In 2025, the best investment trust saw a 165% increase, while the worst performer dropped by 39%. Precious metals drove UK-listed trust prices to record highs, with 170 out of 200 trusts rising. Sectors like precious metals, natural resources, and emerging markets outperformed bonds, small-caps, and private equity-focused trusts. GPM’s holdings saw significant growth, with G Mining Ventures up 230% and Equinox Gold Corp up 146%. Commodities and natural resources trusts had an average return of 62%, with venture capital trusts excluded from the 12% average return in 2025.
The top-performing investment trusts in 2025 include Golden Prospect Precious Metals, Seraphim Space Investment Trust, DP Aircraft, CQS Natural Resources G&I, and BlackRock World Mining Trust. Golden Prospect Precious Metals saw a 165.92% NAV growth, outperforming the Morningstar Global Gold Index by 34.01 percentage points. Seraphim Space Investment Trust rose 120.59% on a share price basis, trading at a 0.38% premium to its NAV. DP Aircraft grew 111.05% in share price but dropped 2.97% in NAV, trading at a 30.00% discount. CQS Natural Resources G&I saw a 101.80% share price rise and a 94.05% NAV growth. BlackRock World Mining Trust had a 74.15% share price increase and a 74.94% NAV growth, trading at a 5.26% discount.
ICG-Longbow Senior Secured UK Property Debt Investments led the list of worst-performing trusts in 2025. Finsbury Growth & Income was the lowest-performing Morningstar Medalist trust. Trusts are closed-end funds that allow exposure to illiquid assets and niche sectors, with the ability to use gearing or borrowing for enhanced returns. Investment trust performance can be calculated based on real-time share prices or net asset value, which measures a trust’s underlying asset value. Discounts or premiums to NAV indicate investor favor.
Data from Morningstar Direct was used to analyze investment trust performance. Net asset value is determined by changes in NAV, while share price return is based on market price changes. Discounts are calculated based on ex par NAV, excluding income and debt repayments. Trusts without disclosed fund size, below £20 million, venture capital trusts (VCTs), and real estate investment trusts (REITs) were excluded from analysis. The author or authors do not own shares in any securities mentioned in the article.
Read more at Morningstar: The Best and Worst Investment Trusts of 2025