Top performers at half time
European sectors and UK commercial property lead so far
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 was China / Greater China which returned 15%, and the UK All Companies sector was fifth returning 13%.
The ten best performing investment trust sectors in H1 2025.
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.”
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 was Warehouse REIT from the Property – UK Logistics sector, which was up 46% and is the subject of a bidding war.
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
15.09
32.16
34.20
109.91
Data source: theaic.co.uk / Morningstar. Share price total return in % to 30/06/25. Excludes VCTs. See AIC sector definitions. 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.
“Despite the market turmoil caused by Trump’s tariffs, investment trusts have continued to perform well in the first half of this year.”
Please see the table below with the ten best performing investment trusts in H1 2025.
Investment trust
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
Warehouse REIT*
Property - UK Logistics
45.98
49.71
-7.29
35.84
Gore Street Energy Storage Fund
43.76
12.23
-28.96
-0.86
Downing Renewables & Infrastructure*
35.85
36.68
8.80
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
