In November, Invesco Global Consumer Trends was the worst-performing Morningstar Medalist fund, down 12%. US equities and technology funds suffered due to global tech stock weakness. Concerns about AI led to market volatility, with the Morningstar Global Technology Index falling 5%. The fund has gained 16.72% year to date but fell 12.30% last month.

The Morgan Stanley US Growth Fund fell 10.99% in November, worse than the average US large-cap growth equity fund’s loss of 2.67%. The fund has climbed 10.92% year to date and gained 0.69% on an annualized basis over the past five years. Its benchmark is the Morningstar US Large-Mid Cap Broad Growth Index.

The Morgan Stanley Funds (UK) US Advantage Fund lost 9.67% in November, outperforming the average fund in its category which fell 2.67%. The fund has gained 10.64% year to date and has an annualized gain of 0.63% over the past five years. Its benchmark is the Morningstar US Large-Mid Cap Broad Growth Index.

The Amova ARK Disruptive Innovation Fund fell 9.54% in November, worse than the 1.50% loss on average in the US flex-cap equity category. The fund has risen 28.76% year to date and has dropped 5.72% over the past five years, compared to the category’s 7.62% annualized gain.

The Liontrust Global Technology Fund declined 9.53% in November, worse than the average equity technology fund’s 5.87% loss. The fund has climbed 18.49% year to date and has a 15.81% annualized gain over the past five years. Its benchmark is the Morningstar Global Technology Index.

The Morgan Stanley US Advantage Fund fell 9.48% in November, outperforming the average fund in the US large-cap growth equity category. The fund has risen 9.93% year to date and has a 0.69% annualized gain over the past five years. Its benchmark is the Morningstar US Large-Mid Cap Broad Growth Index.

The Hyperion Global Growth Companies Fund lost 8.92% in November, worse than the average global large-cap growth equity fund. The fund has placed in the 99th percentile for performance and has fallen further than its benchmark, the Morningstar Global Growth Target Market Exposure Index.

The T. Rowe Price Funds OEIC Global Technology Equity Fund fell 8.29% in November, worse than the average equity technology fund. The fund has risen 16.55% year to date and has a 5.21% annualized gain over the past five years. Its benchmark is the Morningstar Global Technology Index.

The SVS Aubrey Global Conviction Fund lost 8.25% in November, worse than the average fund in the global flex-cap equity category. The fund has gained 7.81% year to date and has climbed 2.47% over the past five years on an annualized basis. Its benchmark is the Morningstar Global All Cap Target Market Exposure Index.

The T. Rowe Price Funds SICAV – Global Technology Equity Fund fell 8.02% in November, worse than the average equity technology fund. The fund has risen 18.06% year to date and has a 5.54% annualized gain over the past five years. Its benchmark is the Morningstar Global Technology Index.

Read more at Morningstar: The Worst-Performing Funds in November 2025