Star performers

The trusts shooting the Christmas lights out

The Commodities & Natural Resources sector is the best performer of 2025, data from the Association of Investment Companies (AIC) has revealed. The sector produced a return of 44% in the 11 months to the end of November.

It was closely followed by China / Greater China, with a 43% return. The third best performing AIC sector was Global Emerging Markets, returning 34% (see full tables below of top performing sectors and trusts). The average investment trust excluding VCTs has returned 10% in the year to date. Annabel Brodie-Smith, Communications Director of the Association of Investment Companies (AIC), said: “After two years of negative returns, the commodities sector has come roaring back to top the performance table, with an outstanding 156% return from Golden Prospect Precious Metals, the best performing investment trust of the year. CQS Natural Resources Growth & Income was the fourth best performing trust with a 69% return, and another commodities trust, BlackRock World Mining, made it into the top ten returning 52% to investors.

“After two years of negative returns, the commodities sector has come roaring back to top the performance table, with an outstanding 156% return from Golden Prospect Precious Metals, the best performing investment trust of the year.”

Annabel Brodie-Smith, Communications Director of the Association of Investment Companies

“Emerging markets trusts also put in a strong performance this year, despite worries about Trump’s tariffs. The China sector delivered 43% and the Global Emerging Markets sector 34% - a result that might have been hard to predict at the start of the year.“It’s always interesting to look at what sectors and trusts have done best over the short term, but no sector performs best every year. Taking a long-term view and having a properly diversified portfolio is the key to investment success.”

Ten best performing sectors in the year to date

Source: theaic.co.uk / Morningstar (to 30/11/25). N/A means there is no performance history for the period. Excludes VCTs. * Year to date = 11 months to 30/11/25.

AIC sector	Share price total return (%)
AIC sector	YTD*	1 year	3 years	5 years	10 years
Average investment trust ex VCTs	10.27	9.98	37.67	45.60	183.10
Commodities & Natural Resources	43.87	35.63	22.00	117.25	214.72
China / Greater China	42.76	50.96	41.90	-15.17	156.56
Global Emerging Markets	33.79	36.86	57.10	38.30	187.44
Growth Capital	30.20	35.02	96.69	-25.51	N/A
Technology & Technology Innovation	28.30	33.39	142.26	102.62	623.23
Japan	28.13	29.08	45.70	17.37	151.91
European Smaller Companies	26.80	31.31	47.61	44.78	209.21
Asia Pacific Equity Income	24.60	25.93	40.20	45.01	167.62
Biotechnology & Healthcare	21.52	16.74	10.16	-5.45	93.72
Europe	21.43	21.54	36.19	43.46	145.58

Ten best performing trusts in the year to date

Source: theaic.co.uk / Morningstar (to 30/11/25). N/A means there is no performance history for the period. Excludes VCTs and companies undergoing liquidation. * Year to date = 11 months to 30/11/25.

Investment trust	AIC sector	Share price total return (%)
Investment trust	AIC sector	YTD*	1 year	3 years	5 years	10 years
Golden Prospect Precious Metals	Commodities & Natural Resources	156.34	134.84	172.86	91.58	385.33
DP Aircraft I	Leasing	130.00	136.91	245.00	176.00	-80.73
Gresham House Energy Storage	Renewable Energy Infrastructure	75.64	59.64	-48.35	-13.94	N/A
UIL	Flexible Investment	68.89	65.14	25.97	27.92	157.73
CQS Natural Resources Growth & Income	Commodities & Natural Resources	68.83	55.25	65.56	250.85	469.73
Marwyn Value Investors	UK Smaller Companies	58.80	70.35	88.05	83.21	14.83
Molten Ventures	Growth Capital	54.04	55.75	26.00	-24.86	N/A
BlackRock Latin American	Latin America	52.37	45.56	30.98	49.55	127.23
BlackRock World Mining Trust	Commodities & Natural Resources	52.27	43.90	19.86	103.29	535.43
Biotech Growth Trust	Biotechnology & Healthcare	50.29	33.16	36.27	-12.70	79.72