Fantasy fund manager: markets power through Iran woes
Contestants score impressive gains as big tech overcomes war worries.
Despite the desperately unpredictable events in the Middle East and worries about rising inflation, higher interest rates and slower economic growth as a result, not a single trust in any of our contestants’ portfolios lost money in April.
Indeed, there were double-digit gains across a variety of trusts and sectors, and markets in the US continued to trade at or near all-time highs.
Many emerging markets trusts, too, saw big gains, helped by soaring prices of semiconductor stocks. And even the UK has seen many trusts outperform the benchmark indices with sizeable gains in April.
So what has this remarkably resilient bull run done to our leaderboard?
Journalist | Portfolio gain (%) | Value of £10,000 |
|---|---|---|
Jeff Prestridge | 23.07 | £12,307 |
Moira O'Neill | 8.55 | £10,855 |
Lynn Beattie | 7.99 | £10,799 |
Holly Mead | 7.95 | £10,795 |
Peter Higgins | 6.51 | £10,651 |
Gavin Lumsden | 0.72 | £10,072 |
Source: theaic.co.uk / Morningstar. Share price total return from 01/01/26 to 30/04/2026. All returns in GBP.
Top portfolio returns
Personal finance legend Jeff Prestridge is continuing his strong run, with a portfolio gain of 16.5% during April, taking his fantasy £10,000 portfolio to £12,307. His primary contributors have been Seraphim Space Investment Trust and Scottish Mortgage, which have powered his returns from the start.
The rest of our contestants are bunching up behind him with portfolios approaching £11,000 in value. Freelance investment journalist Moira O’Neill has leaped into second place with a total gain of 10.7% in April, helped by a big jump in Golden Prospect Precious Metals, while self-confessed novice investor Lynn Beattie has moved into third place after her portfolio, which she researched and compiled online, rose by 12.9% in April taking her gain since the start of the competition to just under 8%, or £10,799. Not bad for a first-timer!
Top investment trusts
Seraphim Space Investment Trust was the standout performer in April, as it has been for much of the year. Its shares rose by a whopping 34.3% in April alone, taking its gains since the start of the year to 67.9%.
Polar Capital Technology was up by 25.6%, powered by renewed demand for tech and AI related stocks, which helped the fund hit another record high. Close behind was Golden Prospect Precious Metals, which saw shares rise by 20.4% in April, despite gold having pulled back from its record highs.
This may sound counterintuitive, but the gold price stabilised well above its 2025 levels in March, powering a rally in small and mid cap gold miners. Their profits can increase substantially based on relatively small increases – or even just more stability – in the price of gold. What mattered most is that the price stopped falling in March, leading to a rebound in the trust’s holdings in April.
Numerous indices around the world are now at record highs, from the US Nasdaq and S&P 500 to the MSCI Emerging Markets Index, which has soared thanks to AI and tech stocks, defying concerns around oil supply from the Middle East.
Can markets continue to push higher? There are certainly plenty of geopolitical risks around, and valuations in the tech sector are toppy. But it could be that our contestants’ diversification into space, commodities and the famously undervalued UK market could mean their portfolios continue to prosper.
Journalist | Investment trust | AIC sector | Share price total return (%) 1 month to 30/04/26 | Share price total return (%) YTD to 30/04/26 | Value of holding as at 30/04/26 |
|---|---|---|---|---|---|
| Jeff Prestridge | Mercantile Investment Trust | UK All Companies | 8.96 | 1.55 | £2,539 |
| Scottish Mortgage | Global | 18.39 | 18.89 | £2,972 | |
| Seraphim Space Investment Trust | Growth Capital | 34.33 | 67.92 | £4,198 | |
| Temple Bar Investment Trust | UK Equity Income | 4.42 | 3.92 | £2,598 | |
| Total portfolio | 16.53 | 23.07 | £12,307 | ||
| Moira O'Neill | Golden Prospect Precious Metals | Commodities & Natural Resources | 20.43 | 12.23 | £2,806 |
| Personal Assets Trust | Flexible Investment | 1.90 | -0.86 | £2,479 | |
| Schroder UK Mid Cap Fund | UK All Companies | 5.04 | 2.19 | £2,555 | |
| Templeton Emerging Markets | Global Emerging Markets | 15.48 | 20.64 | £3,016 | |
| Total portfolio | 10.71 | 8.55 | £10,855 | ||
| Lynn Beattie | Alliance Witan | Global | 6.52 | -0.62 | £2,485 |
| Schroder Asian Total Return | Asia Pacific | 13.97 | 13.97 | £2,849 | |
| Allianz Technology Trust | Technology & Technology Innovation | 20.91 | 16.32 | £2,908 | |
| Henderson Smaller Companies | UK Smaller Companies | 10.13 | 2.28 | £2,557 | |
| Total portfolio | 12.88 | 7.99 | £10,799 | ||
| Holly Mead | Ashoka India Equity | India / Indian subcontinent | 7.80 | -13.60 | £2,160 |
| BlackRock World Mining | Commodities & Natural Resources | 4.99 | 16.06 | £2,902 | |
| International Biotechnology | Biotechnology & Healthcare | 8.37 | -0.62 | £2,485 | |
| Polar Capital Technology | Technology & Technology Innovation | 25.63 | 29.96 | £3,249 | |
| Total portfolio | 11.70 | 7.95 | £10,795 | ||
| Peter Higgins | BlackRock World Mining | Commodities & Natural Resources | 4.99 | 16.06 | £2,902 |
| CQS Natural Resources Growth & Income | Commodities & Natural Resources | 8.13 | 15.85 | £2,896 | |
| Rockwood Strategic | UK Smaller Companies | 12.36 | -0.34 | £2,492 | |
| Vietnam Enterprise Investments | Country Specialist | 3.16 | -5.53 | £2,362 | |
| Total portfolio | 7.16 | 6.51 | £10,651 | ||
| Gavin Lumsden | Augmentum Fintech | Financials & Financial Innovation | 1.39 | 20.33 | £3,008 |
| Finsbury Growth & Income Trust | UK Equity Income | 5.66 | -6.17 | £2,346 | |
| Lindsell Train | Global | 8.73 | -8.00 | £2,300 | |
| RIT Capital Partners | Flexible Investment | 4.52 | -3.30 | £2,418 | |
| Total portfolio | 5.08 | 0.72 | £10,072 | ||
Source: theaic.co.uk / Morningstar. All data to 30 April 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.
