UPDATE: MTE has struggled to perform over the past five years, after interest rates rose in 2022 and investors soured on both small-caps and growth stocks. The trust gained 8% in the year to March 2022, lost 21% in 2023, gained 5% in 2024, lost 2% in 2025 and gained 2% in the year to March 2026. From April to September 2026, performance has improved and it has returned 17%, giving it a total return of -3% over the last five years versus +10% for its benchmark. Starting in October 2025, the trust is holding 5% tender offers at a 5% discount to NAV every six months, as well as continuing with it...
This is a premium article for our subscribers.
Please log in below to read it, or find out how to join the Money Makers Circle.
UPDATE: Fundsmith returned +22% in 2021, -14% in 2022, +12% in 2023, +9% in 2024, +1% in 2025, and 0% from January to August 2026, well behind global equity returns and reducing its annualised returns since inception to 13.2% a year versus 12.4% for the MSCI World Index. Smith's half-year update for 2026 contained details of numerous portfolio changes following a shift in its strategy to take more heed of business momentum. He covered this in more detail in his 2026 half-year webinar.
Fundsmith Equity Fund and its forthright manager Terry Smith need little introduction. Launched in November 2...
This is a premium article for our subscribers.
Please log in below to read it, or find out how to join the Money Makers Circle.
UPDATE: We have since published separate profiles for the Fidelity and Baillie Gifford trusts. China is a market that arguably investors can't afford to ignore, although it remains a controversial choice for many people who question some of the country's business practices and its record on human rights. The AIC created a new sector for China / Greater China earlier this year, and here we look at three trusts it contains, examining the different approaches they take.
When we decided to look at Chinese trusts for our latest fund profile, we didn't appreciate just how timely that choice would t...
This is a premium article for our subscribers.
Please log in below to read it, or find out how to join the Money Makers Circle.
UPDATE: We have since published separate profiles of all three of these trusts. We look at three UK equity income trusts that have undergone significant changes in the last year or so -- Murray Income, Temple Bar, and Edinburgh Investment Trust -- to see how they have fared since their boards took action.
Few sectors have struggled as much as UK Equity Income in the last few years. Even after its recent strong showing on the back of multiple vaccine breakthroughs and gradual economic reopening, returns lie near the bottom of the pile of equity-focused sectors over the last five and ten years...
This is a premium article for our subscribers.
Please log in below to read it, or find out how to join the Money Makers Circle.
UPDATE: A revised version of this profile was published in February 2025.
Worldwide Healthcare Trust is one of the oldest specialist equity trusts. It has been managed by OrbiMed Partners (and its predecessor firm) since it joined the London market in 1995 and it boasts a formidable long-term track record. As of 30 June 2021, it had returned 15.9% annualised compared to 12.2% from the MSCI World Healthcare Index. However, 2021 has been a more difficult year with biotech and Chinese holdings dragging down its performance. Nevertheless, with its shares regularly trading at a premium, it has man...
This is a premium article for our subscribers.
Please log in below to read it, or find out how to join the Money Makers Circle.
UPDATE: A revised version of this profile was published in October 2024.
Mid Wynd International is one of a select group of global trusts that has established a decent track record of beating world markets. While it was listed in 1981, it can trace its roots back to the late 1700s and a textile business set up by the Scott family who still own shares in the trust today. It has been managed by the Global Select team at Artemis, comprising of Simon Edelsten and Alex Illingworth, since 2014 and it runs a fairly diverse portfolio of 55-75 stocks, usually split over eight to ten different themes. ...
This is a premium article for our subscribers.
Please log in below to read it, or find out how to join the Money Makers Circle.
UPDATE: A revised version of this profile was published in July 2025.
HICL Infrastructure was one of the first alternative asset trusts to list on the London market back in 2006 so it provides a useful reference point for how many of the newer trusts in this space might mature. HICL deliberately takes a low-risk approach, investing mostly in infrastructure assets with Public-Private Partnerships (PPP) deals, and its future returns should be highly correlated to inflation. In the last few years, it's also moved a little into demand-based assets (e.g. toll roads) and regulated utility companies...
This is a premium article for our subscribers.
Please log in below to read it, or find out how to join the Money Makers Circle.
UPDATE: A revised version of this profile was published in June 2024.
Scottish Mortgage needs little introduction, being both the largest investment trust with a market cap of £22bn and the best-performing of the last decade with an astonishing 1,318% return. After a 110% return in 2020, long-time manager James Anderson announced that he would be stepping down in April 2022 after more than 20 years at the helm. Scottish Mortgage is perhaps most famous for its big bets on the likes of Amazon and Tesla but it's recently eased back on these in favour of vaccine maker Moderna and other healthcare...
This is a premium article for our subscribers.
Please log in below to read it, or find out how to join the Money Makers Circle.
UPDATE: This trust was delisted in early 2026, with shareholders offered a rollover into Invesco Global Equity Income (IGET) or a cash exit.
One of the lesser-known 'quality growth' vehicles in the Global sector is Martin Currie Global Portfolio. It's been a very good performer since Zehrid Osmani became its lead manager just over three years ago although, like many such funds, it has lagged a little in 2021. As well as boasting a low fee and a zero discount policy, it has largely steered clear of the mega-cap US tech stocks although it does hold Microsoft, so it may appeal to investors looki...
This is a premium article for our subscribers.
Please log in below to read it, or find out how to join the Money Makers Circle.
UPDATE: A revised version of this profile was published in May 2025.
Tritax Big Box REIT is by far the largest trust in the AIC's various property sectors, at nearly three times the size of the next largest fund, and it has one of the best performance records over the last five years. Like many of the newer property funds, it's a specialist, concentrating on large UK distribution centres leased to the likes of Amazon and major retailers. As well as looking to serve increasing demand from rising online sales, its tenants are increasingly turning to larger, state-of-the-art facilities to improv...
This is a premium article for our subscribers.
Please log in below to read it, or find out how to join the Money Makers Circle.
© 2026 Money Makers