In November, the best-performing investment trust saw a 23% increase in shares, while the worst performer experienced a 27% loss. Healthcare and biotechnology trusts excelled, with private equity, tech, and small-cap focused trusts lagging behind. Among the 200 trusts surveyed, 109 saw gains, with six achieving double-digit growth.

JPMorgan Emerging Europe, Middle East & Africa, previously known as JPMorgan Russian Securities, rebounded with a 23% increase in shares after suffering a 92% decline due to Russia’s invasion of Ukraine in 2022. The trust’s assets, including Gold Fields, have performed well, with the gold miner’s shares rising by 197% year-to-date.

2025 proved to be a strong year for biotechnology and healthcare trusts, accounting for five of the top 10 best performers. The average growth in the equity biotechnology category reached 38% year-to-date in GBP terms, outperforming the Morningstar Global Biotechnology Index by 20%.

The five best-performing investment trusts in November included JPMorgan Emerging Europe, Middle East & Africa, UIL Limited, Castelnau Group, CT UK High Income, and International Biotechnology. These trusts saw significant increases in share prices, with some outperforming their benchmarks and indices.

Private equity trusts, including the UK’s largest trust 3i Group, struggled in November, with a 27.41% decline in share price. Other categories that faced challenges included UK small-caps and technology trusts. Scottish Mortgage, the UK’s second-largest trust, was among the worst performers rated by Morningstar analysts.

Investment trusts offer exposure to illiquid assets and niche sectors, with the ability to use gearing for enhanced returns. Share prices trade at a discount or premium to the net asset value (NAV), reflecting investor sentiment. Tracking daily performance is easy, as investment trusts are public companies trading on the London Stock Exchange.

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