In November, the best-performing investment trust saw a 23% increase, while the worst performer dropped by 27%. Healthcare and biotechnology trusts excelled, with JPMorgan Emerging Europe, Middle East & Africa gaining 23%. Scottish Mortgage and 3i Group, the UK’s largest trusts, experienced losses. Of 200 trusts, 109 saw gains, with six increasing by double digits.

JPMorgan Emerging Europe, Middle East & Africa, formerly investing in Russian equities, rose 22.69% in share price but lost 1.27% in net asset value (NAV). Gold Fields contributed to the trust’s recovery, with its share price up 197% year to date. The trust’s shares are trading at a 316.80% premium to its NAV.

Biotechnology and healthcare trusts led in 2025, with five of the top 10 performers in these categories. The equity biotechnology sector saw a 38% year-to-date growth in GBP, outperforming the Morningstar Global Biotechnology Index, which increased by 18%. Of over 200 trusts, 109 rose in November, six by double digits.

In November, the worst performers included 3i Group, down 27.41% in share price terms. Private equity trusts, UK small-caps, and technology struggled. Scottish Mortgage was the sixth worst performer, the lowest among trusts rated by Morningstar’s analysts. 3i Group, the UK’s largest trust, traded at an 11.97% premium, down from over 50% previously.

Investment trusts provide exposure to illiquid assets like unlisted companies and niche sectors, using tools like gearing to enhance returns. Trusts trade on the London Stock Exchange, offering real-time pricing. Calculating trust performance involves tracking daily share prices and net asset values (NAV), which indicate whether trusts are favored by investors.

Read more at Morningstar: The Best and Worst Performing Investment Trusts in November 2025