Fantasy fund manager: portfolios struggle to gain much ground in August
James Baxter-Derrington is closing the gap on Rosie Murray-West after a strong month for China.
August is traditionally a weak month for stock markets. With so many people on holiday, trading volumes are low, and that can weigh on performance.
Nevertheless, the MSCI All Country World Index ended the month in positive territory, the FTSE 100 hit fresh records and the S&P 500 touched another all-time high above 6,500.
Three of our fantasy fund manager competitors made money in the month, while three lost ground. You can see all the details below, but here’s how the leaderboard looked at the end of the month.
Journalist | Portfolio gain (%) | Value of £10,000 |
|---|---|---|
| Rosie Murray-West | 15.21 | £11,521 |
| James Baxter-Derrington | 13.13 | £11,313 |
| Moira O'Neill | 11.05 | £11,105 |
| Kyle Caldwell | 5.85 | £10,585 |
| Cherry Reynard | -1.03 | £9,897 |
| Ian Cowie | -5.97 | £9,403 |
Source: theaic.co.uk / Morningstar. Share price total return from 31/12/24 to 31/08/25
Top portfolio returns
If there was a prize for best portfolio return in August, it would go to Kyle Caldwell of interactive investor (sorry Kyle, there isn’t a prize).
Although one of Kyle’s trusts, global giant Alliance Witan, fell 1.17% in the month, his other fantasy holdings edged up just enough to leave him with a portfolio gain of 1.07%. Hardly the most spectacular monthly profit we’ve seen during this competition but it takes Kyle’s total returns this year to 5.85% and sees him retain fourth place on the leaderboard.
Meanwhile, James Baxter-Derrington of the Telegraph has edged closer to Rosie Murray-West at the top of the leaderboard, largely due to the strong performance of James’s most successful pick, Fidelity China Special Situations, and a big fall for Rosie’s star performer Gresham House Energy Storage. James and Rosie are now only two percentage points apart – a considerable narrowing of the gap from last month’s eight percentage points.
Top investment trusts
As just mentioned, Fidelity China Special Situations was August’s standout gainer, up 7.94% in the month taking its year-to-date returns to an impressive 42.26%. RTW Biotech Opportunities held by Kyle Caldwell also performed well, up by 4.46%.
Unfortunately, the other big numbers were to the downside. Gresham House Energy Storage, which is up by more than 50% so far this year, fell by 12.72% in August, while Renewables Infrastructure Group, held by Cherry Reynard, fell by 6.97% in month to 31 August.
India Capital Growth, held by Ian Cowie, saw its shares fall by 4.44%, compounding a poor year for the trust. But to put that in context, it has returned 43% over three years, 163% over five years and 192% over ten years, so its longer-term performance is excellent.
All trusts have ‘off’ years, and they often come after periods of strong performance. It’s another reminder for investors to focus on the long term, even if we’re zoning in on short-term price movements for the purposes of this competition.
It’s good to see that four of our six players are showing positive returns since the beginning of the competition on 1 January, with three achieving double-digit percentage gains so far this year. With four months of the year left, will Rosie retain her top spot, or will James (or someone else) edge ahead? Come back next month to find out…
Journalist | Investment trust | AIC sector | Share price total return (%) 1 month to 31/08/25 | Share price total return (%) YTD to 31/08/25 | Value of holding as at 31/08/25 |
|---|---|---|---|---|---|
| Rosie Murray-West | Brown Advisory US Smaller Companies | North American Smaller Companies | -1.51 | -6.79 | £2,330 |
| Canadian General Investments | North America | 3.53 | 3.68 | £2,592 | |
| Gresham House Energy Storage Fund | Renewable Energy Infrastructure | -12.72 | 52.51 | £3,813 | |
| Polar Capital Global Financials | Financials & Financial Innovation | -2.50 | 11.45 | £2,786 | |
| Total portfolio | -3.30 | 15.21 | £11,521 | ||
| James Baxter-Derrington | Chrysalis | Growth Capital | -3.80 | 7.78 | £2,694 |
| Fidelity China Special Situations | China / Greater China | 7.94 | 42.26 | £3,557 | |
| JP Morgan American | North America | -0.85 | -4.02 | £2,399 | |
| Mercantile Investment Trust | UK All Companies | -2.75 | 6.52 | £2,663 | |
| Total portfolio | 0.13 | 13.13 | £11,313 | ||
| Moira O'Neill | City of London Investment Trust | UK Equity Income | 0.50 | 19.72 | £2,993 |
| Henderson Smaller Companies | UK Smaller Companies | -1.19 | 8.93 | £2,723 | |
| International Biotechnology Trust | Biotechnology & Healthcare | 4.98 | 1.34 | £2,533 | |
| Polar Capital Technology | Technology & Technology Innovation | -1.00 | 14.20 | £2,855 | |
| Total portfolio | 0.83 | 11.05 | £11,105 | ||
| Kyle Caldwell | Alliance Witan | Global | -1.17 | 2.84 | £2,571 |
| Fidelity Special Values | UK All Companies | 0.13 | 22.60 | £3,065 | |
| Personal Assets Trust | Flexible Investment | 0.86 | 4.61 | £2,615 | |
| RTW Biotech Opportunities | Biotechnology & Healthcare | 4.46 | -6.64 | £2,334 | |
| Total portfolio | 1.07 | 5.85 | £10,585 | ||
| Cherry Reynard | Diverse Income Trust | UK Equity Income | -1.92 | 15.11 | £2,878 |
| JP Morgan US Smaller Companies | North American Smaller Companies | 0.25 | -14.63 | £2,134 | |
| Polar Capital Global Healthcare | Biotechnology & Healthcare | 2.78 | -1.34 | £2,467 | |
| Renewables Infrastructure Group | Renewable Energy Infrastructure | -6.97 | -3.27 | £2,418 | |
| Total portfolio | -1.47 | -1.03 | £9,897 | ||
| Ian Cowie | Alliance Witan | Global | -1.17 | 2.84 | £2,571 |
| Edinburgh Worldwide | Global Smaller Companies | 0.00 | -1.44 | £2,464 | |
| India Capital Growth | India/Indian Subcontinent | -4.44 | -10.65 | £2,234 | |
| JP Morgan US Smaller Companies | North American Smaller Companies | 0.25 | -14.63 | £2,134 | |
| Total portfolio | -1.34 | -5.97 | £9,403 | ||
All data to 31 August 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.
