H1 2025: top performing investment trust sectors
European sectors and UK commercial property lead the field.
The European Smaller Companies sector was the top performing sector in the first half of 2025, according to data from the Association of Investment Companies (AIC). The sector produced a return of 24% in the first six months to the end of June 2025, while the average investment trust1 delivered a return of 7%.
The Property – UK Commercial sector generated the second highest return of 18%, whilst the Europe sector came third with a return of 17%. The fourth best performing sector is the China / Greater China sector which returned 15%, and the UK All Companies sector was fifth returning 13%.
Despite the market turmoil caused by Trump’s tariffs, investment trusts have continued to perform well in the first half of this year.
Annabel Brodie-Smith, Communications Director of the Association of Investment Companies (AIC)
Ten best performing investment trust sectors in H1 2025
| AIC sector | Share price total return in % (to 30/06/25) | ||||
|---|---|---|---|---|---|
| H1 2025 | 1 year | 3 years | 5 years | 10 years | |
| Average investment trust ex VCTs | 7.09 | 12.48 | 36.42 | 64.72 | 176.38 |
| European Smaller Companies | 24.41 | 22.95 | 53.44 | 80.82 | 174.32 |
| Property - UK Commercial | 17.94 | 22.29 | -15.73 | 21.48 | 46.00 |
| Europe | 17.48 | 7.11 | 52.63 | 57.39 | 142.01 |
| China / Greater China | 14.60 | 25.07 | -10.93 | -6.27 | 84.60 |
| UK All Companies | 13.18 | 17.24 | 54.68 | 70.85 | 107.07 |
| Japan | 12.28 | 14.43 | 42.10 | 28.77 | 124.36 |
| Private Equity | 12.03 | 27.30 | 168.55 | 291.77 | 550.53 |
| UK Equity Income | 11.62 | 16.25 | 36.69 | 74.31 | 97.21 |
| Debt - Structured Finance | 11.42 | 24.05 | 54.14 | 106.20 | 106.42 |
| Global Emerging Markets | 11.42 | 15.09 | 32.16 | 34.20 | 109.91 |
Source: theaic.co.uk / Morningstar. Share price total return in % to 30/06/25. Excludes VCTs. See AIC sector definitions.
Annabel Brodie-Smith, Communications Director of the Association of Investment Companies (AIC), said: “Despite the market turmoil caused by Trump’s tariffs, investment trusts have continued to perform well in the first half of this year. It’s been a strong six months for Europe as investors have reallocated away from the US into the European investment trust sectors. Investment trusts investing in the UK, China and Japan have also been beneficiaries of this tilt away from the US.
“The UK commercial property sector has bounced back this year due to interest rates starting to come down, strong rental growth and an increase in M&A activity. The private equity and structured finance sectors have also delivered strong returns.
“It’s useful to look at this year’s short-term winners, but it’s important to remember that investment is all about the long term. Investors need to build a well balanced portfolio of investments which meets their needs over time.”
Ten best performing investment trusts
| Investment trust | AIC sector | Share price total return in % (to 30/06/25) | ||||
|---|---|---|---|---|---|---|
| H1 2025 | 1 year | 3 years | 5 years | 10 years | ||
| Average investment trust ex VCTs | 7.09 | 12.48 | 36.42 | 64.72 | 176.38 | |
| DP Aircraft I | Leasing | 108.33 | 92.31 | 400.00 | -13.79 | -82.00 |
| Gresham House Energy Storage | Renewable Energy Infrastructure | 71.02 | 11.66 | -46.00 | -12.75 | N/A |
| Golden Prospect Precious Metals | Commodities & Natural Resources | 63.94 | 77.71 | 59.45 | 12.36 | 137.55 |
| Seraphim Space Investment Trust | Growth Capital | 57.35 | 56.78 | 61.51 | N/A | N/A |
| Warehouse REIT* | Property - UK Logistics | 45.98 | 49.71 | -7.29 | 35.84 | N/A |
| Gore Street Energy Storage Fund | Renewable Energy Infrastructure | 43.76 | 12.23 | -28.96 | -0.86 | N/A |
| Downing Renewables & Infrastructure* | Renewable Energy Infrastructure | 35.85 | 36.68 | 8.80 | N/A | N/A |
| Marwyn Value Investors | UK Smaller Companies | 29.66 | 32.20 | 32.45 | 67.92 | -12.40 |
| BlackRock Latin American | Latin America | 29.42 | 6.95 | 19.74 | 39.88 | 68.78 |
| Target Healthcare REIT | Property - UK Healthcare | 28.12 | 41.93 | 18.67 | 31.42 | 79.84 |
Source: theaic.co.uk / Morningstar. Share price total return in % to 30/06/25. N/A means there is no performance history for this period. Ordinary share classes only. Excludes VCTs and companies undergoing liquidation. * Indicates the company is subject to a bid.
In the six months to the end of June 2025, DP Aircraft 1 from the Leasing sector was up 108%, followed by Gresham House Energy Storage from the Renewable Energy Infrastructure sector, up 71%.
The third best performer was Golden Prospect Precious Metals from the Commodities & Natural Resources sector, up 64%, and in fourth place was Seraphim Space Investment Trust from the Growth Capital sector up 57%. The fifth best performer is Warehouse REIT from the Property – UK Logistics sector, which was up 46% and is the subject of a bidding war.
- ENDS -
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Notes to editors
- All data in this release excludes VCTs.
- The Association of Investment Companies (AIC) represents a broad range of investment trusts and VCTs, collectively known as investment companies. The AIC’s vision is for closed-ended investment companies to be understood and considered by every investor. The AIC has 299 members and the industry has total assets of approximately £263 billion.
- For more information about the AIC and investment trusts, visit the AIC’s website.
- Disclaimer: The information contained in this press release does not constitute investment advice or personal recommendation and it is not an invitation or inducement to engage in investment activity. You should seek independent financial and, if appropriate, legal advice as to the suitability of any investment decision. Past performance is not a guide to future performance. The value of investment company shares, and the income from them, can fall as well as rise. You may not get back the full amount invested and, in some cases, nothing at all.
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