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32 investment trusts that would've made you an ISA millionaire

The end of the tax year is coming, so we've taken a closer look at 32 investment trusts that would’ve made you an ISA millionaire since 1999.
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Important information - This article isn’t personal advice. If you’re not sure whether an investment is right for you please seek advice. If you choose to invest the value of your investment will rise and fall, so you could get back less than you put in.

ISAs have been a national treasure for savers and investors, since they were introduced in 1999, saving billions in tax for UK investors.

From the ISA allowance to the introduction of the Cash ISA, Lifetime ISA, Junior ISA and now a new potential ‘British ISA’, a lot’s changed. But what has stayed the same is they’re still an incredibly useful way of growing wealth.

For most, using the full ISA allowance every tax year might be out of reach. But that doesn’t mean you shouldn’t use as much of it as you can. After all, once we hit midnight on 5 April, this year’s gone forever.

But for the sake of this article though, let’s say you’d used the full ISA allowance each year, investing it into the same investment trust on 6 April every tax year, and reinvested any dividends.

According to new research from the Association of Investment Companies (AIC), by the end of January this year, there are 32 investment trusts that would’ve made you a millionaire. And there are two that would’ve turned that £306,560 into £2,000,000.

Investing your whole ISA allowance in one investment isn’t sensible and this example is only for illustration purposes. It's important not to put all your eggs in one basket. Spreading your money and diversifying, gives you access to more opportunities and can help reduce risk.

This article has been written independently and isn't personal advice or a guide on how or where to invest. ISA and tax rules can and do change. Investments and any income from them can rise and fall in value, so you could get back less than you invest. If you’re not sure if an investment’s right for you, ask for financial advice. Past performance also isn’t a guide to future returns.

Remember, investment trusts can sometimes invest in specialist higher-risk areas like smaller companies and unlisted (private) companies. Lots also use derivatives and gearing (borrowing to invest) which adds risk. Investors should only invest in them if they have the time and knowledge to carefully select and monitor them.

The 32 ISA millionaire investment trusts

Rank

Trust name

AIC sector

% share price total return, 06/04/1999 to 31/01/2024

Total ISA investment value at 31/01/2024

1

HgCapital Trust

Private Equity

3,700

£2,254,391

2

Allianz Technology Trust

Technology & Technology Innovation

1,894

£2,095,955

3

Polar Capital Technology

Technology & Technology Innovation

1,573

£1,912,656

4

Scottish Mortgage

Global

1,366

£1,639,261

5

Scottish Oriental Smaller Companies

Asia Pacific Smaller Companies

4,024

£1,538,589

6

abrdn Asia Focus

Asia Pacific Smaller Companies

3,742

£1,491,435

7

JPMorgan American

North America

889

£1,413,500

8

Pacific Horizon Investment Trust

Asia Pacific

2,334

£1,303,270

9

JPMorgan Global Growth & Income

Global Equity Income

923

£1,268,898

10

BlackRock Throgmorton Trust

UK Smaller Companies

1,252

£1,214,138

11

Worldwide Healthcare Trust

Biotechnology & Healthcare

1,999

£1,197,232

12

International Biotechnology

Biotechnology & Healthcare

1,846

£1,194,730

13

Fidelity European Trust

Europe

1,725

£1,188,448

14

Biotech Growth Trust

Biotechnology & Healthcare

1,317

£1,169,361

15

Canadian General Investments

North America

1,439

£1,159,765

16

BlackRock Smaller Companies

UK Smaller Companies

1,138

£1,157,120

17

Mid Wynd International

Global

1,182

£1,142,541

18

Rights & Issues Investment Trust

UK Smaller Companies

1,588

£1,134,352

19

JPMorgan UK Smaller Companies

UK Smaller Companies

1,268

£1,123,473

20

European Smaller Companies

European Smaller Companies

906

£1,112,995

21

JPMorgan European Discovery

European Smaller Companies

1,664

£1,087,689

22

JPMorgan US Smaller Companies

North American Smaller Companies

1,238

£1,086,589

23

Herald Investment Trust

Global Smaller Companies

855

£1,077,135

24

JPMorgan Indian

India/Indian Subcontinent

1,778

£1,076,331

25

Montanaro European Smaller Companies

European Smaller Companies

917

£1,066,051

26

ICG Enterprise Trust

Private Equity

580

£1,065,553

27

AVI Global Trust

Global

1,482

£1,058,026

28

Fidelity Asian Values

Asia Pacific Smaller Companies

806

£1,055,507

29

BlackRock World Mining Trust

Commodities & Natural Resources

1,853

£1,037,056

30

Pantheon International

Private Equity

1,017

£1,027,265

31

F&C Investment Trust

Global

681

£1,007,460

32

Henderson European Focus Trust

Europe

745

£1,005,182

Past performance isn't a guide to future returns.
Source: AIC/ Morningstar.

% share price total return is for a single lump sum invested at the beginning of the period. Total ISA investment value is the total value of an investment on 31/01/2024 if the maximum ISA limit for each year had been invested every year from 1999 to 2023, with the investment being made on 6 April each year.

Looking for expert investment trust ideas for your ISA?

Looking to use your ISA allowance before the 5 April deadline this tax year and aren't sure where to invest? See our latest investment trust ideas, picked out by our expert investment analysts.

How to pick investments for an ISA

If you're looking for inspiration from our investment research team on where to invest your ISA this tax year, explore our latest ISA investment ideas.

Or you can use our Wealth Shortlist.

It's designed to help investors build and maintain a well-balanced and diversified portfolio. We've put funds under the microscope to make sure the list only contains the funds that our in-depth analysis shows have the greatest long-term performance potential.

Leave day-to-day investment decisions to the experts

If you’ve got a Stocks and Shares ISA and want a team of experts to look after the day-to-day investment decisions, think about a Ready-Made ISA.

You can pick from four ready-made investments, letting you choose how to balance risk and potential returns.

All you'll need to do is check in on your investment from time to time to make sure it still meets your needs and objectives.

HL Ready-Made Investments are managed by our sister company Hargreaves Lansdown Fund Managers Ltd.

Make the most of this year’s ISA allowance

It's quick and easy to open an ISA, taking just minutes online once you have read all the important information.

If you get started before the tax year deadline on 5 April, you could make the most of this year’s £20,000 ISA allowance.

Before you apply, make sure you're happy with our terms and conditions (including Tariff of Charges) and key features. Then all you need is your debit card and National Insurance number to hand.

Although this is changing in the new tax year, right now you can’t pay into more than one of the same type of ISA in the same tax year. But you can split your ISA allowance in any proportion you want between the different types so, for example, you could invest £10,000 in a Stocks and Shares ISA and the remaining £10,000 in a Cash ISA.

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Written by
Matt Taylor
Matthew Taylor
Editor

Matthew is the Content Editor and strategist within HL's Editorial team and is responsible for our market leading Investment Times magazine, as well as articles and regular topical feature pages. He first joined HL in 2017, starting out on the Investment Helpdesk before then becoming a Senior within the Investment Helpdesk.

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Article history
Published: 19th March 2024