H1 2026: Top performing investment trusts
Tables of best performing trusts and sectors featured.
The Technology & Technology Innovation sector was the top performing investment trust sector in the first half of 2026, according to data from the Association of Investment Companies (AIC). The sector produced a share price total return of 50% in the six months to the end of June 2026, while the average investment trust delivered a share price total return of 9.4%.
The Asia Pacific sector generated the second highest return of 33%, whilst the Global Emerging Markets sector came third with a return of 31%.
The best performing investment trust in the first half, with a sparkling return of 65%,is Baker Steel Resources. Seraphim Space had a stratospheric return of 57% and Polar Capital Technology with a 54% return has benefitted from the AI investment story.
Annabel Brodie-Smith, Communications Director of the Association of Investment Companies (AIC)
Ten best performing investment trust sectors in H1 2026
| AIC sector | Share price total return in % | ||||
|---|---|---|---|---|---|
H1 2026 | 1 yr | 3 yrs | 5 yrs | 10 yrs | |
| Technology & Technology Innovation | 50.5 | 88.6 | 211.6 | 184.7 | 1,026.3 |
| Asia Pacific | 32.8 | 58.3 | 79.5 | 47.3 | 257.9 |
| Global Emerging Markets | 31.4 | 62.2 | 109.4 | 65.3 | 232.9 |
| Asia Pacific Equity Income | 26.0 | 53.2 | 88.1 | 72.5 | 208.1 |
| Global Smaller Companies | 23.7 | 32.7 | 64.8 | 12.4 | 206.7 |
| Japan | 18.2 | 32.0 | 62.5 | 39.6 | 178.3 |
| Growth Capital | 17.3 | 49.9 | 115.1 | -40.8 | N/A |
| Global | 15.5 | 29.7 | 84.3 | 28.6 | 307.3 |
| Commodities & Natural Resources | 13.1 | 62.3 | 71.3 | 92.1 | 97.2 |
| Infrastructure | 10.7 | 18.9 | 28.4 | 16.0 | 186.3 |
Source: theaic.co.uk / Morningstar. Share price total return in % to 30/06/26. Excludes VCTs. See AIC sector definitions.
Annabel Brodie-Smith, Communications Director of the Association of Investment Companies (AIC), said: “The historic boom in AI spending continued to drive returns in the first half of 2026, most obviously in the technology sector, but also in Asia and emerging markets where some of the world’s largest AI hardware and microchip manufacturers are based.
“The best performing investment trust in the first half, with a sparkling return of 65%, is Baker Steel Resources. Seraphim Space had a stratospheric return of 57% and Polar Capital Technology with a 54% return has benefitted from the AI investment story.
“The strong performance is extremely welcome, but this is only a snapshot. It is important to remember that investing is a long-term commitment and that any sector or trust should form part of a broader, diversified portfolio.”
Ten best performing investment trusts
| Investment trust | AIC sector | Share price total return in % | ||||
|---|---|---|---|---|---|---|
H1 2026 | 1 yr | 3 yrs | 5 yrs | 10 yrs | ||
| Average investment trust | 9.4 | 21.1 | 48.2 | 28.9 | 171.5 | |
| Baker Steel Resources | Commodities & Natural Resources | 65.2 | 104.0 | 187.6 | 35.5 | 433.3 |
| Seraphim Space Investment Trust | Growth Capital | 56.5 | 119.4 | 595.6 | N/A | N/A |
| Polar Capital Technology | Technology & Technology Innovation | 53.7 | 96.2 | 223.4 | 201.1 | 1,040.8 |
| Pacific Horizon | Asia Pacific | 50.0 | 92.2 | 119.5 | 40.2 | 538.6 |
| JPMorgan Asia Growth & Income | Asia Pacific Equity Income | 45.7 | 76.0 | 108.5 | 56.3 | 310.5 |
| Manchester & London | Technology & Technology Innovation | 45.6 | 47.8 | 185.5 | 127.2 | 540.6 |
| Fidelity Emerging Markets | Global Emerging Markets | 43.5 | 99.2 | 178.5 | 84.9 | 238.3 |
| Templeton Emerging Markets Investment Trust | Global Emerging Markets | 42.9 | 80.9 | 146.0 | 90.5 | 322.3 |
| Allianz Technology Trust | Technology & Technology Innovation | 42.7 | 77.4 | 187.0 | 155.4 | 1,112.9 |
| Schiehallion Fund | Growth Capital | 39.7 | 73.6 | 213.9 | 8.8 | N/A |
Source: theaic.co.uk / Morningstar. Share price total return in % to 30/06/26. N/A means there is no performance history for this period. Ordinary share classes only. Excludes companies in realisation.
Notes to editors
- All data in this release excludes VCTs. Average investment trust performance excludes 3i and VCTs.
