Saltydog Investor spies a handful of funds that haven’t lost their 2025 momentum.

Last year turned out to be pretty good for investors, even though US President Donald Trump’s unorthodox approach to trade negotiations did not make it plain sailing. There was also an uneasy geopolitical backdrop, with major wars in Ukraine and the Middle East, alongside persistent conflicts across parts of Africa and Asia.

However, all the major stock markets that we regularly monitor made annual gains. The best performer was the Brazilian Ibovespa, which delivered a one-year return of 34%. Closer to home, the FTSE 100 rose by 21.5%, while the more domestically focused FTSE 250 gained 9%.

The general rise in equity prices was reflected in fund performance. Nearly all of the Investment Association (IA) sectors made gains over the year.

The notable exceptions were UK Property, which slipped by 0.2%, and India/India Subcontinent, which suffered a more substantial loss of 8.9%. The best-performing sector was Latin America, which rose by 38.9%, although many of the leading individual funds came from the Specialist sector, particularly those focused on gold.

This year has also started reasonably well, with many of the dominant themes from 2025 continuing to drive markets.

In November, only 15 of the 34 sectors that we report on each week were showing gains, reflecting the weakness we had observed in global equity markets. December marked an improvement, with 20 sectors posting positive returns. January was stronger again, with 27 sectors recording one-month gains.

Once again, Latin America was the standout performer, delivering a one-month return of 14.2%.

As we said a couple of weeks ago: “Commodity prices, currency strength, and more favourable tariff terms could continue to support the region in the short term. However, US policy remains unpredictable, and there are signs that the commodity cycle may be moving into a later phase.”

It was also encouraging to see the UK Equity sectors – UK Smaller Companies, UK All Companies, and UK Equity Income – continuing to perform well.

However, the best-performing funds were not drawn from the mainstream sectors and instead came predominantly from the Specialist sector.

The IA doesn’t publish performance data for the Specialist sector, as the funds’ risk profiles, asset mixes, and objectives vary too widely for any average to be meaningful.

Funds investing in gold mining and processing dominated November’s top 10.

They also featured strongly in December’s shortlist, although WS Amati Strategic Metals B Acc, which had been eighth in November, jumped to the top of the table. In January, gold-focused funds again took four of the top five places, but Barings Korea I GBP Acc outperformed them all to take the top spot.

Here are our top 10 funds for January.

Saltydog’s top 10 funds in January 2026

Data source: Morningstar. Past performance is not a guide to future performance.

Over time, certain names become familiar because they regularly feature near the top of our tables. Leading funds such as SVS Baker Steel Gold&Precious Mtls B Acc, BlackRock Gold and General A Acc, SVS Sanlam Global Gold &Resources B, and Ninety One Global Gold I Acc £ are all well known to us.

However, two less familiar funds have also stood out over the past year: Barings Korea and WS Amati Strategic Metals.

WS Amati Strategic Metals topped the table in December and remains in the top 10, although it slipped back to sixth place last month. Around half the portfolio is invested in gold-related companies, alongside meaningful exposure to silver, industrial, and speciality metals.

Speciality metals such as copper, nickel, lithium, manganese, and rare earths are essential to traditional industry, as well as to technologies underpinning the energy transition and artificial intelligence.

In January, Barings Korea moved into pole position.

One of the strongest investment themes last year was the rise of AI, which helped drive strong returns for many Technology and Technology Innovation funds.

When people think about technology, it is easy to focus on the US and the so-called Magnificent Seven. However, South Korea is another technology powerhouse, particularly in semiconductors, smartphones, and displays.

Leading Korean companies include Samsung Electronics Co Ltd DR  SMSN  5.75% and SK Hynix, both of which sit at the heart of the global semiconductor supply chain.

Barings Korea topped our tables in the second quarter last year, gaining 36.0%, and again in October, when it rose by 20.5%. In January, it added a further 25.4%.

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