ii Super 60 performance review 2025

Performance of the funds on the Super 60 ranged between +53.6% and -11.2% over the year. Key drivers of positive returns were exposure to the strongly performing equity markets of Europe and China, and to gold.

Particular weakness was seen from equities in India, while the US also lagged and at the sector level, the consumer sectors fared worst.

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Reflecting uncertainty in global markets, reduced demand for the US dollar and increased central bank buying, gold saw significant price gains over 2025. The iShares Physical Gold ETC GBP (LSE:SGLN), which aims to track the gold spot price as valued by the London Bullion Market Association, benefited from the strength of the commodity price with a gain of 53.6% over the year.

Next on the list of top-performing funds are two investment trusts from Fidelity, which benefited from strong underlying performances from the Chinese and UK equity markets, but also from improved investor sentiment towards those markets which caused share prices to move up more than the underlying net asset values (NAVs). 

Fidelity China Special Situations Ord (LSE:FCSS) showed a share price return of 40.2% (NAV return 25.8%). The trust invests in undervalued companies that have good longer-term industry dynamics and competitive advantages. Dale Nicholls has managed the trust since April 2014 and benefits from an analyst team of more than 50 researching Asian equities, with a significant presence in China. Versus the MSCI China Index, there is a clear bias to mid- and small-cap companies, which was a benefit over the year and caused the trust to outperform even on an NAV basis.

Fidelity Special Values Ord (LSE:FSV) produced a share price return of 37.2% and an NAV return of 27.8%. The manager invests across the market-cap range including small-caps, where he has significant experience and benefits from the extensive research resources of the Fidelity group. The process looks to identify unloved companies that have the potential to recover based on factors such as a business model/corporate change or industry cycles and this value-oriented approach has seen success over time. The value style was a positive over the year, and, despite the small-cap bias detracting, the trust outperformed the mainstream FTSE All-Share index in NAV and share price returns.

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The next fund on the outperformers’ list benefited from strong returns from European equities. JPM Europe Dynamic (ex-UK) C Net Acc follows an established quantitative model which forms the core of the stock selection approach and uses various factors to identify stocks with attractive quality, value and/or momentum characteristics. The output from the model is assessed and potentially amended by the experienced management team, drawing on the research of the well-resourced International Equity Group and external sources. Over the year, the fund outperformed its FTSE AW Developed Europe ex-UK benchmark and was up 33.3%.

Rounding out the top five performers is Utilico Emerging Markets Ord (LSE:UEM). This trust provides lower-risk exposure to emerging markets through investments in infrastructure-related companies and also pays a quarterly dividend. NAV returns over the year were behind the MSCI EM Index as would be expected from this more defensive portfolio, but were nonetheless strong at 19.5%, while the share price return benefited from improved investor sentiment and stood at 31.3%.

Turning to the weaker performers on the Super 60, the lowest returns were seen by GS India Equity I Inc GBP, which lost 11.2% over the year. The fund benefits from a robust bottom-up research process supplemented by the team’s expertise helps them identify mispriced opportunities, especially among small- and mid-cap names, which account for roughly 40-50% of the portfolio. This structural positioning was a negative over the year and, together with some weakness in stock selection, caused the underperformance seen. However, such positioning has yielded meaningful alpha over the years, albeit with increased volatility.

GQG Partners Global Equity I GBP Acc was the next worst performer with a negative 9.2% return. The fund is managed by the highly experienced Rajiv Jain who has a flexible approach, focused on medium-term, predictable growth. The manager is not afraid to back his conviction and make sizeable portfolio changes and this has been the case recently, with a significant move to a defensive stance in 2025 based on concerns of an investment bubble around AI. This shift hurt performance in 2025, but, despite the recent weakness, the strategy has proved its worth since its mid-2017 launch outperforming the MSCI ACWI.

Two other funds with stable-growth biases are also found on the bottom performer list, although both of these funds are persistently managed in this style. WS Lindsell Train UK Equity Acc invests in what the manager believes are high-quality, cash-generative, strong, and easily understood business franchises. The portfolio is skewed towards industrials, consumer staples, IT and communication services, and is highly concentrated. Over the year, the fund showed severe underperformance with a negative return of 7.2%. Part of this weakness reflects the stable-growth style, but attribution shows very significant weakness in stock selection with the large overweights to underperformers such as London Stock Exchange Group (LSE:LSEG), Diageo (LSE:DGE) and Rightmove (LSE:RMV) dragging returns down. The fund’s style and the concentrated nature of the portfolio have caused weak returns over the medium term, but the manager has shown significant outperformance in the past when market conditions have been more favourable.

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Fundsmith Equity I Acc posted a return, which was just positive at 0.9%. The manager’s stable-growth approach to investing in global equities has been out of favour and has meaningfully contributed to the returns seen over recent years, which are generally in line with those of competitor funds operating similar processes. That said, there have been some stock-specific issues which have exacerbated the underperformance over the year, with names such as Novo Nordisk AS ADR (NYSE:NVO), Automatic Data Processing Inc (NASDAQ:ADP) and Fortinet Inc (NASDAQ:FTNT) all showing significantly negative share price performance. Over the longer term, the success of the strategy is clear to see with substantial outperformance of the MSCI ACWI.

The final fund to comment on is WS Amati UK Listed Smaller Coms B Acc, which showed a loss of 0.4% over the year. The fund invests across AIM and FTSE 250 stocks and exposure to the former has held back returns, with this being one of the weakest areas within the UK market. This fund has been placed Under Review to allow investigation into the recent team and corporate change, which may impact our conviction in this product.

Top five Super 60 funds in 2025

Source: Morningstar - Total Return for OE/Market Return for CE - (GBP) to 31/12/2025. Past performance is not a guide to future performance.

Bottom five Super 60 funds in 2025

Source: Morningstar - Total Return for OE/Market Return for CE - (GBP) to 31/12/2025. Past performance is not a guide to future performance. 

Top five Super 60 funds for a five-year period

Source: Morningstar - Total Return for OE/Market Return for CE - (GBP) to 31/12/2025. Past performance is not a guide to future performance. 

Bottom five Super 60 funds for a five-year period

Source: Morningstar - Total Return for OE/Market Return for CE - (GBP) to 31/12/2025. Past performance is not a guide to future performance. 

Most-bought Super 60 funds in 2025

Most-sold Super 60 funds in 2025

Changes to the Super 60 list (under review/developments)

• Removal of M&G Emerging Markets Bond Fund, Inclusion of PIMCO Emerging Markets Bond Fund
• Under Review: Amati UK Listed Smaller Companies was put under review on 17 December 2025 (it is the only fund under review)
• Super 60 annual review changes will be published at the end of January.

Super 60 videos in Q4

City of London
City of London: the UK shares still offering value
City of London: the stocks powering our dividend growth

Fidelity Global Dividend
Four UK stocks we own – and how we differ from a global tracker
How we build a defensive buffer and three new buys in 2025