UPDATE (Oct 2026): Scottish Mortgage has continued to bounce back since June 2024, with SpaceX becoming its largest holding, and its share price touching the level it hit in late 2021. The NAV total return for the year to March 2025 was +11.2% versus +5.5% for its benchmark, followed by +27.4% versus +18.0% for the year to March 2026. In early 2026, SMT asked its shareholders to give it more flexibility regarding the level of its private investments, but this concern has since lessened due to the IPO of SpaceX. The trust briefly returned to a premium rating around the time of the SpaceX IPO, a...
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UPDATE (Oct 2026): MNL returned +33.6% in the year to July 2025, when it formally abandoned the use of any benchmarks, and +13.2% to July 2026. In September 2025, the trust paused buybacks as the voting power held by the public became close to the minimum 35% threshold specified in the Corporation Tax Act 2010. Shortly afterwards, it introduced an enhanced dividend policy to pay out at least 40p per share over the following five years (the dividend was 28p for the year to July 2025).
After being listed for around a decade in the 1970s, Manchester & London (MNL) rejoined the market in 1997...
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Update (Oct 2026): Alex Crooke is retiring at the end of 2026, with Richard Clode, who joined as co-manager in September 2025, taking on his role. The trust has increased its portfolio concentration a little, and returned +21.1% versus +16.6% for its benchmark in the year to October 2024, +18.1% versus +21.0% to October 2025, and +3.7% versus +5.5% in the six months to April 2026.
Bankers Investment Trust (ticker: BNKR) was launched in 1888 and has been managed by Janus Henderson, under various guises, since 1970. Alex Crooke has been the trust's lead manager since 2003. Bankers has long had ...
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UPDATE: In September 2026, LTI said it would launch a 20% tender offer, buying back shares at a 5% discount to NAV. Valid elections were received for 32.5% of its shares, and the tender price was set at 637.3p. In the year ended March 2026, LTI returned -21.3% versus +16.4% produced by its benchmark, and it returned -5% versus +13% for the three months to June 2026.
Lindsell Train Investment Trust (ticker: LTI) was launched in 2001 and is run by Nick Train. It holds a concentrated global portfolio of quality-focused equities, plus around a quarter of the shares of Lindsell Train Limited, the ...
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UPDATE (Oct 2026): In the year to November 2023, BUT returned +8.7% versus +5,5% for its benchmark, followed by +17.9% versus +23.6% to November 2024, +9.0% versus +15.8% to November 2025, and +5.6% versus +12.0% in the six months to May 2026. James Ashworth was appointed co-lead manager alongside Julian Bishop in December 2025. Christian Schneider and Simon Gergel continue to provide investment support as named deputy managers. The trust's discount has widened a little and averaged 10% over the year to October 2026.
Brunner Investment Trust (ticker: BUT) was launched in 1927 by the Brunner f...
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UPDATE (Oct 2026): In late 2024, Alliance Trust merged with Witan, another large global equity trust, forming Alliance Witan (ALW), which now has over £5bn of assets. In 2023, ALW returned +21.6% versus +15.3% for its benchmark. In 2024, it was +13.3% versus +19.6%, and in 2025 it was +4.7% versus +13.9%. The first half of 2026 saw a 7.0% return versus +12.7% for its benchmark, with the board asking Willis Towers Watson to conduct a structured review of the investment strategy, including Stock Picker selection, stock selection, portfolio construction, and risk management, in light of the trust...
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Update (Sep 2026): MWY's early struggles under Lazard have continued with the trust returning -5% in the year to June 2025 versus +7% for its benchmark, and +2% versus +28% to June 2026. It has continued to buy back significant amounts of its shares under its discount control policy, with its share count falling from around 48m to 26m over the last two years and its market cap decreasing to £200m.
Mid Wynd International (MWY) was listed in 1981, although it can trace its corporate roots back to the 18th century. It has been a global equity trust for the last four decades, managed by Baillie G...
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UPDATE: Total NAV returns at F&C were -5% in 2022, +11% in 2023, +21% in 2024, +12% in 2025, and +12% in the first half of 2026. A 4-for-1 share split took place in early 2026. As of July 2026, the trust was marginally behind its benchmark over the past three and five years, at 56% versus 58% and 69% versus 73%, but sat in second and first place out of nine trusts over those periods in the AIC's Global sector.
F&C Investment Trust (ticker: FCIT) was the first investment company to be launched in 1868. Originally set up to invest in overseas government securities, over several decades ...
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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...
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UPDATE: Like most other Baillie Gifford trusts, it took Monks over four years to regain the share price level it enjoyed in 2021, which was the time when the stocks fitting the firm's disruptive growth style were in very high demand. On a NAV total return basis, Monks returned -2% in the year to April 2023, +18% in 2024, 0% in 2025, and 29% in the year to April 2026. From May to mid-September 2026, it was up around 4%. As of September 2026, it had an annual return of 12% a year over the previous decade, putting it in third place out of nine in the AIC's Global sector. Since the start of 2023, ...
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