Fantasy fund manager: Holly Mead

In the AIC’s second fantasy fund manager competition, we’ve asked six journalists to select four investment trusts that they expect to perform particularly well in 2026, but would be happy to hold for the long term. Below, freelance investment journalist Holly Mead reveals which four trusts she’s selected and why she’s chosen them for this year. 

Ashoka India Equity

I’ve held this trust for several years and 2025 was the first time it lagged in my portfolio. Worries about a weakening rupee and overstretched valuations, alongside fears about the impact of US trade tariffs, were a blow to the region.

But the long-term story has not changed: this is a fast growing economy, with a young and increasingly wealthy population, and a stock market stuffed full of world-leading businesses. Ashoka’s managers have already shown great skill in their bottom-up stock picking approach and ability to find lesser-known small and mid cap names. I’m sticking with this trust for the long term and believe it will bounce back this year. 

Ashoka India Equity profile page

Polar Capital Technology

Lead manager Ben Rogoff describes himself as an AI maximalist and, I’ll admit, that makes me a little nervous. Talk of an AI bubble saw a pullback in tech stocks in 2025 but I suspect we will see them reemerge this year once the jitters ease off. Managers I speak to are confident that we are not yet in bubble territory and that the AI run is notably different from the dotcom mania at the turn of the century.

But investors cannot pour money into the sector indiscriminately so perhaps that’s where an AI fanatic, who truly understands and believes in this stuff, can really prove their worth.

Polar Capital Technology profile page

BlackRock World Mining

The easy money might have already been made, but I think gold, silver and industrial metals such as copper could have further to run. The latter two, in particular, are crucial in the electrification process, something that is only going to become more important as we continue on the road towards electric vehicles, renewable energy and the need to power the vast data centres that keep so much of our world turning.

Commodities and mining are a cyclical area and this feels like my riskiest choice, but I believe Olivia Markham and Evy Hambro are safe pairs of hands to navigate what comes next.

BlackRock World Mining profile page

International Biotechnology Trust

In a world of dementia, cancer and… fat jabs, the need for medical innovation is only going to intensify. But to invest in this sector you need true expertise, and I have long been impressed by Ailsa Craig’s prowess in this field.

With a fairly large portfolio of 90-ish holdings, this trust gives exposure to a range of technologies rather than honing in on one specific area – important, given how few new drugs and treatments actually make it over the line.

The rise of Ozempic, Wegovy et al has drawn attention to the sector in recent years, so I suspect the returns may not continue to be as stellar as they have been of late, but it’s hard to argue with the long-term drivers. 

International Biotechnology Trust profile page

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