The best-performing Elite Rated funds in 2025

By Staci West on 18 December 2025 in Best performing funds

Commodities leading returns in 2025

2025 proved to be a year of sharp reversals and renewed volatility across global markets. After years of technology-led returns, investors saw a decisive shift towards commodities and natural resources, with several Elite Rated funds benefiting from rising metal prices and renewed demand.

After technology’s long period of dominance, markets took a different turn in 2025, highlighting the inherently volatile nature of metals. The four top-performing Elite Rated funds all come from the Commodities and Natural Resources sector.

While they share exposure to commodities, each fund takes a distinct approach:

• Ninety One Global Gold invests primarily in gold mining companies.
• Jupiter Gold and Silver invests in both physical gold and silver bullion, as well as gold and silver mining companies.
• WS Amati Strategic Metals focuses on metals with strategic importance to the global economy, including gold, silver, copper, nickel and lithium.
• BlackRock World Mining Trust provides global exposure to mining and metals companies, including royalty streams, physical metals and unquoted securities.

What sector performed best in 2025?

Latin America once again demonstrated how volatile the region can be for investors. After ranking second in 2023 and falling to the worst-performing sector in 2024, it returned to the top of the performance tables in 2025, delivering a 36.6% gain. Much of Latin America’s success can be attributed to strong commodity prices, particularly copper and gold, driven by demand linked to the global energy transition.

Commodities & Natural Resources followed closely in second place, returning 26.1%, a remarkable rise from 48th place last year. The top five is rounded out with Europe ex UK (21.2%), China (20.3%) and European Smaller Companies (19%). Last year’s top-performing sector, Financials and Financial Innovation, fell to 13th place, returning 14.7%.

Economic outlook in 2026

At our annual investment dinner, we spoke with three Elite Rated managers to better understand the current market environment and where opportunities may lie in the year ahead. Among them was Georges Lequime, co-manager of the WS Amati Strategic Metals fund.There are several reasons to believe precious metals could continue to perform well. Silver prices have reached new highs, with strong demand and limited supply, while gold remains supported by ongoing geopolitical tensions and continued central bank buying.

Ned Naylor-Leyland, manager of the Jupiter Gold & Silver fund, says: “Despite the price gains for silver and gold this year, mainstream investors haven’t participated in the rally to the extent they have previously. Bullion exchange-traded fund holdings are below the peak levels reached in 2020 (gold) and 2021 (silver). More sophisticated investors including hedge funds and investors in the futures market have been behind most of the trading activity this year. We expect this to change.”

That said, a second consecutive year of triple-digit gains would be unusual.

China’s resurgence could also continue. After three years of weakness prior to its recovery in 2025, valuations remain attractive. Further fiscal support from the government appears likely, and the corporate sector remains in relatively good health.

While the final weeks of 2025 have been dominated by talk of potential market bubbles, this need not deter investors. As our top ten charts show, there continues to be compelling opportunities across a range of regions and sectors.

*Source: FE Analytics, total returns in pounds sterling, discrete calendar year, 17 December 2025