The MoneyWeek investment trust portfolio – early 2026 update

The MoneyWeek investment trust portfolio was set up in 2012 with a simple principle: to help readers build a global, all-weather, set-and-forget portfolio. There have been a few changes over the years – the latest was the removal of Mid Wynd (LSE: MWY) in April 2025 after a manager change and a period of underperformance – but the goals have remained the same.

Today, the portfolio contains Personal Assets (LSE: PNL), JP Morgan Global Growth and Income (LSE: JGGI), Scottish Mortgage (LSE: SMT), Caledonia (LSE: CLDN), Law Debenture (LSE: LWDB) and AVI Global (LSE: AGT).

In 2025, an equally weighted portfolio of these six trusts produced a total return of 13.1%. By comparison, the Vanguard LifeStrategy 60% Equity Fund – a simple proxy for a 60/40 equity/bond portfolio – returned 11.6%, while the MSCI World index had a net total return in sterling terms of 12.75% – the third consecutive year of double-digit returns for the index.

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How the MoneyWeek investment trust portfolio fared in 2025

Growth-focused Scottish Mortgage provided the largest boost to overall returns, adding 24.7% for the year. That amounted to a contribution to the overall portfolio of 4.1%. The trust’s returns were helped by an end-of-year surge after SpaceX said it was planning an initial public offering (IPO) in 2026 and aiming for a $1 trillion-plus valuation.

After re-valuing its stake to reflect this, Scottish Mortgage’s net asset value (NAV) stood at 1,303.47p per share as of 31 December 2025, up from roughly 1,200p at the beginning of the month. SpaceX now makes up 15.3% of the fund, up from 8.2% at the beginning of December, with the stake worth as much as £2.2 billion today, up from £508 million in September.

At the defensive end of the spectrum, Personal Assets Trust returned 10.4% last year, supported by a near 12% allocation to gold as the yellow metal surged 64.5% in 2025. Over the past five years, the trust has still lagged its benchmark, the UK Retail Price Index. However, last year’s return – its best since 2021 – regained some lost ground.

Shares in Caledonia also picked up in 2025 after several years of lacklustre performance. The trust’s total return of 11.5% reflected underlying NAV growth and the closing of the discount. The NAV rose 4.7% in 2025, according to the most recent available figures, following an 8.3% increase in 2024. Caledonia’s returns have been held back by its exposure to private equity (about a third of the portfolio), where valuations have suffered as managers have been unable to offload holdings via IPOs. However, with the pipeline of rumoured IPOs filling up for next year, that could change.

Law Debenture yielded the best performance

Of the three public equity trusts in the portfolio – Law Debenture, JGGI and AVI – UK-focused Law Debenture yielded the best performance with a total return of 22.3%, contributing 3.7% to the portfolio’s overall return.

JGGI disappointed, with a total return of 2.9% for the full year. This was the worst performer in the portfolio. Although its NAV rose 7.3%, the trust’s shares began trading a discount to NAV – the first time it’s traded at a sustained discount in nearly a decade – and this partly offset the portfolio gains. Part of this shift can be attributed to its overweight position in US equities (+7.6% compared with the MSCI World). US stocks underperformed global peers last year, and with political risks growing, investors are only becoming more wary.

AVI’s global value portfolio also underperformed last year with a return of 7%. However, we like its strategy of trying to unlock value by activist engagement with companies and its exposure to Japan and Asia.

This article was first published in MoneyWeek's magazine. Enjoy exclusive early access to news, opinion and analysis from our team of financial experts with a MoneyWeek subscription.