A glance at the top-performing funds of 2024 reveals quite the eclectic mix of investment trusts. We have acquisition stories in the form of Foresight Sustainable Forestry (FSF) and Hipgnosis Songs (SONG) but also some relatively niche plays, such as Baker Steel Resources (BSRT) to Molten Ventures (GROW).
Seraphim Space (SSIT) has been on quite the tear, and still leads the pack with a 76.1 per cent year-to-date return for 2024 as of mid-June. But a name that has been turning heads is Manchester & London (MNL), which serves as one of the more direct plays on Nvidia (US:NVDA) and artificial intelligence (AI) more generally. The fund has an eye-watering 32.3 per cent allocation to that one stock, with another 24.9 per cent in Microsoft (US:MSFT).
Punchy as this seems, we've previously noted in our monthly investment trust newsletter that investors may actually like the idea of backing such a concentrated portfolio rather than going through the complications, and the even greater stock-specific risks, of owning Nvidia and Microsoft directly.