Fantasy fund manager: competitors struggle as markets slide
Trade wars and tariffs take their toll.
It’s all change on the leaderboard for our intrepid investment trust investors. Donald Trump’s tidal wave of tariff announcements and deteriorating sentiment about the outlook for US growth have taken their toll on equity markets, with developed markets largely down in February.
So what impact has this had on our contestants’ portfolios? In short, if you’re nursing some losses on your funds since the start of the year, you’re in good company.
| Journalist | Portfolio gain (%) | Value of £10,000 |
|---|---|---|
| Kyle Caldwell | 1.65 | £10,165 |
| James Baxter-Derrington | 1.59 | £10,159 |
| Rosie Murray-West | 1.27 | £10,127 |
| Moira O'Neill | -0.27 | £9,973 |
| Cherry Reynard | -2.93 | £9,707 |
| Ian Cowie | -9.18 | £9,082 |
Source: theaic.co.uk / Morningstar. Share price total return from 31/12/24 to 28/02/25
Top portfolio returns
Given the largely downwards trajectory of markets, the relatively conservative core trust choices made by Kyle Caldwell from interactive investor have shown their worth. Personal Assets Trust, which focuses on capital preservation above all else, was relatively steady with a loss of just 0.20% in February. One of his other picks, Fidelity Special Values, the UK focused trust, saw the share price of its second largest holding, Standard Chartered Bank, shoot up by over 18%. That helped the trust gain 2.47% last month and mitigated 4% plus losses from two of his other holdings, Alliance Witan and RTW Biotech Opportunities. As a result, Kyle is topping the board with a year-to-date gain of 1.65%.
James Baxter-Derrington, Investment Editor at the Daily Telegraph, has seen the value of all but one of his holdings fall or remain unchanged since the beginning of the year, yet he is still in second place thanks almost entirely to the outstanding performance of one trust: Fidelity China Special Situations.
While the Chinese market has been out of favour recently, with low consumer confidence impacting economic growth, a raft of stimulus measures by the Chinese authorities have boosted hopes of a recovery and share prices have rebounded. Fidelity China Special Situations shot up by 11.99% in February, following on from a 4.71% gain in January. James is showing us all the value of diversification!
Top funds
The best performing trust in February was Gresham House Energy Storage. Its shares rose by 16.93% in February, as the company reported improved earnings at the end of 2024 and issued a bullish statement on 2025. Freelance journalist Rosie Murray-West selected the fund for energy storage’s key role in the energy transition and it's off to a flying start.
Fidelity China Special Situations was the next best with an impressive 11.99% return, helped by a raft of government stimulus tempting investors back to the region. Fidelity Special Values also eked out a not insubstantial 2.47% gain in February.
But the only other trust to post positive returns in the month was Personal Assets Trust. All the rest saw share prices fall in February. Will the volatility continue to shake up our leaderboard? Come back next month to see. Read more about our fantasy fund manager competition here.
| Journalist | Investment trust | AIC sector | Share price total return (%) 1 month to 28/02/25 | Share price total return (%) 2 months to 28/02/2025 | Value of holding As at 28/02/25 |
|---|---|---|---|---|---|
| Kyle Caldwell | Alliance Witan | Global | -4.33 | 1.82 | £2,546 |
| Fidelity Special Values | UK All Companies | 2.47 | 5.91 | £2,648 | |
| Personal Assets Trust | Flexible Investment | -0.20 | 2.62 | £2,566 | |
| RTW Biotech Opportunities | Biotechnology & Healthcare | -4.16 | -3.74 | £2,407 | |
| Total portfolio | -1.56 | 1.65 | £10,165 | ||
| James Baxter-Derrington | JP Morgan American | North America | -8.32 | -4.42 | £2,390 |
| Chrysalis | Growth Capital | -1.75 | -6.48 | £2,338 | |
| Fidelity China Special Situations | China / Greater China | 11.99 | 17.26 | £2,932 | |
| Mercantile Investment Trust | UK All Companies | -3.25 | 0.00 | £2,500 | |
| Total portfolio | -0.33 | 1.59 | £10,159 | ||
| Rosie Murray-West | Gresham House Energy Storage Fund | Renewable Energy Infrastructure | 16.93 | 4.58 | £2,615 |
| Canadian General Investments | North America | -4.24 | -5.87 | £2,353 | |
| Brown Advisory US Smaller Companies | North American Smaller Companies | -4.81 | -1.07 | £2,473 | |
| Polar Capital Global Financials | Financials & Financial Innovation | -0.89 | 7.45 | £2,686 | |
| Total portfolio | 1.75 | 1.27 | £10,127 | ||
| Moira O'Neill | City of London Investment Trust | UK Equity Income | 1.03 | 4.03 | £2,601 |
| Henderson Smaller Companies | UK Smaller Companies | -3.01 | -1.81 | £2,455 | |
| International Biotechnology Trust | Biotechnology & Healthcare | -5.51 | 0.59 | £2,515 | |
| Polar Capital Technology | Technology & Technology Innovation | -10.67 | -3.87 | £2,403 | |
| Total portfolio | -4.54 | -0.27 | £9,974 | ||
| Cherry Reynard | JP Morgan US Smaller Companies | North American Smaller Companies | -13.19 | -7.35 | £2,316 |
| Diverse Income Trust | UK Equity Income | -1.49 | 1.99 | £2,550 | |
| Polar Capital Global Healthcare | Biotechnology & Healthcare | -5.48 | 3.49 | £2,587 | |
| Renewables Infrastructure | Renewable Energy Infrastructure | -1.73 | -9.86 | £2,254 | |
| Total portfolio | -5.47 | -2.93 | £9,707 | ||
| Ian Cowie | Alliance Witan | Global | -4.33 | 1.82 | £2,546 |
| Edinburgh Worldwide | Global Smaller Companies | -13.17 | -11.20 | £2,220 | |
| India Capital Growth | India/Indian Subcontinent | -9.94 | -20.00 | £2,000 | |
| JP Morgan US Smaller Companies | North American Smaller Companies | -13.19 | -7.35 | £2,316 | |
| Total portfolio | -10.16 | -9.18 | £9,082 | ||
Source: theaic.co.uk / Morningstar. Share price total return.
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.
