Key Takeaways
- Barings Korea, the top-performing fund, was up 25% last month, following a 74% gain in 2025; this was the best start to the year for the fund since 1998.
- BlackRock Gold and General was the largest fund among the top 10 performers with a fund size of more than £2 bllion.
- Eight out of the top 10 performers come from the equity precious metals Morningstar Category.
Each month we check in on the best and worst performing funds of the 3,000 available to UK investors with a Morningstar Medalist Rating.
Gold equity funds were the best-performing category in 2025 and started 2026 strongly as the price of the precious metal soared to new records, before sliding at the end of the month.
Barings Korea was the best-performing fund in January, gaining more than 25%. The only other Korea equity fund in the top 10 was JPM Korea Equity, which rose by nearly 22%.
The Barings Korea fund’s January gain marked its best start to the year since 1998, when it rallied 59.25%.
The Morningstar Korea Index is up 115% over one year in US dollars, 116% in Korean won and around 96% in GBP.
“South Korea sits at the heart of the global tech supply chain, particularly in semiconductors, displays and memory,” says Daniela Hathorn, senior market analyst at Capital.com
“Companies like Samsung are critical suppliers of advanced components used across smartphones, data centres, AI infrastructure and consumer electronics,” she adds.
Bank of America analysts say the Korean economy is exposed to the semiconductor “supercycle”, which is expected to drive export growth in 2026. But they warn of tariff risks from the United States.
The Best-Performing UK Funds in January 2026
Barings Korea Trust
- Morningstar Category: Korea Equity
- Morningstar Medalist Rating: Neutral
- Ongoing Charge: 0.96%
The £155.2 million Barings Korea Trust rose 25.42% in January, following on from a gain of 74.01% in 2025.
Over the past three years, the Barings fund rose 24.38%. Over the past five years, the fund has climbed 9.0%.
YFS Charteris Gold and Precious Metals Fund
- Morningstar Category: Equity Precious Metals
- Morningstar Medalist Rating: Negative
- Ongoing Charge: 1.44%
The £50.6 million YFS Charteris Gold and Precious Metals Fund rose 24.23% in January, following on from a gain of 165.41% in 2025.
Over the past three years, the Charteris fund rose 42.82%. Over the past five years, the fund has climbed 16.61%.
Orion Resource Equities Fund
- Morningstar Category: Equity Natural Resources
- Morningstar Medalist Rating: Neutral
- Ongoing Charge: 0.35%
The £129.4 million Orion Resource Partners ICAV - Orion Resource Equities Fund was launched in Dec. 2023. The fund rose 22.57% in January after an increase of 86.75% in 2025.
JPMorgan Korea Equity Fund
- Morningstar Category: Korea Equity
- Morningstar Medalist Rating: Neutral
- Ongoing Charge: 1.81%
The £2.1 billion JPMorgan Funds - Korea Equity Fund was launched in May 2008. The fund gained by 21.69% in January and 73.01% in 2025.
SVS Baker Steel Gold and Precious Metals Fund
- Morningstar Category: Equity Precious Metals
- Morningstar Medalist Rating: Bronze
- Ongoing Charge: 1.28%
The £116.7 million SVS Baker Steel Gold and Precious Metals Fund rose 20.72% in January, following on from an increase of 184.90% in 2025.
Over the past three years, the Baker Steel Capital Managers fund rose 56.53%. Over the past five years, the fund has climbed 29.02%.
Jupiter Gold & Silver Fund
- Morningstar Category: Equity Precious Metals
- Morningstar Medalist Rating: Bronze
- Ongoing Charge: 1.01%
The £2.7 billion Jupiter Gold & Silver Fund rose 20.34% in January and 169.48% in 2025. Over the past three years, the Jupiter fund rose 53.01%. Over the past five years, the fund has climbed 26.6%.
SVS Baker Steel Electrum Fund
- Morningstar Category: Equity Natural Resources
- Morningstar Medalist Rating: Neutral
- Ongoing Charge: 1.35%
The £83.8 million SVS Baker Steel Electrum Fund rose 19.71% in January and this followed an increase of 101.19% in 2025. Over the past three years, the Baker Steel Capital Managers fund rose 27.09%. The fund was launched in April 2022.
Quilter Investors Precious Metals Equity Fund
- Morningstar Category: Equity Precious Metals
- Morningstar Medalist Rating: Neutral
- Ongoing Charge: 0.85%
The £602 million Quilter Investors Precious Metals Equity Fund rose 19.56% in January. In 2025, the fund posted gains of 142.91%.
Over the past three years, the Quilter Investors fund rose 47.49%. Over the past five years, the fund has climbed 25.85%.
BlackRock Gold & General Fund
- Morningstar Category: Equity Precious Metals
- Morningstar Medalist Rating: Bronze
- Ongoing Charge: 1.16%
The £2.2 billion BlackRock Gold & General Fund rose 19.41% in January, after a rise of 147.34% in 2025. Over the past three years, the BlackRock fund rose 48.95%. Over the past five years, the fund has climbed 26.08%.
SVS Sanlam Global Gold & Resources Fund
- Morningstar Category: Equity Precious Metals
- Morningstar Medalist Rating: Neutral
- Ongoing Charge: 0.78%
The £56.3 million SVS Sanlam Global Gold&Resources Fund rose 18.33% in January and 155.35% in 2025. Over the past three years, the Ninety One fund rose 45.08%. Over the past five years, the fund has climbed 23.9%.
