Fantasy fund manager: all change at the top of the table with some big fund moves
Moira O’Neill jumps from third to first place
September is historically the worst month for stock market performance, but not this year. Our contestants have benefitted from markets relentlessly hitting all-time highs in the US and the UK, shaking off worries about high valuations and talk of a bubble in tech and AI stocks.
They say a rising tide lifts all boats, but when it comes to active fund management it really does depend on who’s manning the tiller. There have been some very different results from individual trusts over the past month that have transformed the top of the leaderboard.
Journalist | Portfolio gain (%) | Value of £10,000 |
|---|---|---|
| Moira O'Neill | 18.20 | £11,820 |
| James Baxter-Derrington | 18.06 | £11,806 |
| Rosie Murray-West | 16.49 | £11,649 |
| Kyle Caldwell | 9.86 | £10,986 |
| Cherry Reynard | 0.26 | £10,026 |
| Ian Cowie | -6.70 | £9,330 |
Source: theaic.co.uk / Morningstar. Share price total return from 31/12/24 to 30/09/25
Top portfolio returns
Rosie Murray-West has lost her position at the top of the leaderboard for the first time since April. She is still in second place thanks to an early boost from her best performing holding, Gresham House Energy Storage, which is up by 48.15% this year. The trust slipped back by 2.86% in September. Nevertheless, her portfolio still rose by 1.58% and that means her total returns so far this year are a very healthy 16.49%.
Moira O’Neill jumped from third to first place thanks to gains on all four of her holdings. Her portfolio return of 6.64% was enough for her to leapfrog The Daily Telegraph’s James Baxter-Derrington. He remains in second place, despite a very healthy return of just over 4% on his portfolio in September, taking his returns so far this year to over 18%.
Top investment trusts
As mentioned, Moira O’Neill saw all four of her trust picks rise in September but by far the standout performer was International Biotechnology Trust, which rose by 13.65%- driven by news that three portfolio companies were to be acquired. Another of her holdings, Polar Capital Technology, rose by just under 10%. The biotech sector saw strong share price increases following positive clinical trial updates and buying by top executives adding to the bullish mood.
Another beneficiary of the biotech bump was Kyle Caldwell. His holding in RTW Biotech Opportunities rose by 10% in September, while one of his other holdings, Fidelity Special Values, the UK focused fund, rose by a healthy 3.95% in September. That means Fidelity Special Values has risen by 27.44% this year. Who said the UK market was dead?
Finally, James Baxter-Derrington’s holding in Fidelity China Special Situations continues to serve him well. The trust’s shares rose by 7.52% in September, taking its gains so far in 2025 to 52.95%, the best performing trust in any of our contestants’ portfolios.
All players are in positive territory except for Ian Cowie, who’s holdings in India and US smaller companies continue to weight him down. Still, given how quickly things could change, who would bet against a small cap recovery in the next few months?
Journalist | Investment trust | AIC sector | Share price total return (%) 1 month to 30/09/25 | Share price total return (%) YTD to 30/09/25 | Value of holding as at 30/09/25 |
|---|---|---|---|---|---|
| Moira O'Neill | City of London Investment Trust | UK Equity Income | 1.71 | 21.76 | £3,044 |
| Henderson Smaller Companies | UK Smaller Companies | 1.29 | 10.33 | £2,758 | |
| International Biotechnology Trust | Biotechnology & Healthcare | 13.65 | 15.17 | £2,879 | |
| Polar Capital Technology | Technology & Technology Innovation | 9.92 | 25.54 | £3,139 | |
| Total portfolio | 6.64 | 18.20 | £11,820 | ||
| James Baxter-Derrington | Chrysalis | Growth Capital | 4.12 | 12.22 | £2,806 |
| Fidelity China Special Situations | China / Greater China | 7.52 | 52.95 | £3,824 | |
| JP Morgan American | North America | 2.24 | -1.87 | £2,453 | |
| Mercantile Investment Trust | UK All Companies | 2.25 | 8.92 | £2,723 | |
| Total portfolio | 4.03 | 18.06 | £11,806 | ||
| Rosie Murray-West | Brown Advisory US Smaller Companies | North American Smaller Companies | 0.38 | -6.43 | £2,339 |
| Canadian General Investments | North America | 8.78 | 12.78 | £2,820 | |
| Gresham House Energy Storage Fund | Renewable Energy Infrastructure | -2.86 | 48.15 | £3,704 | |
| Polar Capital Global Financials | Financials & Financial Innovation | 0.00 | 11.45 | £2,786 | |
| Total portfolio | 1.58 | 16.49 | £11,649 | ||
| Kyle Caldwell | Alliance Witan | Global | 0.48 | 2.84 | £2,571 |
| Fidelity Special Values | UK All Companies | 3.95 | 27.44 | £3,186 | |
| Personal Assets Trust | Flexible Investment | 1.75 | 6.44 | £2,661 | |
| RTW Biotech Opportunities | Biotechnology & Healthcare | 10.00 | 2.70 | £2,568 | |
| Total portfolio | 4.05 | 9.86 | £10,986 | ||
| Cherry Reynard | Diverse Income Trust | UK Equity Income | 3.32 | 18.93 | £2,973 |
| JP Morgan US Smaller Companies | North American Smaller Companies | -3.47 | -17.60 | £2,060 | |
| Polar Capital Global Healthcare | Biotechnology & Healthcare | 4.11 | 2.71 | £2,568 | |
| Renewables Infrastructure Group | Renewable Energy Infrastructure | 0.26 | -3.02 | £2,425 | |
| Total portfolio | 1.06 | 0.26 | £10,026 | ||
| Ian Cowie | Alliance Witan | Global | 0.48 | 2.84 | £2,571 |
| Edinburgh Worldwide | Global Smaller Companies | 5.58 | 4.06 | £2,602 | |
| India Capital Growth | India/Indian Subcontinent | -6.10 | -16.10 | £2,098 | |
| JP Morgan US Smaller Companies | North American Smaller Companies | -3.47 | -17.60 | £2,060 | |
| Total portfolio | -0.88 | -6.70 | £9,330 | ||
All data to 30 September 2025. The information and trust selections are for entertainment purposes only and do not constitute investment advice or personal recommendations. The opinions expressed are those of the individual writers and not of the AIC. You should not make investment decisions based solely on this information and you should seek independent financial advice to identify investments that suit your own personal circumstances and needs. See our full terms of use.
Nick Gardner
Nick Gardner is an award-winning financial journalist. He is former Business and Personal Finance Editor of the Sunday and Daily Telegraph in Sydney, and Deputy Money editor of The Sunday Times in London. He was also Head of Content at Brewin Dolphin, the wealth manager.
