Top 20 most consistent investment trusts over the past ten years

Marina Gerner
25 May 2017

One of the biggest challenges a do-it-yourself investor faces is finding the cream of the crop among the thousands of funds all aiming to do the same thing - beat the market and their peers - as only a few will be able to consistently add significant value over long periods.

In the case of investment trusts the playing field is narrower, with around 400 closed-ended funds to choose from; but with hundreds of trusts to choose from, finding those that have the reliability factor remains an uphill task.

To help investors focus their sights on trusts that have earned their stripes over the years as consistent performers, the Association of Investment Companies (AIC) has crunched the numbers and come up with its own league table of the top 20 most consistently performing investment companies over the last 10 years..


The AIC ranked trusts by discrete annual returns and benchmarked outperformance against the overall average trust. Where two trust had the same consistency score, volatility of returns was used to differentiate between them.

The two top performers were from the global sector, which dominates the list, with five out of 20 trusts being global. This may not come as a surprise given that global funds have the freedom to invest anywhere they see fit.

Taking pole position is Lindsell Train, managed by Michael Lindsell and Nick Train, while F&C Global Smaller Companies, managed by Peter Ewins and a member of the Moneywise First 50 Funds follows in second place.

It is worth noting the UK features strongly, with five UK-focused trusts featured in the list. They are: Invesco Perpetual Select UK Equity, Invesco Perpetual UK Smaller Companies, Finsbury Growth & Income (a member of our First 50 Funds), F&C Commercial Property (also in the First 50 Funds) and Threadneedle UK Select Trust.


Annabel Brodie-Smith of the AIC says: ‘It’s important for investors to remember that performance is only one factor to consider when researching investment companies, and they also need to look at other criteria including portfolio composition, gearing, discounts and charges.’

She points out that investors usually focus on the latest top performers but consistent long-term past performance is key when considering an investment.

Below is the list of most consistently performing trusts:


RankCompanyAIC sectorNumber of times above overall weighted averageVolatility of Return (the lower the score, the lower the volatility)% share price return total over 10 years to 30 April 2017
 Overall Weighted Average   100.36
1Lindsell TrainGlobal916.63425.21
2F&C Global Smaller Companies*Global919.21199.67
3Electra Private EquityPrivate Equity932.74259.7
4Invesco Perpetual Select UK EquityUK All Companies818.64183.26
5Invesco Perpetual Select Smaller CompaniesUK Smaller Companies819.84213.91
6Finsbury Growth & Income*UK Equity Income820.11180.18
7Mid Wynd InternationalGlobal821.39204.21
8Edinburgh DragonAsia Pacific - Excluding Japan822.27170.24
9JP Morgan US Smaller CompaniesNorth American Smaller Companies823.5209.44
10Schroder Oriental IncomeAsia Pacific - Excluding Japan824.14209.78
11Jupiter European Opportunties*Europe827.05222.91
12JP Morgan AmericanNorth America713.84216.26
13Martin Currie Global PortfolioGlobal715.95144.9
14F&C Commercial Property*Property Direct - UK718.9288.49
15JP Morgan Elect Managed GrowthGlobal717.27106.07
16Threadneedle UK Select TrustUK All Companies718.9288.49
17Jupiter US Smaller CompaniesNorth American Smaller Companies719.04186.75
18Aberdeen Asian IncomeAsia Pacific - Excluding Japan719.77173.95
19Allianz TechnologySector Specialist: Tech Media & Telecomm721.84313.41
20Witan PacificAsia Pacific - Including Japan722.9122.06

Source: AIC using Morningstar. *Denotes member of the Moneywise First 50 Funds. 

This article was written for our sister magazine, Money Observer.

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