Which investment trusts would have made you an ISA millionaire?

Annabel Brodie-Smith, Communications Director of the Association of Investment Companies (AIC), said: “Our research shows that 68 investment trusts would have returned more than £1 million for ISA savers who invested their entire allowance every year since 1999 – with the top two trusts returning an impressive £3.6 million and a further six returning more than £2 million.

“Over the long term, investment trusts have delivered strong performance for investors. Their closed-ended structure means they can take a long-term view, because they don’t have to sell assets when investors sell their shares. This makes them particularly suitable for hard-to-sell assets like smaller companies and unquoted companies – both of which feature strongly among the ISA millionaire trusts.

“I’d emphasise that past performance is no guarantee of future returns, and it’s vital to spread your risk when investing. A diversified portfolio that meets your needs is the best way to succeed over the long term. If investors are in doubt about which trust is right for them, it’s important to speak to a financial adviser.”

Comments from some of the top performers

Mike Seidenberg, Portfolio Manager of Allianz Technology Trust, said: “We are very pleased that our long-term performance has put us at the head of this prestigious list again. Investing on behalf of our shareholders is something we take very seriously and will remain our North Star in perpetuity. Our process is such that while we make incremental changes on an annual basis, the foundation has remained the same since I joined the trust in 2009. We work collaboratively and I am surrounded by a great team, so I am fortunate to interact with them and extract our best ideas for portfolio construction. Technology remains a robust sector for investing as companies continue to create competitive advantages with their use of it. This applies to both consumer and business to business. Our location near Silicon Valley affords us the opportunity to see these emerging technologies and try to grasp their impact on the existing landscape.

“Our performance in 2025 was really driven by our focus on the semiconductor ecosystem: not just owning a large single stock but by looking at first and second derivatives within this secular theme. In addition, good old stock picking helped as we had a variety of new names drive performance from sectors like fintech and software.”

Ben Rogoff, Lead Manager of Polar Capital Technology Trust, said: “Our approach focuses on identifying the most important technology themes and companies best positioned to benefit from long term structural change, avoiding early-stage speculation and superficial ‘value’. This framework has served us well over multiple cycles and has allowed us to participate in many of the sector’s most significant success stories.

“We have one of the largest and most experienced technology investment teams in Europe, enabling us to assess new trends rigorously and adapt as leadership within the sector evolves. It is increasingly evident that artificial intelligence has now moved beyond promise into deployment and monetisation, representing both a true general purpose technology and a rare example of discontinuous change where decades of progress are packed into years.

“As a result, we have positioned the portfolio to reflect an AI-first world, with exposure to the most visible beneficiaries, but also to the critical infrastructure and enablers that underpin this transformation. We believe a selective approach driven by the fundamentals is essential as AI adoption deepens and the next phase of value creation unfolds.”

Tom Slater, Manager of Scottish Mortgage Investment Trust, said: “Our purpose at Scottish Mortgage is simple but ambitious – to maximise long-term returns by offering a liquid, low-cost investment in the world’s most exceptional public and private growth companies. We are optimists, imagining what the world could look like in the next decade and beyond. Our performance comes from patiently backing a small number of transformational businesses and holding them through the volatility that often accompanies innovation.

“Over the past 20 years, e-commerce, social media and mobile computing have overturned decades-old business models. But what lies ahead will dwarf those shifts. The next two decades will be defined by a pace and intensity that make the last 20 look calm by comparison.  We don’t claim to predict the future. Instead, we invest in the adaptable companies and visionary founders shaping it. Scottish Mortgage is not a bet on a single country or theme – it is an investment in global progress.”

Luke Finch, Partner at Hg, the investment manager of HgCapital Trust, said: “This result reflects our consistent, long-term approach. We’ve navigated the dotcom era, the shift to cloud and multiple economic cycles, and each time mission-critical software businesses have delivered strong, sustained growth. AI represents perhaps the most significant opportunity yet, but it demands more than patient capital. It requires active transformation. Our portfolio companies hold the domain expertise, proprietary data and customer relationships needed to build compelling AI products, and with more than 1,400 AI initiatives already underway, we’re helping them do exactly that. We see enormous potential ahead.”

Gabriel Sacks, Lead Manager of Aberdeen Asia Focus, said: “Asian smaller companies have delivered strong long-term returns, driven by the region’s structural growth and the breadth of high quality, listed businesses that are often overlooked by mainstream investors. Because returns across Asian markets are highly dispersed, we are also able to build a portfolio that is resilient and almost entirely distinct from typical indices, focused on uncovering the region’s next generation of market leaders.

“This focused, stock-picking approach has helped deliver attractive growth without excess volatility, while providing meaningful diversification benefits. Supported by on the ground expertise and deep local insight, we invest in established smaller companies with strong fundamentals and long-term growth potential.

“Looking ahead, we believe investors remain under-allocated to Asian smaller companies. With thousands of under-researched opportunities across fast growing economies, this continues to be one of the most compelling areas of global equity markets.”

1. Includes AIC member investment companies except for VCTs and companies that are winding up.
2. The Association of Investment Companies (AIC) represents a broad range of investment trusts and VCTs, collectively known as investment companies. The AIC’s vision is for closed-ended investment companies to be understood and considered by every investor. The AIC has 276 members and the industry has total assets of approximately £268 billion.
3. For more information about the AIC and investment trusts, visit the AIC’s website.
4. Disclaimer: The information contained in this press release does not constitute investment advice or personal recommendation and it is not an invitation or inducement to engage in investment activity. You should seek independent financial and, if appropriate, legal advice as to the suitability of any investment decision. Past performance is not a guide to future performance. The value of investment company shares, and the income from them, can fall as well as rise. You may not get back the full amount invested and, in some cases, nothing at all