2024 top stocks: UK retail investors follow megatrends

2024 top stocks: UK retail investors follow megatrends and increase exposure to AI, crypto, and weight loss

• Bitcoin proxy MicroStrategy leads top risers list with sixfold increase in holders over 2024
• AI-related stocks accounted for 12 of the 20 ‘top risers’ in the UK last year
• Nvidia now the second most held stock in the UK, more than doubling holders year-on-year
• The rise of obesity drugs saw Novo-Nordisk and Eli Lilly amongst the top 5 risers last year

UK retail investors bought into emerging trends in 2024 with stocks exposed to AI, weight loss drugs, crypto, and cybersecurity dominating the list of ‘top risers’ on the trading and investing platform eToro.  

The analysis reveals which companies saw the biggest proportionate change in UK holders on the eToro platform at the end of 2024 versus the end of 2023 (table 1) and the most widely held stocks (table 2).

The list of most widely held stocks was majorly disrupted in 2024, with Nvidia jumping from sixth place to second, more than doubling its holders (108%), and surpassing Microsoft, Apple, Nio and Amazon. Its chip designer rival AMD was the second biggest mover in the 20 most-held stocks, jumping from 20th to 12th place. 

Bitcoin proxy MicroStrategy topped the 20 biggest ‘risers’ list with a 500% growth in UK-based eToro users holding the stock. It was closely followed by semiconductor manufacturer  Broadcom, which almost tripled its holders (198%) last year. 

The growing prevalence of weight loss drugs saw their manufacturers also rank highly, with Ozempic pioneer Novo Nordisk’s 148% increase in holders ranking it in third place closely followed by its US-based rival Eli Lilly in fourth place (119%). 

The data also reveals that UK retail investors expect cybersecurity to continue to grow in prevalence, with Palo Alto networks (99%) and Crowdstrike (76%) amongst the top risers. Crowdstrike’s rise coincides with a significant outage in July that saw its share price briefly tumble, suggesting appetite from UK retail investors to ‘buy the dip’. 

Commenting on the data, eToro’s Global Markets Strategist Lale Akoner, said: “2024 was the year that AI went from being niche to a dominant theme across multiple industries, bitcoin set new all-time highs, and weight loss drugs entered the mainstream. Retail investors were clearly invested in these themes, demonstrated by the sharp rise in holders of stocks like AI chipmaker Nvidia, self-proclaimed ‘bitcoin treasury company’ MicroStrategy, and drug manufacturers Eli Lilly and Novo Nordisk.”

At the other end of the spectrum, sports and entertainment were amongst the sectors to lose support. Toy manufacturer Mattel saw the biggest drop in 2024, with sluggish performance and fading Barbie hype resulting in its holders on the eToro platform falling by nearly half (-44%). Meanwhile, Formula One and Live Nation owner Liberty Media (-37%) and baseball team Atlanta Braves (-36%), also featured in the top 10 fallers. 

Lale Akoner adds: “The top stocks and top risers of 2024 share some similarities with those of 2023 as megatrends play out over years. While Novo Nordisk and Eli Lilly have held strong as the leaders of weight loss drug innovation, many investors have diversified their AI plays beyond heavyweights like Nvidia, which skyrocketed in 2023, to focus on other beneficiaries which they believe still have room to run. Those holding onto American chipmakers and network infrastructure providers are likely to be well-positioned for 2025 as the Trump administration will bring a wave of deregulation and protectionist tariffs boosting the industry.”

Table 1: Stocks with the biggest proportional increase and decrease in UK-based holders on the eToro platform year-on-year

Table 2: The most widely held stocks by UK-based eToro users

Notes 

The tables compare data from the eToro platform on the final day of 2024 with the final day of 2023. The data refers to funded accounts of eToro users globally. 

The data in the first table shows the 10 stocks which have seen the biggest proportional increase and decrease in holders on the eToro platform year on year (2024 vs 2023). The data in the second table shows the top 10 most held stocks positions (open positions) by investors on the eToro platform at the end of 2024. As the vast majority of stocks traded on eToro are the real asset, this data does not include positions held as CFDs. 

All data accurate as of after market close on Tuesday 31st December 2024.