Morningstar

The Best-Performing Investment Trusts in February 2026

Private equity investment trusts dominated the list of best performers again.

Skyline of the City of London.
Mike Kemp via Getty

Key Takeaways

  • Shares in the best-performing investment trust rose 22.16% in February.
  • JPMorgan Emerging Markets Dividend Income was the best-performing trust with a Morningstar Medalist Rating.
  • Of the 200 trusts surveyed by Morningstar, 150 rose in February, and 25 gained by at least 10%.

Each month, we check in on the returns of UK-listed investment trusts.

In February, trusts focused on private equity, natural resources and Japan equities were among the strongest performers.

Baker Steel Resources BSRT was the best performing investment trust in February 2026, up 22%, continuing a strong run which has driven the share price up 128% over the past 12 months. While categorized as a private equity trust, the strategy has a specific focus on natural resources companies, a sector which has performed well over the past year amid rising precious metals prices. The Morningstar Global Upstream Natural Resources Index has grown 43% over 12 months.

The best performer among investment trusts with a Morningstar Medalist Rating was Silver-rated JPMorgan Emerging Markets Dividend Income JEMI, up 9.68% in February. The trust has benefited from the strong emerging markets performance in 2026, which drove the performance of the best open-end funds last month.

The sixth best-performing trust for the month was Augmentum Fintech AUGM, which rose on Feb. 25 following the news it had accepted a takeover bid at a 27% premium to the share price. Shares were up 16.92% in February but were still trading at a 32% discount at the end of the month.

Best Performing Investment Trusts in February 2026

Baker Steel Resources BSRT

The £162 million Baker Steel Resources rose 22.16% on a share price basis over the month. The Baker Steel Capital Managers trust, which invests in unlisted natural resources companies, was trading at a 22.14% discount to its NAV at the end of February. Launched in April 2010, the trust’s share price has grown 52.90% so far this year, against a NAV which has grown 11.91%. The five-year annualized share price return has been 7.12% with a NAV return of 9.84%.

EPE Special Opportunities ESO

In February, the £96 million EPE Special Opportunities rose 20% on a share price basis and was trading at a 50% discount to its NAV at the end of the month. The trust aims to identify buy-out opportunities, special situations and distressed transactions, with a concentrated portfolio between two and 10 assets. Year to date, the trust’s share price has gained 23.29% against a NAV growth of 11.91%. Over a five-year annualized period, the trust’s share price has fallen 8.33% while the NAV has fallen 3.83% on average.

UIL UTL

The £327 billion UIL trust’s share price grew 20% over the month while its NAV rose 19.95%. On Feb. 27, it traded at a 31.79% discount to its NAV. The Investment Capital Management trust has a long-term investment focus and holds 20% of assets in gold exploration firm Horizon Gold HRN. The share price has grown 25.49% in 2026 so far, in line with the NAV growth of 25.41%. It has seen its share price fall 0.70% on a five-year annualized basis, while its net asset value has fallen 1.30% on average.

Intuitive Investments Group IIG

Intuitive Investments Group’s share price rose 18.97% in February 2026. At the end of the month, the £304 million healthcare investment trust’s shares were trading slightly below its NAV, at a 2.25% discount. Year to date, the share price has increased 11.48%. Over the longer term, the Intuitive Investments Group trust’s share price and NAV have both struggled; in a five-year period, the share price has an annualized loss of 8.99% and a NAV reduction of 3.90%. Meanwhile, the Morningstar Global Healthcare Index has risen 5.74% on average.

Seraphim Space Investment Trust SSIT

The £284 million Seraphim Space Investment Trust’s share price rose by 17.51%, leaving shares at a 12.11% discount. The trust was one of the best performers in 2025, when shares increased 121%. So far this year, the space exploration investor has grown 25.83%. Launched in July 2021, Seraphim Space shares have grown 48.67% on a three-year annualized basis, while the NAV has risen 8.83%.

How We Calculate UK Investment Trust Returns

There are two main ways to calculate investment trust performance. With real-time pricing it’s easy to see the daily share price. Another way is to look at the net asset value, or NAV, which is the value of the trust’s underlying assets. The share prices trade at a discount or premium to their NAV, a measure of whether trusts are in or out of favor with investors.

For example, one of the worst performers, Caledonia Investments CLDN, rose 1.46% over the month in NAV terms. In share price terms, however, the trust fell 7.14%, a loss rather than a gain for the theoretical investor who bought shares on Feb. 1 and held them until Feb. 27.

Data in this article is taken from Morningstar Direct.

  • Net asset value is determined by taking the change in NAV at the end of the period, reinvesting all income and capital gains distributions during that month, and dividing by the starting NAV.
  • Share price, or market-price return, is calculated by taking the change in the trust’s close market price, reinvesting all income and capital gains distributions at the ex-date during the period, and dividing by the starting close market price.
  • Discount is based on the ex par NAV, which excludes income and assumes debt repayments are made at par value.
  • We have also excluded trusts without a disclosed fund size, trusts below £20 million, venture capital trusts (VCTs), direct real estate and real estate investment trusts (REITs).

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

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