Fantasy fund manager: fighting against the Trump dump
Our contestants’ portfolios took a battering in March… with one exception.
With Donald Trump continuing to rattle markets and some analysts now predicting a global recession, our contestants are battling one of the toughest environments for equities we have witnessed since the pandemic.
It’s certainly been a torrid first three months of 2025 in the US, with the tech-heavy Nasdaq index down by 14%, while the broader S&P 500 had fallen by just over 4% by market close on 31 March. Perhaps surprisingly, China, Europe and the UK have been relatively resilient, but it should be noted that none of the data in this article reflects the historic sell off we have seen at the beginning of April
Nevertheless, some of our fund pickers have selected some spectacular winners, helping mitigate losses elsewhere in their portfolios and demonstrating the value of diversification.
So what does our leaderboard look like after this volatile first quarter?
| Journalist | Portfolio gain (%) | Value of £10,000 |
|---|---|---|
| Rosie Murray-West | 5.08 | £10,508 |
| James Baxter-Derrington | -3.53 | £9,648 |
| Kyle Caldwell | -4.34 | £9,566 |
| Moira O'Neill | -6.78 | £9,322 |
| Cherry Reynard | -7.01 | £9,299 |
| Ian Cowie | -14.53 | £8,547 |
Source: theaic.co.uk / Morningstar. Share price total return from 31/12/24 to 31/03/25
Top portfolio returns
Most of our contestants’ portfolios were in the red at the end of March. The Daily Telegraph’s James Baxter-Derrington is sitting in second place with a loss on his portfolio of 3.54% in the year to date. That relatively resilient performance is thanks to his investment in Fidelity China Special Situations, which is up by a staggering 18.8% since the beginning of the year.
The largely bearish mood in most markets means that we only have one investor with positive portfolio returns so far this year. Step forward Rosie Murray-West. This shrewd freelance investment writer was the only contestant to pick a renewable energy investment trust – Gresham House Energy Storage. And since giving a positive update late last year, it has had a flying start to 2025. Together with her other winning selection, Polar Capital Global Financials (up 4.02% since the start of the year), these trusts have lifted her portfolio return to a very respectable 5.08%.
Well done Rosie!
Top investment trusts
Well it doesn’t get much better than this. Gresham House Energy Storage has shot the lights out so far this year. Shares rose by 33.3% in March alone and have risen almost 40% since the beginning of the year.
Next up is Fidelity China Special Situations, up 18.83% since the start of the year. UK trusts also feature relatively prominently. Moira O’Neill’s choice of City of London Investment Trust was up just over 2% last month to give a cumulative gain of 6.15% since the beginning of the year.
Kyle Caldwell’s pick of Fidelity Special Values, another UK-focused fund, might have fallen by 2% in March but its shares are up by over 3% so far this year. Kyle also holds Personal Assets Trust, which aims to preserve wealth in all market conditions. It has delivered on that, returning 1.69% in the year to date.
As markets digest the Trump tariffs announced last week, I wonder how our contestants’ portfolios will cope with the volatility that followed.
Watch this space to find out!
| Journalist | Investment trust | AIC sector | Share price total return (%) 1 month to 31/03/25 | Share price total return (%) 3 months to 31/03/25 | Value of holding As at 31/03/25 |
|---|---|---|---|---|---|
| Rosie Murray-West | Gresham House Energy Storage Fund | Renewable Energy Infrastructure | 33.33 | 39.43 | £3,486 |
| Canadian General Investments | North America | -6.97 | -12.44 | £2,189 | |
| Brown Advisory US Smaller Companies | North American Smaller Companies | -9.75 | -10.71 | £2,232 | |
| Polar Capital Global Financials | Financials & Financial Innovation | -3.19 | 4.02 | £2,601 | |
| Total portfolio | 3.36 | 5.08 | £10,508 | ||
| James Baxter-Derrington | JP Morgan American | North America | -9.17 | -13.19 | £2,170 |
| Chrysalis | Growth Capital | -9.01 | -14.91 | £2,127 | |
| Fidelity China Special Situations | China / Greater China | 1.34 | 18.83 | £2,971 | |
| Mercantile Investment Trust | UK All Companies | -4.83 | -4.83 | £2,379 | |
| Total portfolio | -5.42 | -3.53 | £9,648 | ||
| Kyle Caldwell | Alliance Witan | Global | -7.94 | -6.26 | £2,344 |
| Fidelity Special Values | UK All Companies | -2.71 | 3.04 | £2,576 | |
| Personal Assets Trust | Flexible Investment | -0.90 | 1.69 | £2,542 | |
| RTW Biotech Opportunities | Biotechnology & Healthcare | -12.57 | -15.84 | £2,104 | |
| Total portfolio | -6.03 | -4.34 | £9,566 | ||
| Moira O'Neill | City of London Investment Trust | UK Equity Income | 2.03 | 6.15 | £2,654 |
| Henderson Smaller Companies | UK Smaller Companies | -4.05 | -5.79 | £2,355 | |
| International Biotechnology Trust | Biotechnology & Healthcare | -10.50 | -9.97 | £2,251 | |
| Polar Capital Technology | Technology & Technology Innovation | -14.18 | -17.50 | £2,063 | |
| Total portfolio | -6.68 | -6.78 | £9,322 | ||
| Cherry Reynard | JP Morgan US Smaller Companies | North American Smaller Companies | -9.52 | -16.18 | £2,096 |
| Diverse Income Trust | UK Equity Income | 0.49 | 2.48 | £2,562 | |
| Polar Capital Global Healthcare | Biotechnology & Healthcare | -7.80 | -4.59 | £2,385 | |
| Renewables Infrastructure | Renewable Energy Infrastructure | 0.13 | -9.74 | £2,257 | |
| Total portfolio | -4.18 | -7.01 | £9,299 | ||
| Ian Cowie | Alliance Witan | Global | -7.94 | -6.26 | £2,344 |
| Edinburgh Worldwide | Global Smaller Companies | -9.14 | -19.32 | £2,017 | |
| India Capital Growth | India/Indian Subcontinent | 4.55 | -16.36 | £2,091 | |
| JP Morgan US Smaller Companies | North American Smaller Companies | -9.52 | -16.18 | £2,096 | |
| Total portfolio | -5.51 | -14.53 | £8,547 | ||
All data to 31 March 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.
