Four investment trusts and one open-ended fund were given an ‘Elite Rating’ by investment platform FundCalibre following the firm’s latest review.
The certification recognises strategies that combine disciplined management, long-term potential and the ability to deliver for investors across a range of market conditions.
Up first, the £2.2bn Fidelity European Trust is managed by FE fundinfo Alpha Manager Sam Morse and Marcel Stotzel, who look to invest in attractively valued companies with good cash generation and dividend growth prospects.
Salih said the managers have “consistently demonstrated skill in selecting quality companies that can grow over time, while managing risk carefully”.
It has been the top-performing trust in the IT Europe sector over the past decade, achieving this with the lowest volatility and best Sharpe ratio (a measure of risk-adjusted returns).
The trust has also made the second-highest returns over one, three and five years, although investors should note that the sector is small, with just five portfolios in the peer group.
Overall, Salih said it is an “impressive option for investors seeking reliable European equity exposure”.
Performance of trusts vs sector over 10yrs
Source: FE Analytics
From the same sector, the team also gave an elite rating to JPMorgan European Growth & Income, which has pipped the Fidelity fund above to the top spot in the peer group over short and medium timeframes and sits in second place over 10 years.
It is managed by Alexander Fitzalan Howard, Tim Lewis and Zenah Shuhaiber, who balance “attractive valuations with a focus on quality, while targeting a consistent dividend,” Salih said.
The investment company is a “core, all-weather European trust with an appealing blend of growth and income,” he said, and is a “strong choice for investors looking for reliability alongside potential upside”.
Away from Europe, AVI Japan Opportunity Trust has also been given an elite rating, with Salih describing it as “one of the most compelling ways to access Japanese small- and mid-cap opportunities”.
The £396m trust has made 94.7% since its launch in 2018, beating its only rival over this time – the Baillie Gifford Shin Nippon trust – which has made a 24.6% loss.
Over one, three and five years, however, it is second in the three-strong peer group, beating the Shin Nippon trust but lagging the Nippon Active Value fund.
Manager Joe Bauernfreund has shown “a remarkable ability to unlock value through active engagement with management,” said Salih.
It merged with Fidelity Japan Trust in 2025, scaling the trust and bulking out its assets under management, which has allowed the team more resources to “exploit inefficiencies in this under-researched market”. Overall, he said it was a “high-conviction option for long-term investors”.
The final investment trust on the list is Capital Gearing Trust, which prioritises capital preservation and long-term wealth growth, rather than aiming to shoot the lights out in rising markets.
Part of the IT Flexible Investment sector, the investment company has therefore lagged its peers over the past 10 years as more equity-heavy strategies have rallied.
However, it has remained remarkably consistent, Salih noted, making positive returns in 41 of the past 43 years. This is a demonstration of the “disciplined, patient management”, he said, and makes the trust a “standout option” for those seeking stability without sacrificing long-term growth potential.
Performance of trusts vs sector over 10yrs
Source: FE Analytics
The only non-investment trust to gain an elite rating was the £786m abrdn Emerging Markets Income Equity fund managed by Matthew Williams.
It combines an income focus with long-term growth potential and an “on-the-ground presence” across emerging markets, giving it a “clear edge” in the sector.
“We particularly like how the fund targets dividend-paying companies that historically deliver higher returns with lower volatility, offering both income and resilience in a complex part of the world,” said Salih.
It has been a top-quartile performer in the IA Global Emerging Markets sector over one, three, five and 10 years, more than tripling (239.4%) investors’ money over a decade.