Fantasy fund manager: contestants buoyed by resilient bull market
All portfolios are up as a wide range of sectors saw gains in May.
Despite the ongoing conflict in Iran, markets continue to take an optimistic view and price in a resolution to the violence.
The average emerging markets investment trust was up by 10.8% in May alone, helping extend a stellar year for emerging markets investment trusts as we reported last month. The average global investment trust was up by 6.4%.
So what impact has this had on our leaderboard?
Journalist | Portfolio gain (%) | Value of £10,000 |
|---|---|---|
Jeff Prestridge | 37.26 | £13,726 |
Lynn Beattie | 19.88 | £11,988 |
Holly Mead | 17.83 | £11,783 |
Moira O'Neil | 16.46 | £11,646 |
Peter Higgins | 10.47 | £11,047 |
Gavin Lumsden | -0.03 | £9,997 |
Source: theaic.co.uk / Morningstar. Share price total return from 01/01/26 to 31/05/2026. All returns in GBP.
Top portfolio returns
Personal finance guru Jeff Prestridge retails his place at the top of the table with a year-to-date gain of 37.3%, thanks largely to his holding in Seraphim Space. Its shares more than doubled from the start of the year to the end of May.
Leapfrogging into second place is novice investor and financial influencer Lynn Beattie, who has seen her portfolio rise by almost 20% in value so far this year, with her exposure to technology and Asia contributing particularly strongly to her performance last month.
As a first-time investment trust investor, her performance sends a powerful message to savers who have earned a fraction a tiny fraction of that on their deposit accounts rather than risk anything in the markets. That, in industry jargon, is known as an “opportunity cost”.
Gavin Lumsden, head of news at QuotedData, the investment research company, received a blow to his portfolio as his best performing pick, Augmentum Fintech, saw its shares delisted on 13 May as it was acquired by a private equity firm.
We have allowed Gavin to choose a replacement trust to keep him in with a fair chance, and he has plumped for Herald Investment Trust, the global smaller companies trust with a tilt towards the technology and communications sectors. In the meantime, Gavin remains in last place as two of his trusts, Finsbury Growth & Income and Lindsell Train both lost money in May, down 1.8% and 7.7% respectively. Gavin’s portfolio was worth £9,997 at the end of May, taking into account the final value of his Augmentum shares. We’ll have to wait until June’s results to see if his patched-up portfolio gives him a boost. For the moment, he remains at the foot of the table.
Top investment trusts
The best performing trust this month was Seraphim Space, which rose by 24.1% in May alone – the latest in a series of staggering monthly gains for the specialist space technology trust.
Not far behind was Lynn Beattie’s pick of Allianz Technology, which saw its share price rise by just over 19%, boosted by continued growth in AI holdings and the runaway semiconductor sector.
Fellow global tech trust Polar Capital Technology was hot on its heels with a monthly gain of 18%, helping to boost Holly Mead’s portfolio. Templeton Emerging Markets was next with a gain of just over 17% while Schroder Asian Total Return posted a highly respectable 13% gain for Lynn Beattie’s portfolio during the month.
Can the gains keep coming, or will the ongoing geopolitical concerns and stretched valuations reach a breaking point? Keep following to find out!
| Journalist | Investment trust | AIC sector | Share price total return (%) 1 month to 31/05/2026 | Share price total return (%) YTD to 31/05/2026 | Value of holding as at 31/05/2026 |
|---|---|---|---|---|---|
| Jeff Prestridge | Mercantile Investment Trust | UK All Companies | 2.49 | 5.55 | £2,639 |
| Scottish Mortgage | Global | 7.94 | 28.33 | £3,208 | |
| Seraphim Space Investment Trust | Growth Capital | 24.07 | 108.33 | £5,208 | |
| Temple Bar Investment Trust | UK Equity Income | 2.80 | 6.83 | £2,671 | |
| Total portfolio | 9.33 | 37.26 | £13,726 | ||
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|
| |||
| Lynn Beattie | Alliance Witan | Global | 4.35 | 4.27 | £2,607 |
| Allianz Technology Trust | Technology & Technology Innovation | 19.09 | 38.52 | £3,463 | |
| Henderson Smaller Companies | UK Smaller Companies | 5.40 | 7.81 | £2,695 | |
| Schroder Asian Total Return | Asia Pacific | 13.10 | 28.90 | £3,223 | |
| Total portfolio | 10.49 | 19.88 | £11,988 | ||
| Holly Mead | Ashoka India Equity | India / Indian subcontinent | 3.62 | -10.48 | £2,238 |
| BlackRock World Mining | Commodities & Natural Resources | 8.54 | 25.97 | £3,149 | |
| International Biotechnology | Biotechnology & Healthcare | 3.13 | 2.49 | £2,562 | |
| Polar Capital Technology | Technology & Technology Innovation | 17.99 | 53.34 | £3,834 | |
| Total portfolio | 8.32 | 17.83 | £11,783 | ||
| Moira O'Neil | Golden Prospect Precious Metals | Commodities & Natural Resources | 4.03 | 16.76 | £2,919 |
| Personal Assets Trust | Flexible Investment | 1.87 | 1.00 | £2,525 | |
| Schroder UK Mid Cap Fund | UK All Companies | 4.52 | 6.81 | £2,670 | |
| Templeton Emerging Markets | Global Emerging Markets | 17.11 | 41.28 | £3,532 | |
| Total portfolio | 6.88 | 16.46 | £11,646 | ||
| Peter Higgins | BlackRock World Mining | Commodities & Natural Resources | 8.54 | 25.97 | £3,149 |
| CQS Natural Resources Growth & Income | Commodities & Natural Resources | -7.09 | 7.64 | £2,691 | |
| Rockwood Strategic | UK Smaller Companies | 11.17 | 10.79 | £2,770 | |
| Vietnam Enterprise Investments | Country Specialist | 3.20 | -2.52 | £2,437 | |
| Total portfolio | 3.96 | 10.47 | £11,047 | ||
| Gavin Lumsden | Augmentum Fintech | Financials & Financial Innovation | 1.37 | 21.98 | £3,050 |
| Finsbury Growth & Income Trust | UK Equity Income | -1.84 | -7.89 | £2,303 | |
| Lindsell Train | Global | -7.69 | -15.08 | £2,123 | |
| RIT Capital Partners | Flexible Investment | 4.33 | 0.88 | £2,522 | |
| Total portfolio | -0.96 | -0.03 | £9,997 | ||
Source: theaic.co.uk / Morningstar. All data to 31 May 2026. All returns in GBP. 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.
