Stewart Investors Indian Subcontinent was the worst-performing fund in Q3 2025. Bronze-rated Lindsell Train UK Equity Fund was among the worst performers. The worst-performing Gold-rated fund was Wellington India. Each month, Morningstar checks the best and worst performing funds out of 3,000 available to UK investors with a Morningstar Medalist Rating. Over Q3 2025, only 233 funds posted negative returns, with a mix of India, Europe, and UK equities performing poorly. The India equity Morningstar Category’s average return was a fall of 4.80%.

The FTSE 100 hit new record highs at the end of September, but the bottom 10 funds included UK funds across the small, mid, and large-cap spectrum. Only one medalist fund, WS Lindsell Train UK Equity, was in the bottom 10, with a 6% drop. The worst-performing Gold-rated fund was Wellington India, down 5%.

In Q3, the actively managed Stewart Investors Indian Subcontinent All Cap Fund lost 7.93%, worse than the India equity category average of 4.8%. The fund placed in the 99th percentile for performance and underperformed its benchmark by 3.14 percentage points. Year to date, the fund lost 15.5%, compared to the category’s 10.84% decline.

The actively managed abrdn Europe ex UK Equity Fund fell 7.24% in Q3, while the average Europe ex-UK equity fund gained 2.78%. The fund placed in the 100th percentile for performance and lagged its benchmark by 12.24 percentage points. Year to date, the fund has dropped 5.13%.

WS Lindsell Train UK Equity Fund lost 6.4% in Q3, underperforming the average fund in the UK large-cap equity category, which rose 4.87%. The fund placed in the 100th percentile for performance and lagged its benchmark by 13.32 percentage points. Year to date, the fund has lost 2.71%.

Comgest Growth India fell 6.38% in Q3, worse than the category average of 4.8%. The fund placed in the 88th percentile for performance and underperformed its benchmark by 1.59 percentage points. Year to date, the fund fell 14.46%.

IFSL Church House UK Smaller Companies Fund lost 6.37% in Q3, underperforming the average fund in the UK small-cap equity category, which rose 0.26%. The fund placed in the 100th percentile for performance and lagged its benchmark by 8.53 percentage points. Year to date, the fund has lost 6.18%.

Premier Miton European Opportunities fell 6.08% in Q3, worse than the average fund in the Europe ex-UK small/mid-cap equity category, which gained 1.02%. The fund placed in the 99th percentile for performance and underperformed its benchmark by 9.13 percentage points. Year to date, the fund fell 1.21%.

The actively managed Sarasin Food & Agriculture Opportunities Fund lost 6.01% in Q3, worse than the average fund in the equity agriculture category, which fell 0.75%. The fund placed in the 94th percentile for performance and underperformed its benchmark by 3.35 percentage points. Year to date, the fund has lost 8.53%.

The VT Highlight British Companies Fund fell 6.0% in Q3, worse than the average fund in the UK mid-cap equity category, which gained 0.5%. The fund placed in the 100th percentile for performance and lagged its benchmark by 8.88 percentage points. Year to date, the fund rose 3.35%.

JSS Equity – India lost 5.95% in Q3, worse than the category average of 4.8%. The fund placed in the 80th percentile for performance and underperformed its benchmark by 1.16 percentage points. Year to date, the fund has lost 11.77%.

Comgest Growth Europe Opportunities fell 5.75% in Q3, while the average Europe flex-cap equity fund gained 3.29%. The fund placed in the 99th percentile for performance and lagged its benchmark by 11.35 percentage points. Year to date, the fund has dropped 5.27%.

Read more at Morningstar: The Worst-Performing Funds in Q3