Twenty of our Top 100 funds delivered returns of 5 per cent or more and 13 returned more than 7 per cent to investors in the first half of 2014.
We looked at performance data for the six months to 30 June 2014. Two of the best performers were commodity funds, which have recouped some of their significant losses in 2013. There are also three property funds among the top performers.
We were pleased to see 59 funds out of the 100 beat the FTSE All Share Total Return index in the first half of 2014, though we would expect the average performance of the selection to be broadly in line with this index as it was in 2013.
Notable losers so far in 2014 are trusts focusing on smaller companies. This follows a strong run from smaller companies in 2013.
Investors are not expected to buy the full selection of 100 funds. Instead you are encouraged to select a handful of funds that you think complement your existing portfolio or have the potential to outperform the market. Think about taking profits when you have seen a sustained period of good performance.
Investors in the four UK smaller companies investment trusts in the selection - Acorn Income Fund, BlackRock Smaller Companies Trust, Henderson Smaller Companies Investment Trust and Standard Life UK Smaller Companies Trust, would have been well served by taking some profits at the start of 2014. All of these are now trading at discounts to their underlying net asset values.
More online: you can download the excel spreadsheet of the performance of the funds at http://www.investorschronicle.co.uk/funds-and-etfs/top-100-funds
| Fund name | Code | Performance 2013 (%)* | Performance 2014 to 30 June (%)* | 12-month yield (%) |
| Investec Global Gold Fund Net R GBP Acc | GB00B749TM64 | -44.6 | 18.3 | 0.6 |
| TR Property Investment Trust | TRY | 35.7 | 15.8 | 2.94 |
| Middlefield Canadian Income Trust | MCT | 3.3 | 13.2 | 4.49 |
| Pantheon International Participations | PIN | 16.5 | 11.9 | 0 |
| Picton Property Income | PCTN | 65.8 | 11.7 | 4.92 |
| City Natural Resources High Yield Trust | CYN | -39.8 | 11.6 | 4.06 |
| UK Commercial Property Trust | UKCM | 25.7 | 9 | 4.52 |
| Pacific Assets Trust | PAC | 14.2 | 8.9 | 1.53 |
| First State Global Listed Infrastructure Fund A Acc GBP | GB00B24HJC53 | 15.3 | 8.8 | 3.21 |
| FTSE EPRA/NAREIT UK TR GBP | 23.82 | 8.44 | ||
| Standard Life European Private Equity Trust | SEP | 23.2 | 8 | 2.46 |
| First State Global Property Securities Fund A Acc GBP | GB00B1F76L55 | 0.1 | 7.7 | 2.72 |
| Templeton Emerging Markets Investment Trust | TEM | -8.8 | 7.5 | 1.27 |
| Henderson Diversified Income | HDIV | 10.3 | 7.1 | 5.41 |
| HICL Infrastructure Company | HICL | 14.6 | 6.8 | 5.05 |
| S&P GSCI Gold Spot | -29.59 | 6.51 | ||
| First State Asia Pacific Leaders A Acc GBP | GB0033874214 | 0.4 | 6.5 | 0.55 |
| JP Morgan Global Emerging Markets Income Fund | JEMI | -0.6 | 6.4 | 4.18 |
| Baillie Gifford Shin Nippon | BGS | 55.5 | 6.3 | 0 |
| M&G Property Portfolio R Acc | Gb00B89MXM58 | 6.3 | 6.3 | 3.77 |
| Worldwide Healthcare | WWH | 47.1 | 5.8 | 1.15 |
| Fidelity European Values | FEV | 20.8 | 5.7 | 1.98 |
| Marlborough UK Micro Cap Acc | GB00B02TPH60 | 38.5 | 5.6 | 0 |
| RIT Capital Partners | RCP | 14 | 5.6 | 2.25 |
| Edinburgh Dragon Trust | EFM | -7.9 | 5.44 | 0.84 |
| Royal London Ethical Bond A | GB00B4WSJK27 | 1.1 | 5.4 | 4.6 |
| Aberdeen Asian Income Fund | AAIF | -9.2 | 5.4 | 3.9 |
| Newton Asian Income Inc | GB00B0MY6Z69 | -1.3 | 5.3 | 5.2 |
| Lazard Emerging Markets Retail Acc | GB00B24F1P65 | -2.8 | 5.3 | 1.57 |
| BlackRock Frontiers Investment Trust | BRFI | 45.9 | 5.2 | 2.87 |
| Henderson Strategic Bond A Inc | GB0007495293 | 3.9 | 5.1 | 5.86 |
| Kames High Yield Bond | GB0031425233 | 5 | 5 | 5.42 |
| Personal Assets Trust | PNL | -4.7 | 4.9 | 1.66 |
| Legal & General Dynamic Bond Trust R Acc | GB00TWMM97 | 4.7 | 4.8 | 3.68 |
| Lazard Global Equity Income R Acc | GB00B24DPX62 | 15.6 | 4.7 | 4.87 |
| New City High Yield Fund | NCYF | 3 | 4.7 | 6.38 |
| Fidelity Enhanced Income Acc | GB00B3KB7799 | 16.6 | 4.1 | 6.72 |
| Jupiter Strategic Bond Acc | GB00B2RBCS16 | 6 | 4.1 | 4.79 |
| Perpetual Income and Growth Investment Trust | PLI | 34.6 | 3.8 | 3.12 |
| Fundsmith Equity R Acc | GB00B4LPDJ14 | 24.7 | 3.8 | 0.69 |
| Murray International Trust | MYI | 4.1 | 3.8 | 4.02 |
| Aberdeen Asian Smaller Companies IT | AAS | -3 | 3.8 | 1.07 |
| S&P 500 TR GBP | 29.93 | 3.78 | ||
| Jupiter European Opportunities Trust | JEO | 23.9 | 3.7 | 0 |
| M&G Optimal Income R Acc | GB00B7FM9R94 | 7.5 | 3.7 | 2.62 |
| European Assets Trust | EAT | 47.3 | 3.4 | 6.07 |
| JP Morgan US Equity Income A Net Acc | GB00B3FJQ045 | 28.7 | 3.4 | 2.26 |
| Edinburgh Investment Trust | EDIN | 23.1 | 3.3 | 3.85 |
| Invesco Perpetual Distribution No Trail Acc | GB00B1W7J089 | 13.5 | 3.3 | 4.21 |
| Unicorn Mastertrust B Inc | GB0031218018 | 24.9 | 3 | 0 |
| Newton Global Higher Income Fund GBP Acc | GB00B5VNWP12 | 14.2 | 3 | 4.16 |
| British Empire Securities and General Trust | BTEM | 5.1 | 2.9 | 2.11 |
| MSCI World NR GBP | 24.32 | 2.85 | ||
| MSCI Emerging Markets NR GBP | -4.41 | 2.81 | ||
| Impax Environmental Markets | IEM | 47.4 | 2.8 | 0.6 |
| City of London Investment Trust | CTY | 24.1 | 2.71 | 3.97 |
| BlackRock World Mining Trust | BRWM | -17.5 | 2.43 | 4.3 |
| Sarasin Food and Agricultural Opportunities Fund A Acc | GB00B2Q8L643 | 3.2 | 2.4 | 1.41 |
| Average performance of Top 100 Funds | 19.42 | 2.39 | ||
| MSCI Europe Ex UK NR GBP | 25.28 | 2.32 | ||
| F&C Global Smaller Companies | FCS | 31.1 | 2.3 | 0.94 |
| Scottish Mortgage Investment Trust | SMT | 39.8 | 2.2 | 1.39 |
| Newton Real Return A Inc | GB0001642635 | 4.9 | 2.2 | 3.21 |
| F&C Commercial Property Trust | FCPT | 22.7 | 1.9 | 4.97 |
| M&G Global Dividend A Acc | GB00B39R2L79 | 23.3 | 1.8 | 3.41 |
| F&C Managed Portfolio Growth | FMPG | 26.9 | 1.7 | 0 |
| Barclays Global Aggregate TR GBP | -4.41 | 1.64 | ||
| FTSE All Share TR GBP | 20.81 | 1.59 | ||
| New Earth Solutions Recycling Faciliites Sterling Investment Sub-Fund | IM00B3B2JG43 | 7.2 | 1.5 | 0 |
| M&G UK Inflation Linked Corporate Bond Fund R Acc | GB00B7FV9F40 | 4.8 | 1.4 | 0 |
| Liontrust Special Situations Inc | GB00B0N6YF70 | 20 | 1.3 | 0.9 |
| Threadneedle Global Equity Income R GBP Acc | GB00B1YW3W13 | 21 | 1.2 | 4.57 |
| Graphite Enterprise Trust | GPE | 35.7 | 1 | 1.3 |
| Murray Income Trust | MUT | 23.2 | 0.8 | 3.93 |
| Advance Developing Markets Fund | ADMF | -5 | 0.8 | 0 |
| Catco Reinsurance Opportunities Fund | CAT | 23.1 | 0.7 | 5.26 |
| Finsbury Growth & Income Trust | FGT | 35.1 | 0.5 | 2.14 |
| Capital Gearing Trust | CGT | -9 | 0.3 | 0.5 |
| Unicorn UK Income B Acc | GB00B9XQFY62 | 41.5 | 0.2 | 4.3 |
| F&C Stewardship Growth 1 Acc | GB0030833981 | 26.1 | 0.2 | 1.42 |
| Fidelity Cash Fund Acc | GB0003330528 | 0.06 | 0.04 | 0 |
| Premier UK Money Market Fund A Net Acc | GB007061152 | 0.16 | 0.02 | 0.12 |
| International Biotechnology Trust | IBT | 49.5 | 0 | 0 |
| Law Debenture Corporation | LWDB | 28.2 | 0 | 2.94 |
| Russell 2000 TR GBP | 36.24 | -0.05 | ||
| Jupiter US Smaller Companies | JUS | 27.6 | -0.2 | 0 |
| BlackRock Emerging Europe | BEEP | 4.4 | -0.6 | 0.77 |
| GLG Japan Core Alpha Fund R Acc | GB00B0119933 | 31.5 | -0.8 | 0.26 |
| Lowland Investment Company | LWI | 48.9 | -0.9 | 2.56 |
| Schroder Income Maximiser A Acc | GB00B0HWHK75 | 24.6 | -1.1 | 7.79 |
| Lindsell Train Investment Trust | LTI | 21.5 | -1.1 | 1.94 |
| Utilico Emerging Markets | UEM | 18.8 | -1.3 | 3.37 |
| M&G Global Government Bond R Acc* | GB00B7J76C49 | -9.3 | -1.3 | 0.88 |
| Fidelity Emerging Europe Middle East and Africa Acc | GB00B29TR993 | 5 | -2 | 0.89 |
| MSCI Japan NR GBP | 24.8 | -2.48 | ||
| Old Mutual UK Mid Cap Fund Acc | GB00B1XG7999 | 37.3 | -3.1 | 0.88 |
| Ruffer Investment Company | RICA | 7.3 | -3.1 | 1.67 |
| RCM Technology Trust | RTT | 63.2 | -3.4 | 0 |
| Jupiter Financial Opportunities Inc | GB0004790191 | 25.5 | -3.5 | 0.62 |
| Polar Capital Technology Trust | PCT | 35.4 | -3.6 | 0 |
| JPMorgan Chinese Investment Trust | JMC | 11.6 | -3.9 | 1.03 |
| Ecclesiastical UK Equity Growth A Inc | GB0008445982 | 43 | -4.2 | 0.7 |
| Baillie Gifford Japan Trust | BGFD | 78.3 | -4.4 | 0 |
| NB Global Floating Rate Income | NBLS | 9.8 | -5 | 3.69 |
| BH Macro Limited GBP | BHMG | 5.5 | -5.7 | 0 |
| Acorn Income Fund | AIF | 63.9 | -8.1 | 3.77 |
| JP Morgan US Smaller Companies | JUSC | 59.7 | -8.1 | 0.49 |
| Henderson Smaller Companies Investment Trust | HSL | 55.7 | -9.4 | 1.85 |
| BlackRock Smaller Companies Trust | BRSC | 70.4 | -12.6 | 1.53 |
| Standard Life UK Smaller Companies Trust | SLS | 41.3 | -15 | 1.5 |
BlackRock New Energy Investment Trust | In Members' Voluntary Liquidation 31 January 2014 | |||
Source: Morningstar fund fact sheets as at 18 July 2014
Notes: *Investment trusts share price performance
