ii Super 60 performance review: Q2 2025
Discover how interactive investor’s rated funds performed in the three months to the end of June.
14th July 2025 11:44
Performance of the funds on the Super 60 ranged between +17.67% and -6.35% over the quarter. Strength in small-cap equities (ex the US) and growth stocks, led by the IT sector, were the main positives, while areas such as energy, healthcare and Chinese equities suffered.
A general improvement in investor sentiment in the UK was reflected in narrowing investment trust discounts over the quarter and resulted in the top five performing funds on the list (in market return terms) all being investment trusts.
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The European Smaller Companies Trust PLC (LSE:ESCT)topped the performance list for the quarter with a share price return of 17.67% on the back of a net asset value (NAV) return of 14.85%. With the disruption caused by the activist investor Saba behind it, the trust performed well through a combination of a tailwind from the strength of European small-caps, and the strength of the investment process, which produced outperformance against the MSCI Europe ex-UK Small-Cap Index.
Manager Ollie Beckett has been at the helm here since 2011 and has shown considerable success through identifying stocks that are mis-priced relative to their cash generation. Over the quarter names such as R&S Group, IONOS Group and Alzchem Group produced greater than 50% returns in sterling terms.
With a share price return of 17.5% (NAV return 14.56%) the next best performer was TR Property Ord (LSE:TRY). This is a portfolio of primarily pan-European property equities, with just a small allocation to UK physical property. The European REIT market rebounded strongly over the last quarter, while TR Property added further value by outperforming REIT indices. Attribution versus the Morningstar DM Europe REIT Index showed particularly positive contributions from the underweight to Segro (LSE:SGRO) and exposure to names such as TAG Immobilien AG (XETRA:TEG) and Vonovia SE (XETRA:VNA).
JPMorgan Japanese Ord (LSE:JFJ) is a recent addition to the Super 60 list and produced a share price return of 16.37% over the quarter. Nicholas Weindling has managed this strategy since December 2007 and is supported by a well-resourced investment team.
This is a growth-biased fund and the portfolio's average expected growth and return on equity, as well as the portfolio's valuation, have consistently been markedly higher than those of the TOPIX benchmark. Over the quarter, the growth bias was a significant tailwind, but the fund produced stronger performance than growth-biased indices as well as the mainstream benchmark.
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Two funds with significant UK small-cap exposure also appear on the top five performers list due to the strength of that part of the UK equity market. Diverse Income Trust Ord (LSE:DIVI) posted a share price return of 14.52% over the quarter. The aim of this strategy is to provide investors with an attractive and growing income, together with capital growth over the longer term.
To achieve this, the managers invest across the market-cap spectrum, with significant exposure to smaller-cap stocks and to the AIM market. The trust is managed by the highly experienced Gervais Williams and Martin Turner, both of whom have expertise in the small-cap space.
Fidelity Special Values Ord (LSE:FSV) produced a share price return of 15.70% and again the manager invests across the market-cap range including small-caps where he has significant experience. He also 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-orientated approach has seen success over time. Positives over the quarter included holdings in H&T Group (LSE:HAT) and Babcock International Group (LSE:BAB), which returned more than 55%.
With a negative return of 6.35%, the WisdomTree Enhanced Commodity ETF - USD Acc GBP (LSE:WCOB) was the worst performer on the list. This exchange-traded fund (ETF) provides investors with exposure to four broad commodity sectors (energy, agriculture, industrial metals, and precious metals) plus up to 5% in bitcoin. Recent performance has tended to fluctuate with moves in the energy price where the fund has a large allocation, and this is reflected in a loss over the last quarter on the back of a weakening oil price.
GQG Partners Global Equity was the next worst performer with a negative 6.26% 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, which has hurt performance.
Overall, the strategy has proved its worth since its 2017 launch, outperforming the MSCI ACWI through protecting in weaker markets and generally keeping up with market performance in stronger periods.
The weakness in the Chinese equity market saw the HSBC MSCI China ETF GBP (LSE:HMCH) that tracks the mainstream index in China fall 3.82%.
The actively managed China trust, Fidelity China Special Ord (LSE:FCSS), also showed a negative return of 2.00% in share price terms but was flat on an NAV basis. The trust invests in undervalued companies that have good longer-term industry dynamics and competitive advantages. Versus the MSCI China Index, there is a clear bias to mid- and small-cap companies, and this was a benefit over the quarter.
The final fund on the underperformers’ list is a fixed-income fund, M&G Emerging Markets Bond, which produced a negative 1.03% return. The fund invests across local and hard currency debt and EM corporate bonds and therefore provides investors with a single solution for emerging markets debt exposure.
Relative to the market, the fund has shown good longer-term performance, outpacing its composite benchmark which reflects the fund’s asset allocation.
Top five Super 60 funds in Q2 2025
| Group/Investment | 3 months | YTD | 1 year | 3 years | 5 years |
| The European Smaller Companies Trust PLC (LSE:ESCT) | 17.67 | 23.97 | 21.93 | 65.63 | 128.65 |
| TR Property Ord (LSE:TRY) | 17.50 | 10.54 | 13.82 | 5.27 | 25.24 |
| JPMorgan Japanese Ord (LSE:JFJ) | 16.37 | 16.16 | 23.27 | 60.20 | 27.61 |
| Fidelity Special Values Ord (LSE:FSV) | 15.70 | 19.21 | 25.87 | 53.74 | 125.12 |
| Diverse Income Trust Ord (LSE:DIVI) | 14.52 | 17.37 | 27.53 | 29.06 | 57.37 |
Source: Morningstar - Total Return for OE / Market Return for CE - (GBP) to 30/06/2025. Past performance is not a guide to future performance.
Bottom five Super 60 funds in Q2 2025
| Group/Investment | 3 months | YTD | 1 year | 3 years | 5 years |
| M&G Emerging Markets Bond GBP I Acc | -1.03 | -1.02 | 2.80 | 22.13 | 8.50 |
| Fidelity China Special Ord (LSE:FCSS) | -2.00 | 16.46 | 27.30 | -2.57 | 2.89 |
| HSBC MSCI China ETF GBP (LSE:HMCH) | -3.82 | 16.70 | 23.42 | -1.20 | -3.23 |
| GQG Partners Global Equity I GBP Acc | -6.26 | -9.95 | -11.64 | 26.40 | 57.71 |
| WisdomTree Enhanced Cmdty UCITS ETF USD GBP (LSE:WCOG) | -6.35 | -5.02 | -3.29 | -5.85 | 9.15 |
Source: Morningstar - Total Return for OE / Market Return for CE - (GBP) to 30/06/2025. Past performance is not a guide to future performance.
Top five Super 60 funds for a five-year period
| Group/Investment | 3 months | YTD | 1 year | 3 years | 5 years |
| The European Smaller Companies Trust PLC (LSE:ESCT) | 17.67 | 23.97 | 21.93 | 65.63 | 128.65 |
| GS India Equity I Inc GBP | 3.90 | -8.74 | -4.62 | 47.85 | 127.19 |
| Fidelity Special Values Ord (LSE:FSV) | 15.70 | 19.21 | 25.87 | 53.74 | 125.12 |
| Jupiter Merian North Amer Eq I GBP Acc | 6.31 | -3.60 | 7.00 | 46.38 | 91.85 |
| Man Japan CoreAlpha Profl Acc C | 2.80 | 3.32 | 9.15 | 44.97 | 90.91 |
Source: Morningstar - Total Return for OE / Market Return for CE - (GBP) to 30/06/2025. Past performance is not a guide to future performance.
Bottom five Super 60 funds for a five-year period
| Group/Investment | 3 months | YTD | 1 year | 3 years | 5 years |
| PIMCO GIS GlInGd Crdt Instl GBPH Acc | 1.86 | 3.93 | 7.39 | 15.65 | 1.48 |
| Vanguard LifeStrategy 20% Eq A Grs Acc | 2.47 | 2.77 | 4.99 | 8.88 | 0.97 |
| HSBC MSCI China ETF GBP (LSE:HMCH) | -3.82 | 16.70 | 23.42 | -1.20 | -3.23 |
| Vanguard Glb Bd Idx £ H Acc | 1.51 | 2.92 | 5.77 | 7.28 | -4.53 |
| Vanguard UK Govt Bd Idx £ Dist | 1.03 | 1.46 | 0.15 | -12.81 | -31.56 |
Source: Morningstar - Total Return for OE / Market Return for CE - (GBP) to 30/06/2025. Past performance is not a guide to future performance.
Most-bought Super 60 funds in Q2 2025
| iShares Physical Gold ETC GBP (LSE:SGLN) |
| Vanguard LifeStrategy 80% Equity |
| Scottish Mortgage Ord (LSE:SMT) |
| City of London Ord (LSE:CTY) |
| Vanguard LifeStrategy 60% Equity |
Most-sold Super 60 funds in Q2 2025
| Scottish Mortgage Ord (LSE:SMT) |
| iShares Physical Gold ETC GBP (LSE:SGLN) |
| Fundsmith Equity I Acc |
| Vanguard LifeStrategy 80% Equity |
| City of London Ord (LSE:CTY) |
Changes to the Super 60 list (under review/developments)
Removals:Bankers Ord (LSE:BNKR), removal of Janus Henderson European Select Opportunities.
Inclusion:JPM Europe Dynamic (ex-UK) C Net Acc
Super 60 videos in Q2
Capital Gearing
- Navigating tariff turmoil and investment trust opportunity
- Four investment trust bargains, and two big risks facing markets
JPMorgan Japanese
Fidelity Special Values
Invesco Sterling Bond
The Super 60 investments list is selected and managed by our independent research partner Morningstar and reviewed by our in-house investment experts to help narrow down the wide choice of available investment products. We believe it represents a set of high-quality choices, across different asset classes, regions, and investment types.
However, you should note that the selection of Super 60 investments list is not a ‘personal recommendation’. This means we have not assessed your investment knowledge, your financial situation (including your ability to bear losses), your investment objectives, your risk tolerance, or your sustainability preferences.
You should ensure that any investment decisions you make are suitable for your personal circumstances, and if you are unsure about the suitability of a particular investment or think you need a personal recommendation, you should speak to a suitably qualified financial adviser.
The past performance of an investment is not a reliable indicator of future results, and ii does not guarantee or predict the future performance of the Super 60 investments list as a whole or the constituent investments.
Risk Warning(s)
The value of your investments may go down as well as up. You may not get back all the money that you invest.
Investing in emerging markets involves different risks from developed markets, in many cases the risks are greater.
The value of international investments is affected by currency fluctuations which might reduce their value in sterling.
Disclosure(s)
All funds listed are the Accumulation version of the fund, where available, where any income generated within the fund is reinvested automatically. Income versions of these funds may also be available for investors looking for income generated to be paid directly into their account.
Annual performance can be found on the factsheet of each fund, trust or ETF. Simply click on the asset’s name and then the performance tab.
Any changes to the Super 60 investments list and the rationale behind those decisions will be communicated through the Quarterly Investment Review.
Details of all Super 60 recommendations issued by ii during the previous 12-month period can be found here.
ii adheres to a strict code of conduct. Members of ii staff may have holdings in one or more Super 60 investments, which could create a conflict of interest. Any member of staff involved in the development of research about any financial instrument in which they have an interest are required to disclose such interest to ii. We will at all times consider whether such interest impairs the objectivity of the recommendation.
In addition, staff involved in the production of the Super 60 investments list are subject to a personal account dealing restriction. This prevents them from placing a transaction in the specified instrument(s) for five working days before and after an investment is included or amended and made public within the Super 60 investments list. This is to avoid personal interests conflicting with the interests of investors in the Super 60 investments.
These articles are provided for information purposes only. Occasionally, an opinion about whether to buy or sell a specific investment may be provided by third parties. The content is not intended to be a personal recommendation to buy or sell any financial instrument or product, or to adopt any investment strategy as it is not provided based on an assessment of your investing knowledge and experience, your financial situation or your investment objectives. The value of your investments, and the income derived from them, may go down as well as up. You may not get back all the money that you invest. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser.
Full performance can be found on the company or index summary page on the interactive investor website. Simply click on the company's or index name highlighted in the article.