<p>For the last few years, the AIC has published a very useful piece of research showing which trusts would have performed best if you had put your full ISA subscription into them on 6 April each year since ISAs were introduced in 1999 and reinvested all the dividends received.</p>
<p><!--more--></p>
<p>When the list was first produced in 2019, just one trust (the now-defunct Aberdeen New Thai) would have made you a trust ISA millionaire. There was no list in 2020, but in the lists produced from 2021 to 2024, there were around 30 trust ISA millionaires.</p>
<p>The 2025 list, published at the end of February and therefore before all the tariff kerfuffle, showed <a href="https://www.theaic.co.uk/aic/news/press-releases/the-50-investment-trusts-that-would-have-made-you-an-isa-millionaire">there were now 50 trusts</a> in this category, thanks to the strong market returns over the course of the previous 12 months.</p>
<p>I reckon there were around 110 trusts in existence when ISAs were introduced in April 1999 that are still around today, so the 2025 list contains nearly half of all surviving trusts. The size of the sector has typically been between 300 and 350 over the last twenty years, so these 50 make up around perhaps a seventh of all the trust available to investors back in 1999. Many of those that have fallen by the wayside would have been acquired by the surviving trusts.</p>
<p>Here&#8217;s the full list taken from the AIC press release. I have added a couple of extra data points in the form of last year&#8217;s ranking and an annualised figure for the share price return, and made the table sortable.</p>
<table id="iti" class="tablesorter {sortlist: [[7,1]]}">
<thead>
<tr>
<th>Rank</th>
<th>Rank last year</th>
<th>Investment trust</th>
<th>AIC sector</th>
<th>Share price total return</th>
<th>Annualised return</th>
<th>Total value</th>
</tr>
</thead>
<tbody>
<tr>
<td><span style="font-size: 10pt;">1</span></td>
<td><span style="font-size: 10pt;">2</span></td>
<td><span style="font-size: 10pt;">Allianz Technology (ATT)</span></td>
<td><span style="font-size: 10pt;">Technology</span></td>
<td><span style="font-size: 10pt;">2,669%</span></td>
<td><span style="font-size: 10pt;">13.7%</span></td>
<td><span style="font-size: 10pt;">£2,936,182</span></td>
</tr>
<tr>
<td><span style="font-size: 10pt;">2</span></td>
<td><span style="font-size: 10pt;">1</span></td>
<td><span style="font-size: 10pt;">HgCapital (HGT)</span></td>
<td><span style="font-size: 10pt;">Private Equity</span></td>
<td><span style="font-size: 10pt;">4,565%</span></td>
<td><span style="font-size: 10pt;">16.0%</span></td>
<td><span style="font-size: 10pt;">£2,789,473</span></td>
</tr>
<tr>
<td><span style="font-size: 10pt;">3</span></td>
<td><span style="font-size: 10pt;">3</span></td>
<td><span style="font-size: 10pt;">Polar Capital Technology (PCT)</span></td>
<td><span style="font-size: 10pt;">Technology</span></td>
<td><span style="font-size: 10pt;">2,236%</span></td>
<td><span style="font-size: 10pt;">13.0%</span></td>
<td><span style="font-size: 10pt;">£2,696,343</span></td>
</tr>
<tr>
<td><span style="font-size: 10pt;">4</span></td>
<td><span style="font-size: 10pt;">4</span></td>
<td><span style="font-size: 10pt;">Scottish Mortgage (SMT)</span></td>
<td><span style="font-size: 10pt;">Global</span></td>
<td><span style="font-size: 10pt;">1,967%</span></td>
<td><span style="font-size: 10pt;">12.4%</span></td>
<td><span style="font-size: 10pt;">£2,335,775</span></td>
</tr>
<tr>
<td><span style="font-size: 10pt;">5</span></td>
<td><span style="font-size: 10pt;">7</span></td>
<td><span style="font-size: 10pt;">JPMorgan American (JAM)</span></td>
<td><span style="font-size: 10pt;">North America</span></td>
<td><span style="font-size: 10pt;">1,214%</span></td>
<td><span style="font-size: 10pt;">10.5%</span></td>
<td><span style="font-size: 10pt;">£1,902,265</span></td>
</tr>
<tr>
<td><span style="font-size: 10pt;">6</span></td>
<td><span style="font-size: 10pt;">6</span></td>
<td><span style="font-size: 10pt;">abrdn Asia Focus</span><br />
<span style="font-size: 10pt;">(AAS)</span></td>
<td><span style="font-size: 10pt;">Asia Pacific Smaller Companies</span></td>
<td><span style="font-size: 10pt;">4,459%</span></td>
<td><span style="font-size: 10pt;">15.9%</span></td>
<td><span style="font-size: 10pt;">£1,792,184</span></td>
</tr>
<tr>
<td><span style="font-size: 10pt;">7</span></td>
<td><span style="font-size: 10pt;">5</span></td>
<td><span style="font-size: 10pt;">Scottish Oriental Smaller Co. (SST)</span></td>
<td><span style="font-size: 10pt;">Asia Pacific Smaller Companies</span></td>
<td><span style="font-size: 10pt;">4,535%</span></td>
<td><span style="font-size: 10pt;">16.0%</span></td>
<td><span style="font-size: 10pt;">£1,752,157</span></td>
</tr>
<tr>
<td><span style="font-size: 10pt;">8</span></td>
<td><span style="font-size: 10pt;">9</span></td>
<td><span style="font-size: 10pt;">JPMorgan Global Growth &; Income (JGGI)</span></td>
<td><span style="font-size: 10pt;">Global Equity Income</span></td>
<td><span style="font-size: 10pt;">1,153%</span></td>
<td><span style="font-size: 10pt;">10.3%</span></td>
<td><span style="font-size: 10pt;">£1,576,124</span></td>
</tr>
<tr>
<td><span style="font-size: 10pt;">9</span></td>
<td><span style="font-size: 10pt;">8</span></td>
<td><span style="font-size: 10pt;">Pacific Horizon (PHI)</span></td>
<td><span style="font-size: 10pt;">Asia Pacific</span></td>
<td><span style="font-size: 10pt;">2,564%</span></td>
<td><span style="font-size: 10pt;">13.6%</span></td>
<td><span style="font-size: 10pt;">£1,446,060</span></td>
</tr>
<tr>
<td><span style="font-size: 10pt;">10</span></td>
<td><span style="font-size: 10pt;">22</span></td>
<td><span style="font-size: 10pt;">JPMorgan US Smaller Companies (JUSC)</span></td>
<td><span style="font-size: 10pt;">North American Smaller Companies</span></td>
<td><span style="font-size: 10pt;">1,608%</span></td>
<td><span style="font-size: 10pt;">11.6%</span></td>
<td><span style="font-size: 10pt;">£1,413,195</span></td>
</tr>
<tr>
<td><span style="font-size: 10pt;">11</span></td>
<td><span style="font-size: 10pt;">12</span></td>
<td><span style="font-size: 10pt;">International Biotechnology (IBT)</span></td>
<td><span style="font-size: 10pt;">Biotechnology &; Healthcare</span></td>
<td><span style="font-size: 10pt;">2,139%</span></td>
<td><span style="font-size: 10pt;">12.8%</span></td>
<td><span style="font-size: 10pt;">£1,398,167</span></td>
</tr>
<tr>
<td><span style="font-size: 10pt;">12</span></td>
<td><span style="font-size: 10pt;">11</span></td>
<td><span style="font-size: 10pt;">Worldwide Healthcare (WWH)</span></td>
<td><span style="font-size: 10pt;">Biotechnology &; Healthcare</span></td>
<td><span style="font-size: 10pt;">2,201%</span></td>
<td><span style="font-size: 10pt;">12.9%</span></td>
<td><span style="font-size: 10pt;">£1,333,068</span></td>
</tr>
<tr>
<td><span style="font-size: 10pt;">13</span></td>
<td><span style="font-size: 10pt;">13</span></td>
<td><span style="font-size: 10pt;">Fidelity European (FEV)</span></td>
<td><span style="font-size: 10pt;">Europe</span></td>
<td><span style="font-size: 10pt;">1,900%</span></td>
<td><span style="font-size: 10pt;">12.3%</span></td>
<td><span style="font-size: 10pt;">£1,322,452</span></td>
</tr>
<tr>
<td><span style="font-size: 10pt;">14</span></td>
<td><span style="font-size: 10pt;">23</span></td>
<td><span style="font-size: 10pt;">Herald (HRI)</span></td>
<td><span style="font-size: 10pt;">Global Smaller Companies</span></td>
<td><span style="font-size: 10pt;">1,035%</span></td>
<td><span style="font-size: 10pt;">9.9%</span></td>
<td><span style="font-size: 10pt;">£1,302,252</span></td>
</tr>
<tr>
<td><span style="font-size: 10pt;">15</span></td>
<td><span style="font-size: 10pt;">25</span></td>
<td><span style="font-size: 10pt;">Montanaro European Smaller Companies (MTE)</span></td>
<td><span style="font-size: 10pt;">European Smaller Companies</span></td>
<td><span style="font-size: 10pt;">1,121%</span></td>
<td><span style="font-size: 10pt;">10.2%</span></td>
<td><span style="font-size: 10pt;">£1,302,101</span></td>
</tr>
<tr>
<td><span style="font-size: 10pt;">16</span></td>
<td><span style="font-size: 10pt;">17</span></td>
<td><span style="font-size: 10pt;">Mid Wynd International (MWY)</span></td>
<td><span style="font-size: 10pt;">Global</span></td>
<td><span style="font-size: 10pt;">1,336%</span></td>
<td><span style="font-size: 10pt;">10.9%</span></td>
<td><span style="font-size: 10pt;">£1,301,629</span></td>
</tr>
<tr>
<td><span style="font-size: 10pt;">17</span></td>
<td><span style="font-size: 10pt;">20</span></td>
<td><span style="font-size: 10pt;">European Smaller Companies (ESCT)</span></td>
<td><span style="font-size: 10pt;">European Smaller Companies</span></td>
<td><span style="font-size: 10pt;">1,051%</span></td>
<td><span style="font-size: 10pt;">9.9%</span></td>
<td><span style="font-size: 10pt;">£1,295,133</span></td>
</tr>
<tr>
<td><span style="font-size: 10pt;">18</span></td>
<td><span style="font-size: 10pt;">19</span></td>
<td><span style="font-size: 10pt;">JPMorgan UK Small Cap Growth &; Income (JUGI)</span></td>
<td><span style="font-size: 10pt;">UK Smaller Companies</span></td>
<td><span style="font-size: 10pt;">1,430%</span></td>
<td><span style="font-size: 10pt;">11.1%</span></td>
<td><span style="font-size: 10pt;">£1,278,186</span></td>
</tr>
<tr>
<td><span style="font-size: 10pt;">19</span></td>
<td><span style="font-size: 10pt;">21</span></td>
<td><span style="font-size: 10pt;">JPMorgan European Discovery (JEDT)</span></td>
<td><span style="font-size: 10pt;">European Smaller Companies</span></td>
<td><span style="font-size: 10pt;">1,929%</span></td>
<td><span style="font-size: 10pt;">12.4%</span></td>
<td><span style="font-size: 10pt;">£1,272,189</span></td>
</tr>
<tr>
<td><span style="font-size: 10pt;">20</span></td>
<td><span style="font-size: 10pt;">31</span></td>
<td><span style="font-size: 10pt;">F&;C (FCIT)</span></td>
<td><span style="font-size: 10pt;">Global</span></td>
<td><span style="font-size: 10pt;">867%</span></td>
<td><span style="font-size: 10pt;">9.2%</span></td>
<td><span style="font-size: 10pt;">£1,271,372</span></td>
</tr>
<tr>
<td><span style="font-size: 10pt;">21</span></td>
<td><span style="font-size: 10pt;">15</span></td>
<td><span style="font-size: 10pt;">Canadian General Investments (CGI)</span></td>
<td><span style="font-size: 10pt;">North America</span></td>
<td><span style="font-size: 10pt;">1,559%</span></td>
<td><span style="font-size: 10pt;">11.5%</span></td>
<td><span style="font-size: 10pt;">£1,270,532</span></td>
</tr>
<tr>
<td><span style="font-size: 10pt;">22</span></td>
<td><span style="font-size: 10pt;">10</span></td>
<td><span style="font-size: 10pt;">BlackRock Throgmorton (THRG)</span></td>
<td><span style="font-size: 10pt;">UK Smaller Companies</span></td>
<td><span style="font-size: 10pt;">1,261%</span></td>
<td><span style="font-size: 10pt;">10.6%</span></td>
<td><span style="font-size: 10pt;">£1,243,218</span></td>
</tr>
<tr>
<td><span style="font-size: 10pt;">23</span></td>
<td><span style="font-size: 10pt;">16</span></td>
<td><span style="font-size: 10pt;">BlackRock Smaller Companies (BRSC)</span></td>
<td><span style="font-size: 10pt;">UK Smaller Companies</span></td>
<td><span style="font-size: 10pt;">1,201%</span></td>
<td><span style="font-size: 10pt;">10.4%</span></td>
<td><span style="font-size: 10pt;">£1,237,287</span></td>
</tr>
<tr>
<td><span style="font-size: 10pt;">24</span></td>
<td><span style="font-size: 10pt;">&#8211;</span></td>
<td><span style="font-size: 10pt;">JPMorgan Indian (JII)</span></td>
<td><span style="font-size: 10pt;">India/Indian Subcontinent</span></td>
<td><span style="font-size: 10pt;">1,990%</span></td>
<td><span style="font-size: 10pt;">12.5%</span></td>
<td><span style="font-size: 10pt;">£1,220,562</span></td>
</tr>
<tr>
<td><span style="font-size: 10pt;">25</span></td>
<td><span style="font-size: 10pt;">26</span></td>
<td><span style="font-size: 10pt;">ICG Enterprise (ICGT)</span></td>
<td><span style="font-size: 10pt;">Private Equity</span></td>
<td><span style="font-size: 10pt;">665%</span></td>
<td><span style="font-size: 10pt;">8.2%</span></td>
<td><span style="font-size: 10pt;">£1,220,536</span></td>
</tr>
<tr>
<td><span style="font-size: 10pt;">26</span></td>
<td><span style="font-size: 10pt;">&#8211;</span></td>
<td><span style="font-size: 10pt;">Alliance Witan (ATW)</span></td>
<td><span style="font-size: 10pt;">Global</span></td>
<td><span style="font-size: 10pt;">697%</span></td>
<td><span style="font-size: 10pt;">8.4%</span></td>
<td><span style="font-size: 10pt;">£1,208,458</span></td>
</tr>
<tr>
<td><span style="font-size: 10pt;">27</span></td>
<td><span style="font-size: 10pt;">&#8211;</span></td>
<td><span style="font-size: 10pt;">Law Debenture (LWDB)</span></td>
<td><span style="font-size: 10pt;">UK Equity Income</span></td>
<td><span style="font-size: 10pt;">881%</span></td>
<td><span style="font-size: 10pt;">9.2%</span></td>
<td><span style="font-size: 10pt;">£1,207,077</span></td>
</tr>
<tr>
<td><span style="font-size: 10pt;">28</span></td>
<td><span style="font-size: 10pt;">18</span></td>
<td><span style="font-size: 10pt;">Rights &; Issues (RIII)</span></td>
<td><span style="font-size: 10pt;">UK Smaller Companies</span></td>
<td><span style="font-size: 10pt;">1,655%</span></td>
<td><span style="font-size: 10pt;">11.7%</span></td>
<td><span style="font-size: 10pt;">£1,200,227</span></td>
</tr>
<tr>
<td><span style="font-size: 10pt;">29</span></td>
<td><span style="font-size: 10pt;">&#8211;</span></td>
<td><span style="font-size: 10pt;">Fidelity Special Values (FSV)</span></td>
<td><span style="font-size: 10pt;">UK All Companies</span></td>
<td><span style="font-size: 10pt;">1,919%</span></td>
<td><span style="font-size: 10pt;">12.3%</span></td>
<td><span style="font-size: 10pt;">£1,198,034</span></td>
</tr>
<tr>
<td><span style="font-size: 10pt;">30</span></td>
<td><span style="font-size: 10pt;">&#8211;</span></td>
<td><span style="font-size: 10pt;">Invesco Asia Dragon (IAD)</span></td>
<td><span style="font-size: 10pt;">Asia Pacific Equity Income</span></td>
<td><span style="font-size: 10pt;">1,133%</span></td>
<td><span style="font-size: 10pt;">10.2%</span></td>
<td><span style="font-size: 10pt;">£1,196,213</span></td>
</tr>
<tr>
<td><span style="font-size: 10pt;">31</span></td>
<td><span style="font-size: 10pt;">&#8211;</span></td>
<td><span style="font-size: 10pt;">Brunner (BUT)</span></td>
<td><span style="font-size: 10pt;">Global</span></td>
<td><span style="font-size: 10pt;">665%</span></td>
<td><span style="font-size: 10pt;">8.2%</span></td>
<td><span style="font-size: 10pt;">£1,195,367</span></td>
</tr>
<tr>
<td><span style="font-size: 10pt;">32</span></td>
<td><span style="font-size: 10pt;">27</span></td>
<td><span style="font-size: 10pt;">AVI Global (AGT)</span></td>
<td><span style="font-size: 10pt;">Global</span></td>
<td><span style="font-size: 10pt;">1,639%</span></td>
<td><span style="font-size: 10pt;">11.7%</span></td>
<td><span style="font-size: 10pt;">£1,183,941</span></td>
</tr>
<tr>
<td><span style="font-size: 10pt;">33</span></td>
<td><span style="font-size: 10pt;">&#8211;</span></td>
<td><span style="font-size: 10pt;">Monks (MNKS)</span></td>
<td><span style="font-size: 10pt;">Global</span></td>
<td><span style="font-size: 10pt;">907%</span></td>
<td><span style="font-size: 10pt;">9.4%</span></td>
<td><span style="font-size: 10pt;">£1,165,093</span></td>
</tr>
<tr>
<td><span style="font-size: 10pt;">34</span></td>
<td><span style="font-size: 10pt;">14</span></td>
<td><span style="font-size: 10pt;">Biotech Growth (BIOG)</span></td>
<td><span style="font-size: 10pt;">Biotechnology &; Healthcare</span></td>
<td><span style="font-size: 10pt;">1,281%</span></td>
<td><span style="font-size: 10pt;">10.7%</span></td>
<td><span style="font-size: 10pt;">£1,158,772</span></td>
</tr>
<tr>
<td><span style="font-size: 10pt;">35</span></td>
<td><span style="font-size: 10pt;">&#8211;</span></td>
<td><span style="font-size: 10pt;">Schroder Asian Total Return (ATR)</span></td>
<td><span style="font-size: 10pt;">Asia Pacific</span></td>
<td><span style="font-size: 10pt;">1,231%</span></td>
<td><span style="font-size: 10pt;">10.5%</span></td>
<td><span style="font-size: 10pt;">£1,147,541</span></td>
</tr>
<tr>
<td><span style="font-size: 10pt;">36</span></td>
<td><span style="font-size: 10pt;">32</span></td>
<td><span style="font-size: 10pt;">Henderson European (HET)</span></td>
<td><span style="font-size: 10pt;">Europe</span></td>
<td><span style="font-size: 10pt;">846%</span></td>
<td><span style="font-size: 10pt;">9.1%</span></td>
<td><span style="font-size: 10pt;">£1,146,372</span></td>
</tr>
<tr>
<td><span style="font-size: 10pt;">37</span></td>
<td><span style="font-size: 10pt;">&#8211;</span></td>
<td><span style="font-size: 10pt;">Global Smaller Companies (GSCT)</span></td>
<td><span style="font-size: 10pt;">Global Smaller Companies</span></td>
<td><span style="font-size: 10pt;">1,197%</span></td>
<td><span style="font-size: 10pt;">10.4%</span></td>
<td><span style="font-size: 10pt;">£1,139,490</span></td>
</tr>
<tr>
<td><span style="font-size: 10pt;">38</span></td>
<td><span style="font-size: 10pt;">&#8211;</span></td>
<td><span style="font-size: 10pt;">Schroder AsiaPacific (SDP)</span></td>
<td><span style="font-size: 10pt;">Asia Pacific</span></td>
<td><span style="font-size: 10pt;">1,441%</span></td>
<td><span style="font-size: 10pt;">11.2%</span></td>
<td><span style="font-size: 10pt;">£1,136,585</span></td>
</tr>
<tr>
<td><span style="font-size: 10pt;">39</span></td>
<td><span style="font-size: 10pt;">&#8211;</span></td>
<td><span style="font-size: 10pt;">abrdn UK Smaller Companies Growth (SDP)</span></td>
<td><span style="font-size: 10pt;">UK Smaller Companies</span></td>
<td><span style="font-size: 10pt;">651%</span></td>
<td><span style="font-size: 10pt;">8.1%</span></td>
<td><span style="font-size: 10pt;">£1,129,455</span></td>
</tr>
<tr>
<td><span style="font-size: 10pt;">40</span></td>
<td><span style="font-size: 10pt;">28</span></td>
<td><span style="font-size: 10pt;">Fidelity Asian Values (FAS)</span></td>
<td><span style="font-size: 10pt;">Asia Pacific Smaller Companies</span></td>
<td><span style="font-size: 10pt;">851%</span></td>
<td><span style="font-size: 10pt;">9.1%</span></td>
<td><span style="font-size: 10pt;">£1,128,271</span></td>
</tr>
<tr>
<td><span style="font-size: 10pt;">41</span></td>
<td><span style="font-size: 10pt;">&#8211;</span></td>
<td><span style="font-size: 10pt;">Finsbury Growth &; Income (FGT)</span></td>
<td><span style="font-size: 10pt;">UK Equity Income</span></td>
<td><span style="font-size: 10pt;">857%</span></td>
<td><span style="font-size: 10pt;">9.1%</span></td>
<td><span style="font-size: 10pt;">£1,120,297</span></td>
</tr>
<tr>
<td><span style="font-size: 10pt;">42</span></td>
<td><span style="font-size: 10pt;">&#8211;</span></td>
<td><span style="font-size: 10pt;">Bankers (BNKR)</span></td>
<td><span style="font-size: 10pt;">Global</span></td>
<td><span style="font-size: 10pt;">855%</span></td>
<td><span style="font-size: 10pt;">9.1%</span></td>
<td><span style="font-size: 10pt;">£1,103,182</span></td>
</tr>
<tr>
<td><span style="font-size: 10pt;">43</span></td>
<td><span style="font-size: 10pt;">30</span></td>
<td><span style="font-size: 10pt;">Pantheon International (PIN)</span></td>
<td><span style="font-size: 10pt;">Private Equity</span></td>
<td><span style="font-size: 10pt;">1,049%</span></td>
<td><span style="font-size: 10pt;">9.9%</span></td>
<td><span style="font-size: 10pt;">£1,076,230</span></td>
</tr>
<tr>
<td><span style="font-size: 10pt;">44</span></td>
<td><span style="font-size: 10pt;">&#8211;</span></td>
<td><span style="font-size: 10pt;">Mercantile (MRC)</span></td>
<td><span style="font-size: 10pt;">UK All Companies</span></td>
<td><span style="font-size: 10pt;">1,404%</span></td>
<td><span style="font-size: 10pt;">11.1%</span></td>
<td><span style="font-size: 10pt;">£1,076,067</span></td>
</tr>
<tr>
<td><span style="font-size: 10pt;">45</span></td>
<td><span style="font-size: 10pt;">&#8211;</span></td>
<td><span style="font-size: 10pt;">JPMorgan Emerging Markets (JMG)</span></td>
<td><span style="font-size: 10pt;">Global Emerging Markets</span></td>
<td><span style="font-size: 10pt;">1,414%</span></td>
<td><span style="font-size: 10pt;">11.1%</span></td>
<td><span style="font-size: 10pt;">£1,060,871</span></td>
</tr>
<tr>
<td><span style="font-size: 10pt;">46</span></td>
<td><span style="font-size: 10pt;">29</span></td>
<td><span style="font-size: 10pt;">BlackRock World Mining (BRWM)</span></td>
<td><span style="font-size: 10pt;">Commodities &; Natural Resources</span></td>
<td><span style="font-size: 10pt;">1,805%</span></td>
<td><span style="font-size: 10pt;">12.1%</span></td>
<td><span style="font-size: 10pt;">£1,030,713</span></td>
</tr>
<tr>
<td><span style="font-size: 10pt;">47</span></td>
<td><span style="font-size: 10pt;">&#8211;</span></td>
<td><span style="font-size: 10pt;">Martin Currie Global Portfolio (MNP)</span></td>
<td><span style="font-size: 10pt;">Global</span></td>
<td><span style="font-size: 10pt;">726%</span></td>
<td><span style="font-size: 10pt;">8.5%</span></td>
<td><span style="font-size: 10pt;">£1,023,417</span></td>
</tr>
<tr>
<td><span style="font-size: 10pt;">48</span></td>
<td><span style="font-size: 10pt;">&#8211;</span></td>
<td><span style="font-size: 10pt;">JPMorgan European Growth &; Income (JEGI)</span></td>
<td><span style="font-size: 10pt;">Europe</span></td>
<td><span style="font-size: 10pt;">687%</span></td>
<td><span style="font-size: 10pt;">8.3%</span></td>
<td><span style="font-size: 10pt;">£1,016,396</span></td>
</tr>
<tr>
<td><span style="font-size: 10pt;">49</span></td>
<td><span style="font-size: 10pt;">&#8211;</span></td>
<td><span style="font-size: 10pt;">Caledonia Investments (CLDN)</span></td>
<td><span style="font-size: 10pt;">Flexible Investment</span></td>
<td><span style="font-size: 10pt;">1,023%</span></td>
<td><span style="font-size: 10pt;">9.8%</span></td>
<td><span style="font-size: 10pt;">£1,010,065</span></td>
</tr>
<tr>
<td><span style="font-size: 10pt;">50</span></td>
<td><span style="font-size: 10pt;">&#8211;</span></td>
<td><span style="font-size: 10pt;">Pacific Assets (PAT)</span></td>
<td><span style="font-size: 10pt;">Asia Pacific</span></td>
<td><span style="font-size: 10pt;">884%</span></td>
<td><span style="font-size: 10pt;">9.3%</span></td>
<td><span style="font-size: 10pt;">£1,005,609</span></td>
</tr>
</tbody>
</table>
<p><sup><em>Source: </em><em>theaic.co.uk</em></sup><em><sup> / Morningstar. AIC members only, excluding VCTs and companies that are winding up. The column headed “share price total return” shows the share price total return over the period based on a single lump sum investment on 6 April 1999. The column headed “total value” is the total value of an investment on 31 January 2025 if the maximum ISA limit for each year had been invested annually from 1999 to 2024, with the investment being made on 6 April each year.</sup><br />
</em></p>
<p>When ISAs first became available in 1999, you could have invested £7,000 a year. The allowance remained the same for a decade but then saw a few large jumps to £10,200 in 2010, £15,000 in 2014, and the current level of £20,000 in 2017. There were a few other inflation-linked increases along the way as well.</p>
<p>If you invested your full ISA allowance for each year, your total subscriptions would come to £326,560. So £1m represents a tripling of your contributions over a quarter of a century, or just over 9% a year on a compounded basis. We now have four trusts that would have generated £2m or more, equivalent to about 14% a year.</p>
<p>Of course, markets don&#8217;t work on an orderly basis with the same returns year after year; the sequence of returns affects the numbers as well. Broadly speaking, trusts that performed better recently will have produced a greater monetary amount despite having a similar or even lower annualised return over the whole 25 years. JPMorgan American is a good example of this &#8212; US market returns were weak in the 2000s but have been very strong in the 2010s and 2020s, so it takes fifth spot despite having a relatively low 10.5% annualised return. The opposite is true for abrdn Asia Focus, which comes sixth despite returning a much higher 15.9% a year.</p>
<h3>Small remains beautiful</h3>
<p>The presence of smaller company trusts has been notable in each version of this list, and it is a feature again this year. While non-UK smaller company trusts were among the biggest climbers this year, UK small-cap trusts were among the heaviest fallers as this particular sector continues to struggle.</p>
<p>Technology, biotech/healthcare and private equity all feature prominently. On a regional basis, Asia Pacific has arguably done the best although both the UK and Europe boast numerous appearances. Global funds have done pretty well, with most of the mainstream Global sector on the list, however, emerging markets and the flexible sector have very little representation. Part of this reflects the number of eligible trusts in each category of course.</p>
<p>Nearly the entire alternative asset universe is too young to be included in this list. Income trusts are largely absent as well, and those that do feature either have an enhanced dividend policy or have a fairly tenuous claim to belonging in those sectors.</p>
<p>For my profiles over at <a href="https://money-makers.co/fund-profiles-by-sector/">Money Makers</a>, I have covered all but two of these 50 trusts, namely JPMorgan US Smaller Companies (which is pencilled in for next month) and JPMorgan European Growth &; Income. In my portfolio, I currently hold five of the fifty, but I used to own nine others, where I should probably have been more patient!</p>
<p>Global markets are down by around 15% since the 2025 list was compiled, so it&#8217;s possible we could see fewer trusts in the 2026 list, and it may take a little while for the £3m mark to be breached. But of course that depends on what happens over the next several months!</p>
<!-- WP QUADS Content Ad Plugin v. 2.0.95 -->
<div class="quads-location quads-ad3665 " id="quads-ad3665" style="float:left;margin:10px 10px 10px 0;padding:0px 0px 0px 0;" data-lazydelay="3000">
<hr style="height:5px"> 
<h3 style="text-align: center;">Join the Money Makers circle</h3>
<p>I've teamed up with Jonathan Davis, the editor of The Investment Trusts Handbook, at Money Makers where I am now writing regular articles on trusts and funds.</p>
<p>For more details of what you get by joining as a member <span style="color: #0000ff;"><a href="https://money-makers.co/membership-join/"><strong>please click here</strong></a>.</span></p>

<hr style="height:5px"> 
</div>

<h3>How the list has changed over time</h3>
<p>If you want to look at the lists from previous years, here are links to my previous articles or the original AIC press release:</p>
<ul>
<li><a href="https://www.itinvestor.co.uk/2024/02/trust-isa-millionaires-the-2024-edition/">2024 (32 £1m companies)</a></li>
<li><a href="https://www.theaic.co.uk/aic/news/press-releases/isa-millionaires">2023 (28 £1m companies)</a></li>
<li><a href="https://www.itinvestor.co.uk/2022/03/30-isa-investment-company-millionaires/">2022 (30 £1m companies)</a></li>
<li><a href="https://www.itinvestor.co.uk/2021/04/the-28-investment-trust-isa-millionaires/">2021 (28 £1m companies)</a></li>
<li>2020 &#8212; no list produced</li>
<li><a href="https://www.itinvestor.co.uk/2019/03/isa-millionaires/">2019 (1 £1m company)</a></li>
</ul>
<p>P.S. I&#8217;m not doing a portfolio review for the first quarter of this year as I&#8217;m planning to do these less frequently, probably just mid-year and year-end. For the record, I was down around 4.5% over the first three months and am now down around 9%, which is around a couple of percentage points ahead of global markets.</p>
 
 ;
<hr style="height:3px">
<h3>Disclaimer</h3>
<p>Please note that I may own some of the investments mentioned above -- you can see my current holdings on <a href="https://www.itinvestor.co.uk/portfolio/">my portfolio page</a>. </p>
<p>Nothing on this website should be regarded as a buy or sell recommendation as I'm just a random person writing a blog in his spare time and I am not authorised to give financial advice. Always do your own research and seek financial advice if necessary!</p>
<hr style=""height:3px"">
<h3>Subscribe to IT Investor</h3>
<p>Get an email alert every time I publish a new article. Your email address won't be used for anything else.</p>
<p><div class="tnp tnp-subscription ">
<form method="post" action="https://www.itinvestor.co.uk/wp-admin/admin-ajax.php?action=tnp&;na=s">
<input type="hidden" name="nlang" value="">
<div class="tnp-field tnp-field-email"><label for="tnp-1">Enter your email address...</label>
<input class="tnp-email" type="email" name="ne" id="tnp-1" value="" placeholder="" required></div>
<div class="tnp-field tnp-field-button" style="text-align: left"><input class="tnp-submit" type="submit" value="Click here to subscribe" style="">
</div>
</form>
</div>
</p>
<hr style=""height:3px"">

</p>

It's that time of the year again. The ninth edition of The Investment Trusts Handbook…
Here's my portfolio review for the first half of 2025. I ended the period up…
Here's my portfolio review for 2024. I ended the year up 10% while global markets…
Today sees the publication of the eighth edition of The Investment Trusts Handbook, the essential…
Here's my portfolio review for the third quarter of 2024. I was up 7.5% over…
Here's my portfolio review for the first half of 2024. I was up 7.1% while…
This website uses cookies.
Read More
View Comments
Thanks Stuart.
As you point out, it’s interesting that the trusts with the highest total share price return for a lump sum investment (e.g. SST) do not make it to the very top of the table for total value (based on maximum annual ISA subscriptions rather than an initial lump sum).
So, should we be choosing different trusts to invest in depending on whether we are making a single lump-sum investment or regular contributions?
Interesting idea. I'm not entirely sure but I think that would be difficult as not only do you not know what future returns will be, you don't know how they will be sequenced, and how much you might be able to invest in future.
Looks like a giant survivorship bias list. Cherry picking the winners after 20 years is not different than cherry-picking 20 stocks that you could have bought and would have made 30% p.a. Could anybody have guessed that DPZ (Domino's Pizza) would have beaten GOOGL (Google) in long-term capital appreciation?
Instead of trying to guess which ITs will do well (unfortunately nobody can really do that) it will probably be better to just buy VWRL and know that in the long-term you will equivocally beat ALL of these funds, with less volatility and much lower fees. (And even if you won't beat a few of them, you will still have lower volatility, which means higher Sharpe ratio, which equals beating them).
Yes, survivorship bias is something to be aware of here and I have made that point more explicitly in previous reviews of these lists. However, I suspect it's less of a factor than many passive enthusiasts claim in this instance as it's rare for a trust to underperform for an extended period before it is taken out and often it is the larger trusts that prosper and the smaller ones that fade away. So if you look at an index of investment trusts, it tends to compare fairly well over long periods.
There's nothing wrong with a global tracker though and I believe there are usually the best option for most people and especially those who prefer a more hands-off approach.