Morningstar

The Best UK Funds of 2025

Gold and natural resources funds were the biggest winners over the year.

Collage illustration with the text "Funds" at the center and a portfolio and graphical elements in the background.

Key Takeaways

  • SVS Baker Steel Gold and Precious Metals was the top-performing fund in 2025, rising nearly 200%.
  • All of the 10 best performing funds more than doubled in value due to a rally in gold prices.
  • Over 90% of all funds available to UK investors grew over the year.

The best performing funds in 2025 were those with exposure to the gold rally. Precious metals became one of the strongest asset classes over the year, with record high prices for gold, silver and palladium in late December, driven by geopolitical uncertainty, central bank purchases and interest rate cuts.

The best performer, SVS Baker Steel Gold and Precious Metals, almost tripled in value over the year, soaring 185%. On average, the equity precious metals category rose 144.52% and the Morningstar Global Gold Index increased by 132% in 2025.

Of over 3,100 funds available for sale to UK investors and with a Morningstar Medalist Rating, the vast majority had a positive year: 2,910 funds rose in 2025, and half of the universe saw double-digit returns. In addition, the 10 funds featured in this article more than doubled in value.

Korean equity was the second-best category overall in a strong year for multiple emerging markets countries: Barings Korea returned 74% and JPMorgan Korea Equity rose 73%. Meanwhile, the Brazil equity category gained 43% while the wider Latin America equity category increased 39%.

Natural resources equity funds were the third strongest fund category, averaging a return of 52% across the funds in the group. Many of the funds in this category invest in mining companies, often those focusing on precious metals. For example, WS Amati Strategic Metals and SVS Baker Steel Electrum, both among the best 10 performing funds for the year, hold precious metals miner Fresnillo FRES, the Morningstar UK Large-Mid Cap Index’s best performer in 2025, up 468%.

The Best-Performing Funds for UK Investors in 2025

SVS Baker Steel Gold and Precious Metals Fund

The £88.3 million SVS Baker Steel Gold and Precious Metals gained 184.9% in 2025, outperforming the average fund in the equity precious metals category, which rose 144.52%, making it the best performer in 2025. The Bronze-rated fund placed in the fourth percentile for performance. Over a three-year annualized period, the fund gained 49.88% while the average fund in its category was up 40.48%. Over the past five years, the Baker Steel Capital Managers fund has climbed 22.29%, compared to the 18.68% gain for the category.

In December, the actively managed fund gained 10.75%, outperforming the equity precious metals category, which rose 7.32%.

Jupiter Gold & Silver Fund

The actively managed Jupiter Gold & Silver fund gained 169.48% in 2025, outperforming the average equity precious metals category return of 144.52%. The fund placed in the 18th percentile for performance. The Bronze-rated fund has gained 45.3% over the past three years annualized, while the average fund in its category was up 40.48%. Over the past five years, the Jupiter fund has climbed 20.55%, compared to the 18.68% gain for the category.

The £2.1 billion Jupiter Gold & Silver fund gained 16.67% in December.

WS Ruffer Gold Fund

WS Ruffer Gold gained 168.78% in 2025, outperforming the average fund in the equity precious metals category, which rose 144.52%. The fund placed in the 21st percentile for performance. The Bronze-rated fund has gained 54.37% over the past three years on average, while the category was up 40.48%. Over the past five years annualized, the Ruffer fund has climbed 23.01%, compared to the 18.68% gain for the category.

The £747.6 million strategy gained 14.21% in December.

YFS Charteris Gold and Precious Metals Fund

YFS Charteris Gold and Precious Metals gained 165.41% in 2025, outperforming the average fund in the equity precious metals category, which rose 144.52%. The fund placed in the 25th percentile for performance. The £35.3 million fund has gained 33.44% annualized over the past three years, while the average fund in its category has climbed further, up 40.48%. Over the past five years, the Charteris fund has an average return of 9.8%, compared to the 18.68% gain for the category.

The actively managed fund gained 18.85% in December.

Ninety One Global Gold Fund

The Bronze-rated Ninety One Global Gold gained 165.13% in 2025, while the equity precious metals category rose 144.52%. The fund placed in the 26th percentile for performance. The active strategy has achieved a three-year annualized return of 44.66%, while the average fund in its category grew 40.48%. Over the past five years, the Ninety One fund has climbed 21.98% on average, compared to the 18.68% gain for the category.

The £709 million gold fund gained 7.74% in December.

WS Amati Strategic Metals Fund

The actively managed WS Amati Strategic Metals gained 162.09% in 2025, outperforming the average fund in the equity natural resources category, which rose 51.79%. The fund placed in the first percentile for performance. The £98.1 million fund has gained 25.07% over the past three years on average per year, while the average fund in its category was up 9.66%.

WS Amati Strategic Metals gained 15.81% in December, outperforming the category, which rose 4.75%.

SVS Sanlam Global Gold & Resources Fund

SVS Sanlam Global Gold & Resources gained 155.35% in 2025, outperforming the 144.52% return for the average fund in the equity precious metals category. The active fund placed in the 37th percentile for performance. The strategy has gained 39.6% over the past three years annualized, while the average fund in its category is up 40.48%. Over the past five years, the Ninety One fund has climbed 17.72%, compared to the 18.68% gain for the category.

The £48.9 million fund gained 7.84% in December, narrowly outperforming category average of 7.32%.

BlackRock Gold & General Fund

The £2.2 billion BlackRock Gold & General gained 147.34% in 2025, performing roughly in line with the average 144.52% return for the equity precious metals category. The fund placed in the 52nd percentile for performance. Over three years annualized, the BlackRock fund was up 43.47% compared with a category average of 40.48%. Over the past five years, the Bronze-rated BlackRock fund has climbed 20.05% on average per year, compared to the 18.68% gain for the category.

The actively managed fund gained 8.38% in December.

Quilter Investors Precious Metals Equity Fund

Quilter Investors Precious Metals Equity gained 142.91% in 2025, performing roughly in line with the average fund in the equity precious metals category, which rose 144.52%. The fund placed in the 56th percentile for performance. The £505.7 million fund has gained 41.89% over the past three years on average, while the category was up 40.48%. Over the past five years annualized, the Quilter Investors fund has climbed 19.8%, compared to the 18.68% gain for the category.

The actively managed fund gained 8.11% in December.

SVS Baker Steel Electrum Fund

The £72.7 million SVS Baker Steel Electrum gained 101.19% in 2025, outperforming the equity natural resources category, which rose 51.79%. The fund placed in the 10th percentile for performance. It gained 22.03% annualized over the past three years, while the average fund in its category grew 9.66%. In December, it outperformed the category return of 4.75% by gaining 10.15%.

The author or authors do not own shares in any securities mentioned in this article. Find out about Morningstar's editorial policies.

© Copyright 2026 Morningstar, Inc. All rights reserved.