Which funds have passed the consistency test?
Saltydog Investor applies its demanding 6x6 test, with mixed results.
11th May 2026 13:54
by Douglas Chadwick from ii contributor
Three months have passed since our last 6×6 report and markets have experienced one of the most volatile periods of recent years.
The US-led attacks on Iran triggered a sharp global sell-off in March.
Stock markets around the world fell heavily as investors worried about further escalation in the Middle East, disruption to oil supplies, and the possibility of a broader regional conflict.
However, markets recovered strongly in April following the ceasefire agreement between the US and Iran. Although the ceasefire remains fragile, the rebound was sufficient to lift many sectors sharply higher before the end of the latest six-month period.
At Saltydog Investor, we focus on providing data-led insights to help DIY investors navigate an ever-changing fund landscape.
Much of our weekly commentary concentrates on shorter-term trends, from one week to six months.
However, we also recognise the value of identifying funds that have performed well over a longer timeframe. That is why, every three months, we conduct our in-depth 6×6 analysis.
For this review, we examine all the funds that we monitor each week.
We look for those that have risen by 5% or more in each of the last six consecutive six-month periods. In effect, it is a test of consistency across three years. It is a demanding hurdle.
Often, only a handful of funds make the grade. Sometimes none do.
This time, no funds achieved the elusive six out of six.
That is a sharp contrast with three months ago, when nine funds achieved the 5% target in all six periods.
If you go back six months, which is probably a more meaningful comparison because five of the six-month periods are unchanged, then Ranmore Global Equity D GBP (BV8GHL6) was the only fund to meet the target on all occasions.
Over the latest six-month period it has dropped by 2.2%.
Although no funds achieved six out of six, 21 funds still managed to rise by 5% or more in five of the six periods. Given the volatility seen in recent months, that is still an impressive result.
Here are the top 10, based on their performance over the last six months.
| Saltydog Investor 6x6 Report - May 2026 | May 23 | Nov 23 | May 24 | Nov 24 | May 25 | Nov 25 | 1 year | 2 year | 3 year |
| to | to | to | to | to | to | return | return | return | |
| Oct 23 | April 24 | Oct 24 | April 25 | Oct 25 | April 26 | ||||
| Polar Capital Global Tech Inc GBP (3077238) | 12.1% | 27.1% | 10.8% | -7.7% | 81.1% | 32.9% | 141% | 146% | 250% |
| WS Ruffer Gold C Acc (B8510Q9) | -8.6% | 26.1% | 18.9% | 14.7% | 64.8% | 31.8% | 117% | 196% | 241% |
| BlackRock Gold and General A Acc (0585239) | -11.8% | 15.2% | 21.6% | 15.1% | 50.1% | 24.6% | 87% | 162% | 166% |
| SVS Baker Steel Gold&Precious Mtls B Acc (BNGMZG1) | -14.9% | 20.4% | 28.4% | 5.9% | 76.7% | 22.2% | 116% | 194% | 201% |
| Ninety One Global Gold B Inc GBP (BVLL558) | -12.7% | 15.7% | 17.9% | 16.0% | 58.5% | 18.7% | 88% | 157% | 160% |
| WS Morant Wright Nippon Yield B Acc (B42MKS9) | 11.2% | 15.9% | -0.7% | 9.5% | 20.2% | 18.0% | 42% | 54% | 99% |
| Artemis Global Income I Inc (B5N9956) | 4.9% | 23.5% | 6.3% | 11.7% | 30.1% | 17.8% | 53% | 82% | 136% |
| WS Morant Wright Japan B Acc (3301012) | 11.4% | 16.4% | -1.6% | 12.2% | 19.3% | 16.5% | 39% | 53% | 99% |
| Fidelity Japan W Acc (B882N04) | 5.3% | 12.6% | -4.5% | 9.2% | 24.8% | 12.4% | 40% | 46% | 73% |
| Liontrust Global Technology C GBP Acc (BYXZ5N7) | 7.8% | 39.1% | 7.5% | -11.1% | 60.1% | 12.4% | 80% | 72% | 158% |
| Data source: Morningstar |
What is particularly interesting is the mix of funds now dominating the table.
At the top of the table is the Polar Capital Global Technology fund, which delivered returns of 12.1%, 27.1%, 10.8%, -7.7%, 81.1%, and 32.9% across the six periods.
Although it did fall during the recent market turmoil, it still finished the latest six-month window up by nearly 33%. Over three years it has risen by 250%.
Another technology fund, Liontrust Global Technology, is in 10th place. T. Rowe Price Global Tech Eq C Acc (BD446K0) also hit the benchmark five out of six times but did not quite make the top 10.
The strongest challenge to technology came from a very different part of the market – gold and precious metals.
WS Ruffer Gold, BlackRock Gold & General, SVS Baker Steel Gold & Precious Metals, and Ninety One Global Gold all achieved gains of 5% or more in five of the six periods. Their three-year returns range from 160% to 241%.
At first glance, it might seem unusual to see technology and gold funds appearing side by side. They are not sectors that investors would normally associate closely with one another.
Technology is typically linked with growth, innovation, and risk appetite, while gold tends to benefit from uncertainty and defensive positioning.
However, two themes have been running in tandem.
Rapid advances in artificial intelligence and digital infrastructure have driven demand for technology shares, while geopolitical instability, inflation concerns, and central bank uncertainty have supported gold prices.
Interestingly, if you had held equal amounts in the two leading funds, Polar Capital Global Technology and WS Ruffer Gold, they would have produced a combined return of more than 5% in all six periods.
Other winners
The Japanese sector also features prominently.
WS Morant Wright Nippon Yield, WS Morant Wright Japan, and Fidelity Japan all appear in the top ten. Japanese equities have continued to benefit from improving corporate governance, shareholder-friendly reforms, and a weaker yen.
The Artemis Global Income fund also deserves a special mention. It is the only fund in the table that has risen in each period, and if it had gained a further 0.1% in the first six months, it would have been the only fund scoring six out of six.
The key point is that consistency is often closely tied to prevailing market conditions. Even during highly volatile periods, some themes continue to show remarkable resilience. In the current environment, that resilience has come from a combination of technology, gold, and Japan.
The 6×6 report highlights funds that have demonstrated sustained progress across multiple rolling periods. Although no fund managed a perfect six out of six this time, several have shown an ability to recover quickly from short-term setbacks. In uncertain markets, those may prove to be some of the closest things investors can find to all-weather funds.
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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.