Fantasy fund manager: when the going gets tough…
Only one contestant has made money as Trump’s trade war roils markets.
It’s not getting any easier for our fantasy fund manager contestants as Donald Trump’s tariff announcements on so-called Liberation Day on 2 April sent many markets and investment trusts into a tailspin.
China and the US were the worst affected markets, with the average China investment trust down 9.8% in the four weeks following Trump’s announcements and the average trust in the North American sector down 6.2%.
Conversely, the UK fared relatively well, since it is not considered to be a major loser from the trade war, while interest rate sensitive sectors such as renewable energy, infrastructure and property were also resilient. They are seen as beneficiaries of any rate cuts that come to aid the ailing global economy, and tend to be fairly insulated from the travails of international trade.
So what does all this mean for our leader board?
| Journalist | Portfolio gain (%) | Value of £10,000 |
|---|---|---|
| Rosie Murray-West | 5.32 | £10,532 |
| Kyle Caldwell | -5.01 | £9,499 |
| Moira O'Neill | -5.50 | £9,450 |
| James Baxter-Derrington | -6.19 | £9,381 |
| Cherry Reynard | -6.72 | £9,328 |
| Ian Cowie | -16.00 | £8,400 |
Source: theaic.co.uk / Morningstar. Share price total return from 31/12/24 to 30/04/25
Top portfolio returns
Rosie Murray-West retains her top spot for the second consecutive month thanks to another healthy gain from Gresham House Energy Storage, up 7.19% in April. This follows a stonking 33.33% gain in March.
All our other competitors are struggling to limit their losses as markets continue to battle some of the most difficult conditions since Covid, with Donald Trump’s unpredictable policymaking providing zero certainty and making asset allocation extremely challenging. Indeed, the AIC’s analysis of winners and losers since Liberation Day shows just how widespread the impact has been.
Contestants with trusts focused on the UK and capital protection are faring better: take a bow Kyle and Moira. But global funds, smaller companies and trusts focusing on countries embroiled in the trade war have taken a beating. So Ian Cowie’s Indian and North American trusts have been a drag on his performance.
Top investment trusts
It has been a spectacular 2025 so far for Gresham House Energy Storage, which is now up 49.96% between the start of the year and April 30. While it is down year to date, Ian Cowie’s pick of India Capital Growth rebounded by 4.97% in April amid optimism about a potential trade deal between India and the US.
An outstanding UK performer is Moira O’Neill’s holding City of London Investment Trust. This dividend hero is showing its class with its 4.08% gain in April, taking its total returns since the start of the year to 10.48%: an outstanding return over four months by any standards.
Fidelity China Special Situations saw shares fall by 11.32% last month but had such an excellent start to the year it is still up by 5.38%. Also worth a mention is Kyle Caldwell’s choice of Personal Assets Trust which prioritises wealth preservation above all else and has done just that, despite the market turmoil, with a year-to-date return of 3.10%.
Let’s hope May and the likelihood of some rate cuts puts a spring back in the step of global stock markets to give our contestants a hand.
| Journalist | Investment trust | AIC sector | Share price total return (%) 1 month to 30/04/25 | Share price total return (%) 3 months to 30/04/25 | Value of holding As at 30/04/25 |
|---|---|---|---|---|---|
| Rosie Murray-West | Brown Advisory US Smaller Companies | North American Smaller Companies | -6.40 | -16.43 | £2,089 |
| Canadian General Investments | North America | -2.22 | -14.39 | £2,140 | |
| Gresham House Energy Storage Fund | Renewable Energy Infrastructure | 7.19 | 49.46 | £3,736 | |
| Polar Capital Global Financials | Financials & Financial Innovation | -1.32 | 2.65 | £2,566 | |
| Total portfolio | -0.69 | 5.32 | £10,532 | ||
| Kyle Caldwell | Alliance Witan | Global | -1.90 | -8.04 | £2,299 |
| Fidelity Special Values | UK All Companies | 2.48 | 5.59 | £2,640 | |
| Personal Assets Trust | Flexible Investment | 1.39 | 3.10 | £2,578 | |
| RTW Biotech Opportunities | Biotechnology & Healthcare | -5.76 | -20.69 | £1,983 | |
| Total portfolio | -0.95 | -5.01 | £9,499 | ||
| Moira O'Neill | City of London Investment Trust | UK Equity Income | 4.08 | 10.48 | £2,762 |
| Henderson Smaller Companies | UK Smaller Companies | 0.40 | -5.42 | £2,365 | |
| International Biotechnology Trust | Biotechnology & Healthcare | 0.16 | -9.82 | £2,254 | |
| Polar Capital Technology | Technology & Technology Innovation | 0.35 | -17.22 | £2,070 | |
| Total portfolio | 1.25 | -5.50 | £9,450 | ||
| James Baxter-Derrington | Chrysalis | Growth Capital | 2.72 | -12.59 | £2,185 |
| Fidelity China Special Situations | China / Greater China | -11.32 | 5.38 | £2,635 | |
| JP Morgan American | North America | -4.64 | -17.22 | £2,070 | |
| Mercantile Investment Trust | UK All Companies | 4.74 | -0.32 | £2,492 | |
| Total portfolio | -2.13 | -6.19 | £9,381 | ||
| Cherry Reynard | Diverse Income Trust | UK Equity Income | 3.05 | 5.61 | £2,640 |
| JP Morgan US Smaller Companies | North American Smaller Companies | -8.27 | -23.11 | £1,922 | |
| Polar Capital Global Healthcare | Biotechnology & Healthcare | -0.30 | -4.87 | £2,378 | |
| Renewables Infrastructure | Renewable Energy Infrastructure | 5.82 | -4.49 | £2,388 | |
| Total portfolio | 0.07 | -6.72 | £9,328 | ||
| Ian Cowie | Alliance Witan | Global | -1.90 | -8.04 | £2,299 |
| Edinburgh Worldwide | Global Smaller Companies | -1.66 | -20.66 | £1,984 | |
| India Capital Growth | India/Indian Subcontinent | 4.97 | -12.21 | £2,195 | |
| JP Morgan US Smaller Companies | North American Smaller Companies | -8.27 | -23.11 | £1,922 | |
| Total portfolio | -1.71 | -16.00 | £8,400 | ||
All data to 30 April 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.
