Key Takeaways
- Pictet Longevity was the worst-performing fund in January 2026, losing more than 10% after key holdings fell sharply.
- Morgan Stanley US Growth Fund was the largest fund among the bottom 10 performers.
- The majority of funds in the list of worst performers came from the India equity 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.
Funds focused on India dominated the list of worst performers at the start of the year and this followed a year of weakness in 2025 for funds focused on the Asian country.
In January, the Morningstar India Index was down nearly 6% in US dollars, 3% in Indian rupees and 7% in GBP. In dollars this is the worst start to the year since 2011, when it tumbled 14.80%.
The Worst-Performing UK Funds in January 2026
Pictet Longevity
- Morningstar Category: Equity Healthcare
- Morningstar Medalist Rating: Negative
- Ongoing Charge: 1.10%
The £348.8 million Pictet-Longevity fell 10.36% in January, following an 8.79% loss in 2025. Its top three holdings, Intuit INTU, Thermo Fisher Scientific TMO and SAP SAP have all seen sharp share price declines in January.
Over the past three years, the Pictet fund fell 2.9%. Over the past five years, the fund has dropped 1.27%.
Wellington FinTech Fund
- Morningstar Category: Equity Technology
- Morningstar Medalist Rating: Neutral
- Ongoing Charge: 1.10%
The £42.8 million Wellington FinTech Fund fell 10.02% in January, after a near 12% decline in 2025. Over the past three years, the Wellington Management fund fell 0.89%. Over the past five years, the fund has dropped 4.69%.
Comgest Growth India
- Morningstar Category: India Equity
- Morningstar Medalist Rating: Negative
- Ongoing Charge: 1.47%
The £43.2 million Comgest Growth India fell just under 10% in January, following a 12.42% decline in 2025.
Alquity Indian Subcontinent Fund
- Morningstar Category: India Equity
- Morningstar Medalist Rating: Negative
- Ongoing Charge: 1.90%
The £39.5 million Alquity Indian Subcontinent Fund lost just under 10% and nearly 12% in 2025.
Stewart Investors Indian Subcontinent All-Cap Fund
- Morningstar Category: India Equity
- Morningstar Medalist Rating: Neutral
- Ongoing Charge: 0.93%
The £318 million Stewart Investors Indian Subcontinent All Cap Fund fell 9.26% in January and 16% in 2025. Over the past three years, the First Sentier Investors fund fell 0.47%. Over the past five years, the fund has climbed 5.85%.
UTI India Dynamic Equity Fund
- Morningstar Category: India Equity
- Morningstar Medalist Rating: Bronze
- Ongoing Charge: 1.01%
The £612.9 million UTI India Dynamic Equity Fund fell 9.03% in January and 11.01% in 2025. Over the past three years, the UTI International fund rose 2.04%. Over the past five years, the fund has climbed 3.82%.
Morgan Stanley US Growth Fund
- Morningstar Category: US Large-Cap Growth Equity
- Morningstar Medalist Rating: Silver
- Ongoing Charge: 0.81%
The £2.2 billion Morgan Stanley US Growth Fund, which has lost 8.88% in January after an 11.15% gain in 2026. The fund has a Morningstar Medalist Rating of Silver.
Invesco India Equity Fund
- Morningstar Category: India Equity
- Morningstar Medalist Rating: Neutral
- Ongoing Charge: 2.01%
The £656.3 million Invesco India Equity Fund declined 8.86% in January 2026 and 17.57% in 2025.
Ashoka WhiteOak India Leaders Fund
- Morningstar Category: India Equity
- Morningstar Medalist Rating: Bronze
- Ongoing Charge: 0.67%
The £23.3 million Ashoka WhiteOak India Leaders Fund declined 8.48% in January and 7.72% in 2025.
FSSA Indian Subcontinent All-Cap Fund
- Morningstar Category: India Equity
- Morningstar Medalist Rating: Neutral
- Ongoing Charge: 1.05%
The £25.4 million FSSA Indian Subcontinent All-Cap Fund fell 8.46% in January and 12.14% for 2025. Over the past three years, the First Sentier Investors fund rose 5.63%. Over the past five years, the fund has climbed 8.08%.
