The sharp fall in the oil price in November boosted the profits of some of the largest holdings in the £1.4bn Finsbury Growth and Income Trust.
The trust, run by Nick Train, returned 1.1 per cent in November while the market was down 1.6 per cent.
The Finsbury Growth and Income trust is the absolute top performer in the AIC UK All Companies sector over one, three and five years.
Mr Train said the performance was driven by strong share price returns from a number of consumer goods companies, including Unilever, Diageo and Relx.
Mr Train said those companies were often regarded as having defensive characteristics, which may be helping the investment case right now, but he said the shares also received a fillip from the 20 per cent drop in the oil price in November.
He said that while predicting oil price moves was difficult, he felt a lower oil price should act as a boost to consumers and increase spending, which benefits consumer goods companies and justifies the share price rise seen in November.
Johanna Kyrklund, global head of multi asset investments at Schroders, said: "We still see opportunities to generate positive returns. The US 10-year yield is sitting quietly around 3 per cent and we expect only a couple more rate hikes from the Federal Reserve in 2019.
"This should underpin equity valuations and provide diversification benefits from bonds in a multi-asset portfolio. Lower oil prices should support consumption and put a lid on inflationary pressures."