ii Super 60 performance review: Q3 2025
Discover how interactive investor’s rated funds performed in the three months to the end of September.
15th October 2025 11:38
Performance of the funds on the Super 60 ranged between +31.34% and -6.40% over the quarter. Strength in Chinese, US small-cap equities and the IT, communication services and materials sectors were the main positives. Areas such as real estate, consumer staples, India and UK small-caps all produced negative returns.
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After some relative weakness in Q2, the top five performers list for the quarter was once again topped by Fidelity China Special Situations Ord (LSE:FCSS), which outpaced another top performer, HSBC MSCI China ETF GBP (LSE:HMCH)(+22.30%), which tracks the mainstream index in China.
The Fidelity investment trust showed a share price return of 31.34%, which reflected a significant boost from the discount narrowing (net asset value (NAV) return 21.60%). 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 people 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 where the manager believes opportunities exist due to lack of coverage. Over the quarter, the small-cap bias was a clear tailwind relative to the mainstream index, which helped improve sentiment towards the trust and narrow the discount.
The next fund on the top performers list was the iShares Physical Gold ETC GBP (LSE:SGLN), which aims to track the gold spot price as valued by the London Bullion Market Association. The strength of the commodity price rise was reflected in the 18.80% rise in this fund over the quarter.
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Fidelity Asia invests in attractively valued companies that are well-managed industry leaders positioned to benefit from changes in industry dynamics. Over the quarter, it produced a return of 15.53%. This return was ahead of the Morningstar Asia ex-Japan TME Index, with stock selection in China being the main positive.
Man Japan CoreAlpha is the final fund on the list of top performers. The team responsible for this fund adopts a distinct value and contrarian bottom-up investment approach that is driven by a belief in mean reversion. Over the quarter, this large-cap-value style was in favour and helped the fund to a 14.22% return.
At the other end, the bottom five performers were led by WS Lindsell Train UK Equity with a negative return of6.40%. The fund 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 quarter, the fund underperformed the Morningstar UK All Cap TME Index. Attribution shows that while the sector allocation was a negative, most of the weakness was due to stock selection across a number of sectors, with the large positions in London Stock Exchange Group (LSE:LSEG) and Rightmove (LSE:RMV) being the largest stock-level detractors.
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.
GS India Equity I Inc GBP also saw a loss over the quarter, falling 4.87%. Despite the negative return, the fund outperformed its MSCI India IMI Index benchmark. 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. These positions have yielded meaningful alpha over the years but can increase volatility.
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TR Property Ord (LSE:TRY) produced a negative 4.33% share price return, with discount widening responsible for just over 100 basis points (bps) of that. The trust combines pan-European property equities, with a small allocation to UK physical property. Real estate was the worst-performing global sector over the quarter and this explains almost all the NAV weakness seen from this trust over the quarter.
WS Amati UK Listed Smaller Companiesshowed a loss of 2.63% over the quarter. The fund invests across AIM and FTSE 250 stocks, but tends to have a slightly smaller market-cap profile than its category peers. Weakness over an extended period has impacted the longer-term track record but the process still shows success versus peers over the longer term. Weakness this quarter versus the Morningstar UK Small Cap TME Index shows stock selection in industrials, IT and communication services as the main culprits.
The final fund on the underperformers list is the Vanguard UK Govt Bd Idx £ Dist, which produced a negative 0.78% return. The fund passively tracks the Bloomberg Barclays UK Government Float Adjusted Bond Index, with the relatively high duration impacting returns over the quarter as yields rose.
Top five Super 60 funds in Q3 2025
| 3 month (%) | YTD (%) | 1 year (%) | 3 years (%) | 5 years (%) | |
| Fidelity China Special Situations Ord (LSE:FCSS) | 31.34 | 52.95 | 54.34 | 62.47 | 12.54 |
| HSBC MSCI China ETF GBP (LSE:HMCH) | 22.30 | 34.44 | 46.71 | 5.06 | -2.53 |
| iShares Physical Gold ETC GBP (LSE:SGLN) | 18.80 | 35.25 | 33.72 | 19.79 | 11.47 |
| Fidelity Asia W Acc | 15.53 | 18.19 | 16.92 | 30.49 | 17.62 |
| Man Japan CoreAlpha Profl Acc C | 14.22 | 18.00 | 24.06 | 66.00 | 129.22 |
Source: Morningstar - Total Return for OE/Market Return for CE - (GBP) to 30/09/2025. Past performance is not a guide to future performance.
Bottom five Super 60 funds in Q3 2025
| Group/Investment | 3 month (%) | YTD (%) | 1 year (%) | 3 years (%) | 5 years (%) |
| Vanguard UK Govt Bd Idx £ Dist | -0.78 | 0.64 | -3.03 | 0.90 | -31.09 |
| WS Amati UK Listed Smaller Companies | -2.63 | 3.17 | -1.16 | 1.25 | -2.21 |
| TR Property Ord (LSE:TRY) | -4.33 | 5.76 | -5.35 | 25.85 | 15.82 |
| GS India Equity I Inc GBP | -4.87 | -13.19 | -11.69 | 18.92 | 88.76 |
| WS Lindsell Train UK Equity | -6.40 | -2.71 | -2.31 | 10.65 | 14.09 |
Source: Morningstar - Total Return for OE/Market Return for CE - (GBP) to 30/09/2025. Past performance is not a guide to future performance.
Top five Super 60 funds for a five-year period
| Group/Investment | 3 month (%) | YTD (%) | 1 year (%) | 3 years (%) | 5 years (%) |
| Fidelity Special Values Ord (LSE:FSV) | 6.90 | 27.44 | 29.02 | 80.44 | 159.36 |
| Man Japan CoreAlpha Profl Acc C | 14.22 | 18.00 | 24.06 | 66.00 | 129.22 |
| The European Smaller Companies Trust PLC (LSE:ESCT) | 3.81 | 28.70 | 25.04 | 91.05 | 110.89 |
| Vanguard FTSE UK Eq Inc Idx £ Acc | 7.50 | 20.06 | 18.92 | 59.63 | 109.65 |
| Man Income Professional Inc D | 3.94 | 15.64 | 15.52 | 66.56 | 108.71 |
Source: Morningstar - Total Return for OE/Market Return for CE - (GBP) to 30/09/2025. Past performance is not a guide to future performance.
Bottom five Super 60 funds for a five-year period
| Group/Investment | 3 month (%) | YTD (%) | 1 year (%) | 3 years (%) | 5 years (%) |
| PIMCO GIS GlInGd Crdt Instl GBPH Acc | 2.10 | 6.11 | 4.62 | 22.86 | 1.72 |
| WS Amati UK Listed Smaller Coms B Acc | -2.63 | 3.17 | -1.16 | 1.25 | -2.21 |
| HSBC MSCI China ETF GBP (LSE:HMCH) | 22.30 | 34.44 | 46.71 | 5.06 | -2.53 |
| Vanguard Glb Bd Idx £ H Acc | 1.26 | 4.21 | 2.62 | 13.72 | -4.14 |
| Vanguard UK Govt Bd Idx £ Dist | -0.78 | 0.64 | -3.03 | 0.90 | -31.09 |
Source: Morningstar - Total Return for OE/Market Return for CE - (GBP) to 30/09/2025. Past performance is not a guide to future performance.
Most-bought Super 60 funds in Q3 2025
Most-sold Super 60 funds in Q3 2025
Changes to the Super 60 list (under review/developments)
Removals: abrdn Global Smaller Companies Fund and Henderson Smaller Companies Trust.
Super 60 videos in Q3
None in this quarter.
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.