to 1 Dec (%)||3yr SP total return to 1 Dec (%)|
|2||Woodford Patient Capital||UK all companies||+2||-0.2||n/a|
|3||City of London*||UK equity income||--||6.1||21.6|
|4||Finsbury Growth & Income*||UK equity income||-2||5.9||34.6|
|6||Biotech Growth||Biotechnology & healthcare||+1||0.1||51.1|
|7||BlackRock World Mining*||Commodities & natural resources||-1||2.1||-10.4|
|8||Foreign & Colonial*||Global||--||5.9||52.7|
|9||F&C Global Smaller Companies*||Global||+6||5.6||50.6|
|10||Fundsmith Emerging Equities||Global emerging markets equities||+4||1.1||n/a|
|Source: FE Trustnet. *denotes a Money Observer Rated Fund|
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