Fantasy fund manager: race heating up as competition enters penultimate month
The top three contestants are separated by just £1,000 in gains.
And so markets continue to grind higher. October was yet another strong month for equities, fuelled by stellar performance in the mega tech, AI and biotech sectors. The US market hit more record highs and the FTSE 100 edged closer to the 10,000 mark, finishing the month above 9,700.
Nevertheless, a relatively poor month for the Daily Telegraph’s James Baxter-Derrington allowed freelance writer Rosie Murray-West to steal into second place.
Still clinging to gold medal position is award-winning journalist Moira O’Neill. Moira has watched her holdings increase in momentum during the past couple of months. Now, with just two months left, it’s anybody’s guess who will take first prize, with the top three contestants separated by just a few hundred pounds in profits. An eventful month could change everything.
Journalist | Portfolio gain (%) | Value of £10,000 |
|---|---|---|
| Moira O'Neill | 24.69 | £12,469 |
| Rosie Murray-West | 19.83 | £11,983 |
| James Baxter-Derrington | 17.90 | £11,790 |
| Kyle Caldwell | 15.94 | £11,594 |
| Cherry Reynard | 2.18 | £10,218 |
| Ian Cowie | -4.56 | £9,544 |
Source: theaic.co.uk / Morningstar. Share price total return from 31/12/24 to 31/10/25
Top portfolio returns
The best performing portfolio in October belonged to Kyle Caldwell from interactive investor. His portfolio rose by 5.84%, pipping Moira O’Neill’s 5.39% gain. Kyle has now seen his year-to-date returns rise to 15.94%, a performance that would not disgrace a professional fund manager. Yet he remains in fourth place due to the outstanding gains of the top three: Moira’s year-to-date gains now stand at 24.69%, outperforming the US NASDAQ despite the surge of AI and continuing tech bull market.
Rosie Murray-West’s profit of 19.83% would also likely have earned her a handsome bonus if she was a genuine City fund manager, and she’s still in the running for top spot if she can exploit any Santa rally next month.
Top investment trusts
Given the heart of last month’s rally was biotechnology and big tech, it’s no surprise to see the top performing trust amongst our players’ portfolios last month was Kyle Caldwell’s RTW Biotech Opportunities, which rocketed 17.44% in October, and that following a 10% gain in September. That’s quite a run.
Moira O’Neill is lucky enough to have 50% of her portfolio in tech and biotech; her pick of International Biotechnology Trust jumped by an impressive 12.27% in October, alongside her holding in Polar Capital Technology, which rose by 8.91%. While Cherry Reynard’s stake in Polar Capital Global Healthcare leapt by a healthy 9.30% in October.
What will the final two months of the year bring for our contestants? There’s plenty that impact global stocks, from anticipated rate cuts to progress on the geopolitical front. And let’s not forget the Budget on 26 November. Good luck to everybody in navigating the Chancellor’s much anticipated announcements!
Journalist | Investment trust | AIC sector | Share price total return (%) 1 month to 31/10/25 | Share price total return (%) YTD to 31/10/25 | Value of holding as at 31/10/25 |
|---|---|---|---|---|---|
| Moira O'Neill | City of London Investment Trust | UK Equity Income | 1.65 | 23.77 | £3,094 |
| Henderson Smaller Companies | UK Smaller Companies | -1.27 | 8.93 | £2,723 | |
| International Biotechnology Trust | Biotechnology & Healthcare | 12.27 | 29.31 | £3,233 | |
| Polar Capital Technology | Technology & Technology Innovation | 8.91 | 36.73 | £3,418 | |
| Total portfolio | 5.39 | 24.69 | £12,469 | ||
| Rosie Murray-West | Brown Advisory US Smaller Companies | North American Smaller Companies | 3.44 | -3.21 | £2,420 |
| Canadian General Investments | North America | -1.46 | 11.13 | £2,778 | |
| Gresham House Energy Storage Fund | Renewable Energy Infrastructure | 6.18 | 57.30 | £3,933 | |
| Polar Capital Global Financials | Financials & Financial Innovation | 2.39 | 14.11 | £2,853 | |
| Total portfolio | 2.64 | 19.83 | £11,983 | ||
| James Baxter-Derrington | Chrysalis | Growth Capital | 0.33 | 12.59 | £2,815 |
| Fidelity China Special Situations | China / Greater China | -3.19 | 48.07 | £3,702 | |
| JP Morgan American | North America | 4.20 | 2.24 | £2,556 | |
| Mercantile Investment Trust | UK All Companies | -0.20 | 8.70 | £2,718 | |
| Total portfolio | 0.29 | 17.90 | £11,790 | ||
| Kyle Caldwell | Alliance Witan | Global | 2.23 | 5.13 | £2,628 |
| Fidelity Special Values | UK All Companies | 1.01 | 28.73 | £3,218 | |
| Personal Assets Trust | Flexible Investment | 2.68 | 9.29 | £2,732 | |
| RTW Biotech Opportunities | Biotechnology & Healthcare | 17.44 | 20.60 | £3,015 | |
| Total portfolio | 5.84 | 15.94 | £11,594 | ||
| Cherry Reynard | Diverse Income Trust | UK Equity Income | 0.48 | 19.50 | £2,988 |
| JP Morgan US Smaller Companies | North American Smaller Companies | -3.08 | -20.14 | £1,997 | |
| Polar Capital Global Healthcare | Biotechnology & Healthcare | 9.30 | 12.26 | £2,807 | |
| Renewables Infrastructure Group | Renewable Energy Infrastructure | 0.13 | -2.89 | £2,428 | |
| Total portfolio | 1.71 | 2.18 | £10,218 | ||
| Ian Cowie | Alliance Witan | Global | 2.23 | 5.13 | £2,628 |
| Edinburgh Worldwide | Global Smaller Companies | 1.23 | 5.34 | £2,634 | |
| India Capital Growth | India/Indian Subcontinent | 8.98 | -8.57 | £2,286 | |
| JP Morgan US Smaller Companies | North American Smaller Companies | -3.08 | -20.14 | £1,997 | |
| Total portfolio | 2.34 | -4.56 | £9,544 | ||
All data to 31 October 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.
