ii Super 60 performance review: Q1 2025
Discover how interactive investor’s rated funds performed in the three months to the end of March.
11th April 2025 11:50
Performance of the funds in the Super 60 ranged between +18.83% and -18.43% over the quarter, with strength in European equities, Chinese equities and gold being countered by weakness in US and Indian equities.
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The top five performers list for the quarter was topped by the Fidelity China Special Situations Ord (LSE:FCSS), which outpaced another top performer, HSBC MSCI China ETF GBP (LSE:HMCH) (+12.3%), that tracks the mainstream index in China. The Fidelity investment trust showed a share price return of 18.83%, which reflected a significant boost from the discount narrowing (NAV return 10.8%).
The trust invests in undervalued companies that have good longer-term industry dynamics and competitive advantages. Versus the MSCI China Index, there is a clear bias to mid- and small-cap companies where the manager believes opportunities exist due to a lack of coverage. Over the quarter, the small-cap bias was a clear headwind relative to the mainstream index, but improving sentiment mitigated this in share price terms.
In sterling terms, the iShares Physical Gold ETC GBP (LSE:SGLN)showed a strong positive return of almost 16% for the quarter, making it the second-best performer on the list. It aims to provide investors with exposure to the gold spot price through investment in responsibly sourced gold bars that meet the London Bullion Market Association’s rules. Gold was up strongly due to its defensive characteristics, and potential inflation protection.
The final two funds on the top five outperformers’ list both offer exposure to Continental European equities. Vanguard FTSE Developed Europe ex UK Equity Index ETF Dis GBP (LSE:VERX) tracks the index of that name and produced a return of 7.9%, as European equity markets performed well after a period of weakness versus global and US counterparts.
BlackRock Continental European Income marginally outperformed this index with a return of just over 7.9%. The fund aims to deliver at least 115% of the FTSE All World Developed Europe ex UK Index’s yield while keeping ex-ante beta below 1. The managers assemble a relatively concentrated 40- to 50-stock portfolio, balancing quality dividend-payers that can grow their dividends with undervalued high-yield opportunities. This bias to value helped the fund over the quarter, with sectors such as financials and utilities performing well.
At the other end of the list were three funds with exposure to US equities. Within the US, small-caps and growth areas such as IT and consumer discretionary were the weakest. Reflecting this, Artemis US Smaller Companies led the list of underperformers with a negative return of 18.4%. The fund generally has a growth-style bias overall, but the team will consider value names where they see compelling upside potential. This and the bias down the market-cap scale contributed to the fund’s returns, but there was also weakness in stock selection across areas such as consumer discretionary, financials and industrials. Despite the recent weakness, fund performance remains above peers over the last three years.
The other two US equity funds are Jupiter Merian North American Equity and theSPDR S&P 500 ETF GBP (LSE:SPX5). Both funds performed similarly, with losses of 9.3% and 9.1% respectively. The Jupiter fund invests across the market-cap scale using a quant approach that draws on five broad factors, including a market-dynamics component that considers momentum trends, short-term signals and dynamic valuation, which enables the model to shift between value and quality. Despite the market-cap headwind the fund largely kept up with the market over the quarter, with positives including the underweight to IT and stock selection in communication services.
Goldman Sachs India Equity also saw a significant loss over the quarter, falling 12.2%. The team running this fund follows a time-tested investment approach that has been in place since its inception. The robust bottom-up research process supplemented by the team’s expertise helps them identify mispriced opportunities, especially among small- and mid-cap names, which account for roughly 40%-50% of the portfolio. These positions have yielded meaningful alpha over the years, but account for most of the weakness seen over the quarter versus the mainstream MSCI India 10/40 Index.
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The final fund on the list is iShares Pacific ex Japan Equity Index, which posted a loss of 7.1%. The fund tracks the performance of the FTSE World Asia Pacific ex Japan Index which has a greater than 16% allocation to Taiwan Semiconductor Manufacturing Co Ltd ADR (NYSE:TSM) which showed a significant loss over the quarter. In addition, broader weakness in Taiwan (the largest country allocation) and Australia and South Korea impacted returns.
Top five Super 60 funds in Q1 2025
| Group/Investment | 3 months | 1 year | 3 years | 5 years |
| Fidelity China Special Ord (LSE:FCSS) | 18.83 | 35.82 | 13.86 | 36.60 |
| iShares Physical Gold ETC GBP (LSE:SGLN) | 15.96 | 37.38 | 17.73 | 13.08 |
| HSBC MSCI China ETF GBP (LSE:HMCH) | 12.32 | 36.78 | 4.24 | 0.32 |
| BlackRock Continental Eurp Inc D Acc | 7.96 | 5.80 | 23.41 | 73.81 |
| Vanguard FTSE Dev Eurp ex UK ETF Dis GBP (LSE:VERX) | 7.85 | 3.31 | 8.16 | 12.48 |
Source: Morningstar - Total Return for OE/Market Return for CE - (GBP) to 31/03/2025. Past performance is not a guide to future performance.
Bottom five Super 60 funds in Q1 2025
| Group/Investment | 3 months | 1 year | 3 years | 5 years |
| Artemis US Smaller Companies I Acc GBP | -18.43 | -12.17 | -1.78 | 68.32 |
| GS India Equity I Inc GBP | -12.17 | 3.08 | 26.30 | 163.52 |
| Jupiter Merian North Amer Eq I GBP Acc | -9.32 | 2.94 | 27.53 | 117.57 |
| SPDR S&P 500 ETF GBP (LSE:SPX5) | -9.07 | 4.44 | 8.45 | 16.61 |
| iShares Pacific ex Jpn Eq Idx (UK) D Acc | -7.05 | -3.30 | 0.55 | 62.39 |
Source: Morningstar - Total Return for OE/Market Return for CE - (GBP) to 31/03/2025. Past performance is not a guide to future performance.
Top five Super 60 funds for a five-year period
| Group/Investment | 3 months | 1 year | 3 years | 5 years |
| The European Smaller Companies Trust PLC (LSE:ESCT) | 5.35 | 9.99 | 25.91 | 166.66 |
| GS India Equity I Inc GBP | -12.17 | 3.08 | 26.30 | 163.52 |
| Dodge & Cox Worldwide Global Stk GBP Acc | 2.88 | 3.14 | 25.11 | 122.10 |
| Fidelity Special Values Ord (LSE:FSV) | 3.04 | 15.09 | 21.37 | 117.92 |
| Jupiter Merian North Amer Eq I GBP Acc | -9.32 | 2.94 | 27.53 | 117.57 |
Source: Morningstar - Total Return for OE/Market Return for CE - (GBP) to 31/03/2025. Past performance is not a guide to future performance.
Bottom five Super 60 funds for a five-year period
| Group/Investment | 3 months | 1 year | 3 years | 5 years |
| Vanguard UK Govt Bd Idx £ Dist | 0.42 | -2.10 | -21.22 | -30.34 |
| Vanguard Glb Bd Idx £ H Acc | 1.39 | 3.99 | 0.22 | -3.46 |
| HSBC MSCI China ETF GBP (LSE:HMCH) | 12.32 | 36.78 | 4.24 | 0.32 |
| Jupiter Strategic Bond I Acc | 2.86 | 2.76 | -0.34 | 3.60 |
| Vanguard LifeStrategy 20% Eq A Grs Acc | 0.29 | 2.57 | -1.57 | 4.95 |
Source: Morningstar - Total Return for OE/Market Return for CE - (GBP) to 31/03/2025. Past performance is not a guide to future performance.
Most-bought Super 60 funds in Q1 2025
Most-sold Super 60 funds in Q1 2025
Changes to the Super 60 list (under review/developments)
Please see Super 60 Annual Review.
Super 60 videos in Q1
Vanguard LifeStrategy
Vanguard LifeStrategy 80%, 60% Equity and 20% Equity are on ii’s Super 60 list.
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Diverse Income Trust
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Lindsell Train UK Equity
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Artemis US Smaller Companies
These articles are provided for information purposes only. Occasionally, an opinion about whether to buy or sell a specific investment may be provided by third parties. The content is not intended to be a personal recommendation to buy or sell any financial instrument or product, or to adopt any investment strategy as it is not provided based on an assessment of your investing knowledge and experience, your financial situation or your investment objectives. The value of your investments, and the income derived from them, may go down as well as up. You may not get back all the money that you invest. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser.
Full performance can be found on the company or index summary page on the interactive investor website. Simply click on the company's or index name highlighted in the article.
The Super 60 investments list is selected and managed by our independent research partner Morningstar and reviewed by our in-house investment experts to help narrow down the wide choice of available investment products. We believe it represents a set of high-quality choices, across different asset classes, regions, and investment types.
However, you should note that the selection of Super 60 investments list is not a ‘personal recommendation’. This means we have not assessed your investment knowledge, your financial situation (including your ability to bear losses), your investment objectives, your risk tolerance, or your sustainability preferences.
You should ensure that any investment decisions you make are suitable for your personal circumstances, and if you are unsure about the suitability of a particular investment or think you need a personal recommendation, you should speak to a suitably qualified financial adviser.
The past performance of an investment is not a reliable indicator of future results, and ii does not guarantee or predict the future performance of the Super 60 investments list as a whole or the constituent investments.
Risk Warning(s)
The value of your investments may go down as well as up. You may not get back all the money that you invest.
Investing in emerging markets involves different risks from developed markets, in many cases the risks are greater.
The value of international investments is affected by currency fluctuations which might reduce their value in sterling.
Disclosure(s)
All funds listed are the Accumulation version of the fund, where available, where any income generated within the fund is reinvested automatically. Income versions of these funds may also be available for investors looking for income generated to be paid directly into their account.
Annual performance can be found on the factsheet of each fund, trust or ETF. Simply click on the asset’s name and then the performance tab.
Any changes to the Super 60 investments list and the rationale behind those decisions will be communicated through the Quarterly Investment Review.
Details of all Super 60 recommendations issued by ii during the previous 12-month period can be found here.
ii adheres to a strict code of conduct. Members of ii staff may have holdings in one or more Super 60 investments, which could create a conflict of interest. Any member of staff involved in the development of research about any financial instrument in which they have an interest are required to disclose such interest to ii. We will at all times consider whether such interest impairs the objectivity of the recommendation.
In addition, staff involved in the production of the Super 60 investments list are subject to a personal account dealing restriction. This prevents them from placing a transaction in the specified instrument(s) for five working days before and after an investment is included or amended and made public within the Super 60 investments list. This is to avoid personal interests conflicting with the interests of investors in the Super 60 investments.