Fantasy fund manager: race goes down to the wire in competition’s final month
Top three players have all made over 20% profit this year.
If there’s one lesson that can be drawn from the performance of our contestants’ portfolios since this competition began, it’s that diversification is key.
Nobody can be sure precisely what sector or country is going to outperform in any given year, so spreading your bets is the wisest strategy. Diversifying has helped most of our contestants select at least one trust that has produced outsized returns, helping make up for any trusts that have lagged.
While first-placed Moira O’Neill is in the enviable position of seeing all of her selections perform outstandingly well, Rosie Murray-West is still within touching distance despite one of her trusts losing money this year. Her overall performance is still strong thanks entirely to her holding in Gresham House Energy Storage, which has shot up by over 75% since 1 January!
So after a fairly lacklustre November for global markets, how does the leaderboard look now?
Journalist | Portfolio gain (%) | Value of £10,000 |
|---|---|---|
| Moira O'Neill | 27.61 | £12,761 |
| Rosie Murray-West | 25.58 | £12,558 |
| Kyle Caldwell | 20.18 | £12,018 |
| James Baxter-Derrington | 15.12 | £11,512 |
| Cherry Reynard | 5.45 | £10,545 |
| Ian Cowie | -3.04 | £9,696 |
Source: theaic.co.uk / Morningstar. Share price total return from 31/12/24 to 30/11/25
Top portfolio returns
Investment journalist Moira O’Neill remains in first place with a monthly gain of 2.37% on her portfolio. Her portfolio has returned an impressive 27.61% since the start of the year (all data is to 30 November).
Pushing her right to the wire is Rosie Murray-West with her table-topping monthly return of 3.64%, taking her year-to-date returns to 25.58%.
Third placed Kyle Caldwell saw his portfolio rise by a healthy 3.54% in November, taking his total returns to 20.18% so far this year – a strong performance.
The Daily Telegraph’s James Baxter-Derrington saw his portfolio fall by 2.29% last month, which reduced his total return so far to 15.12%, still a creditable performance.
Cherry Reynard remains in fifth place despite gaining 3.14% last month, so it’s only the great Ian Cowie’s portfolio that is in negative territory, down 3.04% since the start of the year despite a 1.71% gain in November.
So as you can see, diversification reduces risk for your portfolio, but as Ian Cowie’s portfolio shows, it doesn’t guarantee gains. That said, 11 months is a very short time period to be invested, and four trusts is arguably a small number to hold. Remember, if you’re going to invest in stocks and shares, your time horizon should be at least five years.
Top investment trusts
The Biotechnology & Healthcare Sector has performed strongly this year after a slow start, with the average trust up by 22% in the 11 months to the end of November. Three of our contestants opted for exposure to the sector at the start of the year.
Moira O’Neill’s exposure through International Biotechnology Trust has been a major contributor to her success, returning 43.14% in the 11 months to the end of November, and 10.7% in the last month alone.
Kyle Caldwell selected RTW Biotech Opportunities, which rose by 9.83% last month and is up by 32.46% so far this year, while Cherry Reynard opted for Polar Capital Global Healthcare which has seen its share price shoot up by 10.31% over the past month and 23.83% so far this year.
In the Renewable Energy Infrastructure sector, Gresham House Energy Storage saw its share price jump by 11.66% last month. It’s the best performing trust in the entire competition and is held by Rosie Murray-West. Its share price has risen by a whopping 75.64% so far this year.
So, with just one month to go, it looks like a two-horse race between Moira and Rosie. But who knows what surprises the next month holds. Come back early in the new year to find out!
Journalist | Investment trust | AIC sector | Share price total return (%) 1 month to 30/11/25 | Share price total return (%) YTD to 30/11/25 | Value of holding as at 30/11/25 |
|---|---|---|---|---|---|
| Moira O'Neill | City of London Investment Trust | UK Equity Income | 2.94 | 27.41 | £3,185 |
| Henderson Smaller Companies | UK Smaller Companies | 0.23 | 9.19 | £2,730 | |
| International Biotechnology Trust | Biotechnology & Healthcare | 10.70 | 43.14 | £3,578 | |
| Polar Capital Technology | Technology & Technology Innovation | -4.41 | 30.70 | £3,268 | |
| Total portfolio | 2.37 | 27.61 | £12,761 | ||
| Rosie Murray-West | Brown Advisory US Smaller Companies | North American Smaller Companies | 0.00 | -3.21 | £2,420 |
| Canadian General Investments | North America | 1.26 | 12.53 | £2,813 | |
| Gresham House Energy Storage Fund | Renewable Energy Infrastructure | 11.66 | 75.64 | £4,391 | |
| Polar Capital Global Financials | Financials & Financial Innovation | 1.63 | 17.38 | £2,935 | |
| Total portfolio | 3.64 | 25.58 | £12,558 | ||
| Kyle Caldwell | Alliance Witan | Global | 0.56 | 5.72 | £2,643 |
| Fidelity Special Values | UK All Companies | 2.09 | 31.42 | £3,286 | |
| Personal Assets Trust | Flexible Investment | 1.68 | 11.12 | £2,778 | |
| RTW Biotech Opportunities | Biotechnology & Healthcare | 9.83 | 32.46 | £3,312 | |
| Total portfolio | 3.54 | 20.18 | £12,018 | ||
| James Baxter-Derrington | Chrysalis | Growth Capital | -7.24 | 4.44 | £2,611 |
| Fidelity China Special Situations | China / Greater China | -2.35 | 44.58 | £3,615 | |
| JP Morgan American | North America | -0.35 | 1.89 | £2,547 | |
| Mercantile Investment Trust | UK All Companies | 0.80 | 9.57 | £2,739 | |
| Total portfolio | -2.29 | 15.12 | £11,512 | ||
| Cherry Reynard | Diverse Income Trust | UK Equity Income | 0.00 | 19.50 | £2,988 |
| JP Morgan US Smaller Companies | North American Smaller Companies | 3.98 | -16.96 | £2,076 | |
| Polar Capital Global Healthcare | Biotechnology & Healthcare | 10.31 | 23.83 | £3,096 | |
| Renewables Infrastructure Group | Renewable Energy Infrastructure | -1.73 | -4.57 | £2,386 | |
| Total portfolio | 3.14 | 5.45 | £10,545 | ||
| Ian Cowie | Alliance Witan | Global | 0.56 | 5.72 | £2,643 |
| Edinburgh Worldwide | Global Smaller Companies | 1.46 | 6.89 | £2,672 | |
| India Capital Growth | India/Indian Subcontinent | 0.85 | -7.79 | £2,305 | |
| JP Morgan US Smaller Companies | North American Smaller Companies | 3.98 | -16.96 | £2,076 | |
| Total portfolio | 1.71 | -3.04 | £9,696 | ||
All data to 30 November 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.
