What’s Hot
· Gold is back! Gains up to 10%
· 5 gold funds in the top 10…
· …But why? An “everything bubble” phenomenon? FOMO?
· 3 US funds which are very interest rate sensitive i.e. small and mid-cap
· One very Value-style Japan fund, a favourite of ours
What’s Not
· Tech and AI has been under pressure
· 8 out of 10 dog funds are US tech-cum-Growth…
· …A big issue for 2026 is whether AI doubts persist
· The single European fund which took a hit is a small cap Growth-style fund
What’s Hot
| Name | Sector | Last Month' Performance % |
|---|
| Ninety One Global Gold | Specialist | 10.11 |
| BlackRock Gold & General | Specialist | 9.22 |
| AXA Framlington Biotech | Specialist | 8.07 |
| Tutman FS SVS Baker Steel Gold & Precious Metals | Specialist | 6.48 |
| WS Ruffer Gold | Specialist | 5.63 |
| WS Amati Strategic Metals | Commodity/Natural Resources | 4.96 |
| Schroder US Mid Cap | North America | 3.66 |
| CT US Smaller Companies | North American Smaller Companies | 3.14 |
| Schroder US Smaller Companies | North American Smaller Companies | 2.99 |
| WS Morant Wright Nippon Yield | Japan | 2.96 |
What’s Not
| Name | Sector | Last Month's Performance % |
|---|
| Liontrust Russia | Specialist | -11.71 |
| Liontrust Global Technology | Technology & Technology Innovation | -10.94 |
| Morgan Stanley US Advantage | North America | -9.83 |
| T. Rowe Price Global Technology Equity | Technology & Technology Innovation | -9.30 |
| AXA Framlington Global Technology | Technology & Technology Innovation | -7.54 |
| River Global RGI Compound Global Equity | Global | -6.49 |
| Baillie Gifford American | North America | -6.48 |
| Liontrust Global Innovation | Global | -6.44 |
| Chelverton Asset Mgmt Ltd MI Chelverton European Select | Europe Excluding UK | -6.35 |
| Janus Henderson Global Technology Leaders | Technology & Technology Innovation | -6.28 |
Fund performance 01/11/2025 – 27/10/2025. Funds <50m in size and ETFs excluded from the above research.
NOTE
We do this blog to simply highlight short term trends. These are not recommendations.