In this article we continue our rundown of 2025’s most-viewed trusts on the The Association of Investment Companies (AIC) website
Three large and liquid global trusts occupied 4th, 3rd and 2nd spots. A growth champion returned to form, the first-ever investment trust to shift up the table, while a popular global equity income option lost the top spot.
Going for growth
Scottish Mortgage (SMT)
Share price: £12.12
Discount: 2.2%
Yield: 0.4%
Retaining 4th spot was Scottish Mortgage (SMT), Baillie Gifford’s flagship trust. The fund aims to ‘identify, own and support the world’s most exceptional growth companies’.
Scottish Mortgage is the best 10 and one-year share price total return performer in the AIC Global sector. It also carries the lowest ongoing charges to boot.
The FTSE 100 fund’s unconstrained approach provides managers Tom Slater and Lawrence Burns with the broadest opportunity set. This spans both public and private companies across the globe.
Top 10 holdings include private companies planning IPOs such as Elon Musk’s SpaceX, which has become Scottish Mortgage’s biggest position. Another is Stripe, the Dublin-based payments technology company helping to build the economic infrastructure for the internet.
Publicly-listed positions include AI chip champion Nvidia (NVDA), cloud computing-to-ecommerce giant Amazon (AMZN) and online marketplace operator Mercadolibre (MELI).
Learn more about the trust here: https://www.scottishmortgage.com/en/uk/individual-investors
One-stop shop
F&C Investment Trust (FCIT)
Share price: £12.49
Discount: 7.2%
Yield: 1.25%
Climbing from 6th to 3rd was F&C (FCIT), the global trust often referred to as a ‘one-stop shop’ for investors.
Founded in 1868 as the first ever investment trust with the purpose of providing investors of more moderate means access to the same opportunities and advantages as the very largest investors, present-day F&C’s purpose remains unchanged.
This diversified portfolio offers exposure to most markets, plus private equity, through investments in over 350 companies in 35 countries.
Managed by Columbia Threadneedle’s Paul Niven, the quarterly dividend-payer’s NAV growth has outperformed the FTSE All World total return index over the past 5 years. F&C also has one of the AIC Global sector’s lowest ongoing charges at 0.45% and trades at a 7.2% discount to NAV.
Learn more about the trust here: https://www.fandc.com/
A fund for all seasons
JPMorgan Global Growth & Income (JGGI)
Share price: 571p
Discount: 3.5%
Yield: 4%
JPMorgan Global Growth & Income (JGGI) surrendered its crown as the most viewed trust in 2025, slipping one place. However, it remained one of the most popular trusts among investors due to its outstanding long-run performance record.
Large and liquid, this global equity income stalwart aims to provide investors with an all-weather portfolio, built on a bottom-up, unconstrained basis.
Managers Helge Skibeli, James Cook and Sam Witherow invest in high-quality companies exhibiting faster earnings growth and trading at attractive valuations.
Though JPMorgan Global Growth & Income encountered stylistic headwinds in 2025, its tried-and-tested approach has delivered strong returns.
Over the past five years, the trust has outperformed its benchmark. ‘JGGI’ has traded at an average premium of 0.7% over the past five years, but a small discount has developed since Q2 2025, currently standing at 3.5%.
In response, the board has been buying back shares and JGGI also boasts one of the highest dividend yields in the AIC Global Equity Income sector at 4%.
Learn more about the trust here: https://am.jpmorgan.com/gb/en/asset-management/per/products/jpmorgan-global-growth-income-plc-gb00bymky695
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