Investments  

Best and worst performing funds of 2018 revealed

"The trust’s biggest holding by far, at 47 per cent, is the fund management company running it – Lindsell Train, an unlisted company, and the reason for the premium is that investors feel the management company is undervalued by the trust’s board.

"The board clearly disagrees, and anyone buying in at this price needs to seriously consider whether they want to pay almost half as much again for the value of the assets."

Meanwhile, the continued travails of the UK property sector impacted on the performance of Real Estate Investment Trusts (REITs), which were among the very worst investment trust performers.

INTU Properties, New River Retail, and Capital and Regional were three of the four worst performers.

The absolute worst performer was the £196m Catco Reinsurance, which invests in insurance bonds, and lost 79 per cent.

The best performing investment trust sector in 2018 was biotechnology and healthcare, which returned 16 per cent, according to separate data from the Association of Investment Companies.

This article has been amended post publication to reflect that the Jupiter India Select fund has made a loss of 28.8 per cent in the year to date, not 278.8 per cent as mistakenly stated.

david.thorpe@ft.com