Key Takeaways
- Shares in the best-performing investment trust rose 165% in 2025, while the worst performer lost 39%.
- Record prices for gold and other precious metals were key drivers for UK-listed investment trusts over the year.
- Of the 200 trusts surveyed by Morningstar, 170 rose in 2025, and four trusts rose by over 100%.
In 2025, investment trusts focused on precious metals, natural resources and emerging markets dominated the list of best performers, while bonds, small-caps and private equity-focused trusts were the worst performers.
There was a wide gap between the best and worst-performing trusts: Shares in Golden Prospect Precious Metals GPM gained 165%, while ICG-Longbow Senior Secured UK Property Debt Investments LBOW, shed 39%.
Of GPM’s 10 biggest holdings, seven companies grew more than 100%. That includes its seventh biggest holding G Mining Ventures GMIN, up 230% in 2025; and its largest holding Equinox Gold Corp EQX, which accounts for 9% of the portfolio and grew 146% over the year.
Annabel Brodie-Smith, communications director at the Association of Investment Companies (AIC), says that commodities and natural resources trusts had an average 2025 return of 62%, powered by all-time highs in physical gold, silver and copper. But it has been a strong year overall; excluding venture capital trusts (VCTs), the average investment trust returned 12% in 2025.
“It’s always good to understand which sectors and trusts have done best over the short term but investment is all about the long term. Building a diversified portfolio which meets your investment needs is the top priority,” Brodie-Smith says.
Other strong categories were China and Greater China, up 39% over the year, as well as emerging markets, up 37%.
The best-performing trust with a Morningstar Medalist Rating was Gold-rated Fidelity Special Values FSV, up 37% in share price terms and with 28% growth in net asset value.
When evaluating investment trusts, investors should focus on long-term returns across multiple years and market cycles. However, short-term returns can provide valuable information about biases within strategies.
Of over 200 trusts in Morningstar’s dataset, 170 saw their share price rise over the year. 126 trusts saw double-digit growth, and an additional four grew more than 100%. Only 12 trusts fell by more than 10%.
The Best-Performing Investment Trusts of 2025
- Golden Prospect Precious Metals GPM
- Seraphim Space Investment Trust SSIT
- DP Aircraft DPA
- CQS Natural Resources G&I CYN
- BlackRock World Mining Trust BRWM
How the 5 Best-Performing Investment Trusts Performed
Golden Prospect Precious Metals GPM
- Morningstar Category: Equity Precious Metals
- Ongoing Charge: 2.20%
- Premium/Discount: -17.98%
Over the year, the £107 million Golden Prospect Precious Metals rose 164.79% on a share price basis. This was in line with the net asset value or NAV, which grew 165.92% over the year, outperforming its benchmark, the Morningstar Global Gold Index, which rose 131.91%, by 34.01 percentage points. The trust’s share price was trading at a 17.98% discount to its NAV at the end of December. The CQS trust has a five-year annualized share price growth of 11.93% and a NAV growth of 11.88%.
Seraphim Space Investment Trust SSIT
- Morningstar Category: Private Equity
- Ongoing Charge: 1.77%
- Premium/Discount: 0.38%
The £284 million Seraphim Space Investment Trust rose 120.59% on a share price basis over the year, significantly higher than the net asset value growth of 18.32%. The Seraphim Space trust was trading at a 0.38% premium to its NAV at the end of December. Launched in July 2021, the trust has a three-year annualized share price return of 41.11% and a NAV return of 8.83%.
DP Aircraft DPA
- Morningstar Category: Other
- Ongoing Charge: —
- Premium/Discount: -30.00%
DP Aircraft’s share price grew 111.05% over the year while its NAV fell by 2.97%. On Dec. 31, it traded at a 30.00% discount to its NAV. The £37 million aircraft leasing trust has seen its share price grow 18.16% on a five-year annualized basis, while its net asset value has fallen by 6.62% on average.
CQS Natural Resources G&I CYN
- Morningstar Category: Equity Natural Resources
- Ongoing Charge: 2.00%
- Premium/Discount: 1.46%
CQS Natural Resources G&I’s share price rose 101.80% in 2025, slightly more than the 94.05% growth in net asset value. The NAV outperformed the Morningstar Global Upstream Natural Resources Index by 63.79 percentage points over the year. At the end of December, the £126 million investment trust was trading at a 1.46% premium to its NAV. Over the longer term, the CQS trust’s share price and NAV have both grown; over a five-year period, the share price has an annualized return of 28.60% and a NAV return of 24.71%. Meanwhile, the benchmark index has a five-year return of 11.42%.
BlackRock World Mining Trust BRWM
- Morningstar Category: Equity Natural Resources
- Ongoing Charge: 0.95%
- Premium/Discount: -5.26%
The £1.58 billion BlackRock World Mining Trust’s share price rose 74.15% over the year, in line with the 74.94% net asset value growth, leaving shares at a 5.26% discount. The NAV outperformed the Morningstar Global Upstream Natural Resources Index by 43.93 percentage points. Over an annualized five-year period, the BlackRock-managed trust’s shares are up 15.07% and the NAV has grown 15.95%.
Performance of the 10 Worst Investment Trusts in 2025
The list of worst performers for 2025 was led by ICG-Longbow Senior Secured UK Property Debt Investments, a £23 million trust currently winding down operations. The portfolio comprises of two loans which the company is looking to sell to return cash to shareholders.
The list of worst performers contains a mix of categories; two bond trusts, two private equity vehicles, and both US and UK small-cap equity. Meanwhile, Bronze-rated Finsbury Growth & Income FGT was the worst-performing Morningstar Medalist trust, with shares down 6% for the year.
What Are Investment Trusts and How Do Discounts Work?
Trusts are closed-end funds, allowing exposure to more illiquid assets such as unlisted companies, or niche sectors including airline leasing, music royalties and renewable energy storage. Unlike open-end funds, trusts can also use gearing or borrowing to enhance returns.
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 top performers, DP Aircraft, fell 2.97% over the year in NAV terms. In share price terms, however, the trust grew 111%, a gain rather than a loss for the theoretical investor who bought shares on Jan. 1 and held them until Dec. 31.
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) and real estate investment trusts (REITs).
