Investment trust winners and losers in 2025

It has been another disruptive year for the investment trust sector, with a frenzy of merger activity, many a strategic review and plenty a tussle with activist investors such as Saba. But investment trusts have made substantial returns amid the chaos.

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If open-ended funds have done well to capture the market gains of 2025, trusts have done even better. More than half the 49 sectors monitored by the Association of Investment Companies (AIC) have made an average share price total return of at least 10% for 2025 as of 18 December, with the high-flyers posting especially large gains.

As our table shows, the average trust in the Commodities and Natural Resources sector has returned more than 50%, while the average China trust is sitting on a 37% gain. There has been a wide spread of good returns, with trusts focused on Japan, Europe and emerging markets also making big gains.

Source: FE Analytics. Past performance is not a guide to future performance.

It’s worth noting that some specialist trusts with huge returns are not in the table. We have excluded those sectors that include just one fund, meaning the 51.6% return from BlackRock Latin American Ord (LSE:BRLA), the 45.8% gain from Tritax Big Box Ord (LSE:BBOX) and the 38.8% return from Ecofin Global Utilities & Infra Ord (LSE:EGL) are not captured here.

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But if we drill down into the data for individual trusts, it’s clear that all manner of different portfolios have had a rewarding 2025.

The top names

We noted yesterday that portfolios with a focus on commodities, and gold in particular, had dominated the list of best-performing open-ended funds for the year. Commodity plays certainly make their presence felt in the trust space too, but the list of top performers is much more diverse.

Golden Prospect Precious Metal (LSE:GPM) has had a stunning return to form, with the shares returning more than 150%, while former Saba Capital target CQS Natural Resources G&I Ord (LSE:CYN) has made around 85%.

The diversified commodity play BlackRock World Mining Trust Ord (LSE:BRWM), whose manager Olivia Markham recently spoke to interactive investor about the outlook for gold, is also in the list.

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Many of the other names have seen a strong showing for their sector of choice.

Seraphim Space Investment Trust Ord (LSE:SSIT) has had another year of very strong returns, with a combination of improving fundamentals and growing excitement around the themes of space and defence boosting the shares.

The trust’s portfolio valuation increased in the third quarter of 2025, with an update noting that roughly half the portfolio had a “robust cash runway”. But it’s still a volatile and concentrated fund, with top holding ICEYE representing almost 35% of assets.

Source: FE Analytics. Past performance is not a guide to future performance.

With tech performing well another racy play, Molten Ventures Ord (LSE:GROW), which holds names such as Revolut, makes the list with a 55.1% return. The fund has certainly been through some trying times, having lost around 65% in 2022 and a further 21.6% in 2023.

Other funds operating in resurgent sectors, BlackRock Latin American Ord (LSE:BRLA), Fidelity Emerging Markets Ord (LSE:FEML) and International Biotechnology Ord (LSE:IBT), also make the list.

It’s worth noting a couple of unusual examples in the table. Gresham House Energy Storage Ord (LSE:GRID) has delivered a huge return in 2025, having suffered heavy losses in both 2024 and 2023.

There are a few potential explanations for the recovery: the trust, which suspended its dividend in 2024 in the face of slumping revenues, has been making attempts to get back on track. The trust’s 2025 interim report pointed to improved visibility around its revenues and good progress on its three-year recovery plan.

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Other factors might be at play here. The trust’s shares could simply have staged a recovery from very depressed levels. Meanwhile, the fact that rival fund Harmony Energy Income was bought out this year might have some investors hoping the same happens for the Gresham House fund.

UK smaller companies play Marwyn Value Investors (LSE:MVI) has also had a good year, although this is another risky option. Top holding Zegona Communications (LSE:ZEG) accounted for 30% of the fund alone at the end of September.

Struggling trusts

Not all markets have had a great year, and this is reflected in investment trust returns. US smaller companies fell out of favour this year and the two trusts focused here had a rough time: Brown Advisory US Smaller Companies Ord (LSE:BASC) shareholders are down by almost 3%, with JPMorgan US Smaller Companies Ord (LSE:JUSC) investors taking a much more painful 15.5% hit.

Source: FE Analytics. Past performance is not a guide to future performance.

India trusts have also suffered, as we have seen in the open-ended space, while some niche property sectors struggled too.

The Renewable Energy Infrastructure sector may have delivered a small positive average total return but this masks some extremely mixed outcomes. If Gresham House Energy Storage is flying high, Aquila Energy Efficiency Trust Ord (LSE:AEET), Aquila European Renewables Ord (LSE:AERI), Ecofin US Renewables Infrastructure Ord (LSE:RNEW) and Hydrogen Capital Growth (LSE:HGEN) have each lost more than 35%. Those four names sit towards the bottom of the performance table for individual trusts.