The top performing trusts and sectors of 2025
Commodities lead the way.
The Commodities & Natural Resources sector was the best performer of 2025, data from the Association of Investment Companies (AIC) has revealed. The sector produced a return of 62% in the year.
It was followed by China / Greater China, with a 39% return. The third best performing AIC sector was Global Emerging Markets, returning 37% (see full tables below of top performing sectors and trusts).
The commodities sector had a mighty 2025, with all-time highs in gold, silver and copper powering it to the top of the performance tables. Golden Prospect Precious Metals was the top performing investment trust of the year, with a sparkling return of 165%.
Annabel Brodie-Smith, Communications Director of the Association of Investment Companies (AIC)
The average investment trust excluding VCTs returned 12% in 2025.
Annabel Brodie-Smith, Communications Director of the Association of Investment Companies (AIC), said: “The commodities sector had a mighty 2025, with all-time highs in gold, silver and copper powering it to the top of the performance tables. Golden Prospect Precious Metals was the top performing investment trust of the year, with a sparkling return of 165%. Two more commodities trusts made it into the top five performers – CQS Natural Resources was the fourth best performing trust with a 102% return and BlackRock World Mining was fifth best with a 74% return.
“Emerging markets trusts came back strongly in 2025, with the China sector returning 39% and the Global Emerging Markets sector returning 37%. The Growth Capital sector, which performed best in 2024, was the fourth best performer last year returning 37%.
“It’s always good to understand which sectors and trusts have done best over the short term but investment is all about the long term. Building a diversified portfolio which meets your investment needs is the top priority.”
Ten best performing investment trust sectors of 2025
| AIC sector | Share price total return (%) | |||
|---|---|---|---|---|
1 year | 3 years | 5 years | 10 years | |
| Average investment trust ex VCTs | 12.05 | 40.46 | 39.93 | 186.65 |
| Commodities & Natural Resources | 61.56 | 38.22 | 112.58 | 250.02 |
| China / Greater China | 39.02 | 28.19 | -20.00 | 139.00 |
| Global Emerging Markets | 37.17 | 58.89 | 33.07 | 202.83 |
| Growth Capital | 36.52 | 50.80 | -25.92 | N/A |
| Technology & Technology Innovation | 30.28 | 163.67 | 92.20 | 637.52 |
| European Smaller Companies | 30.24 | 54.63 | 38.45 | 184.72 |
| Asia Pacific Equity Income | 26.62 | 41.89 | 40.28 | 169.34 |
| Japan | 25.72 | 46.82 | 8.94 | 141.96 |
| Europe | 21.97 | 39.42 | 38.08 | 139.08 |
| Asia Pacific | 21.24 | 33.79 | 17.60 | 204.86 |
Source: theaic.co.uk / Morningstar (to 31/12/25). Returns in base currency. N/A means there is no performance history for the period. Excludes VCTs.
Ten best performing investment trusts of 2025
| Investment trust | AIC sector | Share price total return (%) | |||
|---|---|---|---|---|---|
1 year | 3 years | 5 years | 10 years | ||
| Golden Prospect Precious Metals | Commodities & Natural Resources | 164.79 | 173.26 | 75.70 | 401.33 |
| DP Aircraft I | Leasing | 126.67 | 202.22 | 126.67 | -81.01 |
| Seraphim Space Investment Trust | Growth Capital | 120.59 | 165.49 | N/A | N/A |
| CQS Natural Resources Growth & Income | Commodities & Natural Resources | 101.80 | 107.46 | 251.73 | 605.90 |
| BlackRock World Mining Trust | Commodities & Natural Resources | 74.15 | 36.29 | 101.76 | 685.94 |
| Gresham House Energy Storage | Renewable Energy Infrastructure | 71.93 | -48.34 | -17.63 | N/A |
| Marwyn Value Investors | UK Smaller Companies | 63.49 | 93.60 | 100.90 | 18.22 |
| Molten Ventures | Growth Capital | 58.15 | 42.43 | -23.56 | N/A |
| Fidelity Emerging Markets | Global Emerging Markets | 56.39 | 89.40 | 33.02 | 180.99 |
| RTW Biotech Opportunities | Biotechnology & Healthcare | 54.84 | 78.51 | 14.89 | N/A |
Source: theaic.co.uk / Morningstar (to 31/12/25). Returns in base currency. N/A means there is no performance history for the period. Excludes VCTs and companies undergoing liquidation.
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Notes to editors
- All performance figures exclude 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 281 members and the industry has total assets of approximately £269 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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