Morningstar

The Worst-Performing Funds in November 2025

Global technology funds slide over AI bubble concerns.

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Key Takeaways

  • Invesco Global Consumer Trends was the worst-performing Morningstar Medalist fund last month.
  • All of the biggest fallers in November have posted positive returns in the year to date.
  • The weakness in global tech stocks dragged down US equity and technology funds.

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. About 900 funds fell more than 1% in November, with two funds down double digits.

US equities and technology categories saw some of the worst losses over the month as concerns about the prospects of AI led to volatility across stock markets globally, with the Morningstar Global Technology Index down 5%.

The worst performer was a consumer goods and services fund: Invesco Global Consumer Trends, which fell 12%. Stocks like Tesla TSLA, Amazon.com AMZN, Meta META and Nvidia NVDA, which all fell over the month, feature in the strategy’s top 10 holdings.

The Worst-Performing UK Funds in November 2025

Invesco Global Consumer Trends Fund

The actively managed Invesco Global Consumer Trends lost 12.30% in November, falling further than the average fund in the equity consumer goods & services category, which fell 0.56%. The fund placed in the 100th percentile for performance and fell further than its benchmark, the Morningstar Global Consumer Cyclical Target Market Exposure Index, by 9.52 percentage points. The £1.6 billion fund has gained 16.72% year to date, while the average fund in its category was up 3.47%. Over the past five years annualized, the Invesco fund has climbed 1.62%, compared to the 3.31% gain for the category.

Morgan Stanley US Growth Fund

In November, the actively managed Morgan Stanley US Growth fell 10.99%, while the average US large-cap growth equity fund lost 2.67%. The fund placed in the 100th percentile for performance and fell further than its benchmark, the Morningstar US Large-Mid Cap Broad Growth Index, by 7.46 percentage points. The £2.5 billion fund has climbed 10.92% year to date, outperforming the average fund in its category, which rose 8.79%. Over the past five years, the Morgan Stanley has gained 0.69% on an annualized basis, while the average fund in its category has increased 10.64%.

Morgan Stanley Funds (UK) US Advantage Fund

The actively managed Morgan Stanley Funds (UK) US Advantage lost 9.67% in November, falling further than the average fund in the US large-cap growth equity category, which fell 2.67%. The fund placed in the 99th percentile for performance and fell further than its benchmark, the Morningstar US Large-Mid Cap Broad Growth Index, by 6.14 percentage points. The £52.9 million fund has gained 10.64% year to date, while the average fund in its category grew 8.79%. The Morgan Stanley fund has climbed 0.63% on average over a five-year annualized period, compared to the 10.64% gain for the category.

Amova ARK Disruptive Innovation Fund

The £2.2 billion Amova ARK Disruptive Innovation fell 9.54% in November. The loss on the actively managed fund was worse than the 1.50% loss on the average fund in the US flex-cap equity category, leaving it in the 91st percentile for performance. The fund fell further than its benchmark, the Morningstar US Market Extended Index, by 8.9 percentage points. Year to date, the Amova fund rose 28.76%, while the average fund in its category rose 8.71%. Over the past five years, the fund has dropped 5.72%, compared to the 7.62% annualized gain for the category.

Liontrust Global Technology Fund

In November, the actively managed Liontrust Global Technology fell 9.53%, while the average equity technology fund lost 5.87%. The fund placed in the 91st percentile for performance and fell further than its benchmark, the Morningstar Global Technology Index, by 4.16 percentage points. The £246.8 million fund has climbed 18.49% year to date, outperforming the average fund in its category, which rose 17.55%. Over the past five years, the Liontrust fund has an annualized gain of 15.81%, while the average fund in its category has grown 10.02%.

Morgan Stanley US Advantage Fund

The £3 billion Morgan Stanley US Advantage fell 9.48% in November. The loss on the actively managed fund was worse than the 2.67% loss on the average fund in the US large-cap growth equity category, leaving it in the 98th percentile for performance. The fund fell further than its benchmark, the Morningstar US Large-Mid Cap Broad Growth Index, by 5.95 percentage points. Year to date, the Morgan Stanley fund rose 9.93%, while the average fund in its category rose 8.79%. Over five years annualized, the fund has climbed 0.69%, compared to the 10.64% gain for the category.

Hyperion Global Growth Companies Fund

The actively managed Hyperion Global Growth Companies lost 8.92% in November, falling further than the average fund in the global large-cap growth equity category, which fell 2.53%. The fund placed in the 99th percentile for performance and fell further than its benchmark, the Morningstar Global Growth Target Market Exposure Index, by 5.98 percentage points. The £18.1 million fund was launched in Feb. 2025.

T. Rowe Price Funds OEIC Global Technology Equity Fund

The £646.3 million T. Rowe Price Funds Global Technology Equity fell 8.29% in November. The loss on the actively managed fund was worse than the 5.87% loss on the average fund in the equity technology category, leaving it in the 86th percentile for performance. The fund fell further than its benchmark, the Morningstar Global Technology Index, by 2.92 percentage points. Year to date, the T. Rowe Price fund rose 16.55%, while the average fund in its category rose 17.55%. Annualized five-year gains for the fund has been 5.21%, compared to the 10.02% gain for the category.

SVS Aubrey Global Conviction Fund

The actively managed SVS Aubrey Global Conviction lost 8.25% in November, falling further than the average fund in the global flex-cap equity category, which fell 1.18%. The fund placed in the 100th percentile for performance and fell further than its benchmark, the Morningstar Global All Cap Target Market Exposure Index, by 7.59 percentage points. The £46.8 million fund has gained 7.81% year to date, while the average fund in its category gained 12.22%. The Aubrey Capital fund has climbed 2.47% over five years on an annualized basis, compared to the 7.57% gain for the category.

T. Rowe Price Funds SICAV - Global Technology Equity Fund

The £642.5 million T. Rowe Price Funds Global Technology Equity fell 8.02% in November. The loss on the actively managed fund was worse than the 5.87% loss on the average fund in the equity technology category, leaving it in the 83rd percentile for performance. The fund fell further than its benchmark, the Morningstar Global Technology Index, by 2.65 percentage points. Year to date, the T. Rowe Price fund rose 18.06%, while the average fund in its category rose 17.55%. Over the past five years, the fund has climbed 5.54% on average, compared to the 10.02% gain for the category.

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