Key Takeaways
- Among Morningstar-rated trusts, Gold-rated Polar Capital Technology was the best performing investment trust in April, while Ruffer Investment Company was the worst.
- A return of risk appetite helped tech, Asia and emerging market-focused investment trusts.
- All but one Medalist-rated trust posted positive returns in April.
The return of risk appetite among global stock market investors helped UK investment trusts recover some ground in April following a volatile March. With US technology stocks gathering momentum again during another positive earnings season, four tech-focused trusts made it into the list of top 10 best performers.
Polar Capital Technology PCT, which has a Morningstar Medalist Rating of Gold, posted a 25% gain in April, leaving the trust up 34% in the year to date. This £7.6 billion investment trust was the best performer in April among all 326 strategies for which Morningstar has data.
“Having invested through multiple technology and investment cycles, the managers continue to be well prepared to navigate an ever-evolving technology sector,” says Morningstar fund analyst Michael Born. “Despite higher volatility, the fund has also delivered robust risk-adjusted returns over rolling five-year periods.”
Having been buffeted by the market volatility created by the Iran war in March, Asia and emerging market-focused trusts saw a strong recovery in April. One of the best-performing EM trusts last month was Mobius Investment Trust MMIT, with a gain of 18%.
The £122 million trust’s founder was veteran EM investor Mark Mobius, who died in April.
Gold-rated JPMorgan Emerging Markets Growth and Income JEMI, was one of the best performers in April with a gain of more than 11%.
The Worst-Performing Investment Trusts in April
Among Medalist-rated trusts, Ruffer Investment Company RICA was the worst performer in April, reversing March’s gains, but is still in positive territory for the year to date.
This £899 million “all-weather” trust is designed to protect capital during times of heightened stock market volatility.
“Ruffer Investment Company has a number of positives for risk-averse investors, including a clear and consistent focus on capital preservation, with a well-resourced, experienced, and collegial investment team,” says Morningstar fund analyst Tom Mills.
March’s best-performing investment trust overall, the £28 million Africa Opportunity AOF was the worst-performing trust in April. The trust is still the highest performing trust overall in 2026 so far, with a gain of nearly 60% as it takes advantage of high-performing stock markets in west and South Africa.
Edinburgh Worldwide Board Shaken Up With SpaceX Exposure in Focus
The standout investment trust news in the UK in April was the vote by Edinburgh Worldwide EWI to accept proposals by Saba Capital, a US activist investor trying to shake up the boards of UK investment trusts.
At the third attempt, Saba secured the approval of shareholders to replace the existing board. Edinburgh Worldwide, managed by Baillie Gifford, has one of the highest portfolio exposures to SpaceX at 20%, which is expected to float this year with a trillion dollar plus valuation.
This creates some potential problems for investors in the transition period, says Richard Stone, chief executive of the Association of Investment Companies.
“The new directors will need to bear in mind that non-Saba shareholders have resoundingly supported the existing mandate, turning out in record numbers to back the board on two previous occasions. Before any changes of manager or mandate are even considered, shareholders should be given opportunities to exit, both before and after a potential SpaceX IPO,” he says.
“We call on the new board to make clear their intentions and plans as soon as possible so that all shareholders can have confidence in their approach,” he adds.
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. All net asset figures quoted are as of April 30, 2026, and are different from market capitalization numbers.
All figures shown in the table are total return, including income and assuming all dividends are reinvested.
