Morningstar

The Best-Performing Funds in November 2025

The gold price rally drives precious metals funds higher in November.

Illustration pixellisée en or

Key Takeaways

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. In a largely stable month for the majority of the group, fewer than 300 funds grew by more than 1%. About 900 funds fell more than 1% in November.

Gold equity funds have been the best-performing category so far this year, and in November, they reclaimed the top spots. Ninety One Global Gold, which has a Morningstar Medalist Rating of Bronze, was the best performer, up 14%. So far this year, the fund has grown 146%.

Healthcare and biotechnology funds also featured among the top 10. Healthcare struggled in the first half of the year, but with increased M&A activity, the sector has bounced back into favor with investors. Dan Kemp, chief research and investment officer at Morningstar, says the sector tends to be less correlated with economic growth and is favored when investors are seeking greater diversification in their portfolios.

Candriam Equities L Oncology was the best-performing healthcare fund, up 14% in November. The fund was also among October’s best performers and has grown 20% this year.

The Best-Performing UK Funds in November 2025

Ninety One Global Gold Fund

The actively managed Ninety One Global Gold gained 14.49% in November, outperforming the average fund in the equity precious metals category, which rose 9.90%. The fund placed in the ninth percentile for performance and beat its benchmark, the Morningstar Global Gold Index, by 1.72 percentage points. The £652.4 million fund has gained 146.08% year to date, while the average fund in its category was up 123.06%. The Ninety One fund has climbed 21.7% over five years on an annualized basis, compared to the average gain of 18.07% for the category.

SVS Sanlam Global Gold & Resources Fund

In November, the actively managed SVS Sanlam Global Gold & Resources rose 14.14%, while the average equity precious metals fund gained 9.90%. The fund placed in the 15th percentile for performance and beat its benchmark, the Morningstar Global Gold Index, by 1.37 percentage points. The £43.9 million fund has climbed 136.79% year to date, outperforming the average fund in its category, which rose 123.06%. Over the past five years annualized, the Sanlam fund has grown 17.34%, while the average fund in its category was up 18.07%.

BlackRock Gold & General Fund

The actively managed BlackRock Gold & General gained 13.78% in November, outperforming the average fund in the equity precious metals category, which rose 9.9%. The fund placed in the 18th percentile for performance and beat its benchmark, the Morningstar Global Gold Index, by 1.01 percentage points. The £1.7 billion fund has gained 128.22% year to date, while the average fund in its category was up 123.06%. Over the past five years, the BlackRock fund has an annualized return of 19.57%, compared to the 18.07% gain for the category.

Candriam Equities L Oncology Fund

In November, the actively managed Candriam Equities L Oncology rose 13.70%, while the average equity healthcare fund gained 5.58%. The fund placed in the first percentile for performance and beat its benchmark, the Morningstar Global Healthcare Index, by 7.05 percentage points. The £1.3 billion fund has climbed 20.44% year to date, outperforming the average fund in its category, which rose 11.04%. Over five years annualized, the Candriam fund has grown 4.42%, compared with a 3.69% gain for the average fund in the category.

Quilter Investors Precious Metals Equity Fund

The £518.6 million Quilter Investors Precious Metals Equity Fund rose 13.23% in November. The gain on the actively managed fund beat the 9.90% gain on the average fund in the equity precious metals category, leaving it in the 26th percentile for performance. The fund performed roughly in line with its benchmark, the Morningstar Global Gold Index. Year to date, the Quilter Investors fund rose 124.68%, while the average fund in its category rose 123.06%. Over the past five years annualized, the fund has climbed 19.41%, compared to the 18.07% average gain for the category.

Pictet - Biotech

The actively managed Pictet Biotech gained 11.82% in November, outperforming the average fund in the equity biotechnology category, which rose 5.73%. The fund placed in the fourth percentile for performance and beat its benchmark, the Morningstar Global Biotechnology Index, by 6.42 percentage points. The £1.5 billion fund has gained 45.43% year to date, while the average fund in its category grew 27.3%. Over the past five years, the Pictet fund has climbed 7.80% on average per year, compared to the 2.11% gain for the category.

SVS Baker Steel Gold and Precious Metals Fund

In November, the actively managed SVS Baker Steel Gold and Precious Metals rose 11.57%, while the average equity precious metals fund gained 9.90%. The fund placed in the 49th percentile for performance and lagged its benchmark, the Morningstar Global Gold Index, by 1.2 percentage points. The £76.4 million fund has climbed 157.25% year to date, outperforming the average fund in its category, which rose 123.06%. On a five-year annualized basis, the Baker Steel Capital Managers fund has increased 22.18%, while the average fund in its category grew 18.07%.

WS Ruffer Gold Fund

The actively managed WS Ruffer Gold gained 9.05% in November, underperforming the average fund in the equity precious metals category, which rose 9.90%. The fund placed in the 66th percentile for performance and lagged its benchmark, the Morningstar Global Gold Index, by 3.72 percentage points. The £720 million fund has gained 135.34% year to date, while the average fund in its category was up 123.06%. Over the past five years annualized, the Ruffer fund has climbed 21.89%, compared to the 18.07% gain for the category.

AXA Framlington Biotech Fund

In November, the actively managed AXA Framlington Biotech rose 9.03%, while the average equity biotechnology fund gained 5.73%. The fund placed in the 21st percentile for performance and beat its benchmark, the Morningstar Global Biotechnology Index, by 3.63 percentage points. The £388.9 million fund has climbed 27.54% year to date, performing roughly in line with the average fund in its category, which rose 27.3%. Over the past five years, the AXA IM fund has an annualized return of 7.74%, while the average fund in its category has returned 2.11%.

Jupiter Gold & Silver Fund

The £1.8 billion Jupiter Gold & Silver rose 9.00% in November. The gain on the actively managed fund was shy of the 9.90% gain on the average fund in the equity precious metals category, leaving it in the 67th percentile for performance. The fund lagged its benchmark, the Morningstar Global Gold Index, by 3.77 percentage points. Year to date, the Jupiter fund rose 130.98%, while the average fund in its category rose 123.06%. Over the past five years, the fund climbed 19.58% on an annualized basis, compared to the 18.07% gain for the category.

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