The most resilient investment trusts during the Iran crisis

When geopolitical shocks occur, like the conflict in Iran that has shaken markets since late February, knowing where to put your money to protect your wealth is key.

The Association of Investment Companies (AIC), an industry body representing the UK’s investment trusts, has identified the closed-ended funds that have shown the greatest resilience during the conflict’s duration.

Technology-focused investment trusts have led the way, with the continued demand for artificial intelligence (AI) stocks and funds lifting the sector in spite of global turbulence.

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“Investment trusts in the technology sector have continued to power ahead as the AI investment boom goes on,” said Annabel Brodie-Smith, director of the AIC. “And the growth capital sector has thrived due to its big holdings in fast-growing private companies and potential IPOs such as Anthropic, ByteDance and Revolut.”

The investment trust sectors that have been most resilient

It wasn’t all about tech and growth sectors. Some of the other top-performing investment trusts since the start of the Iran conflict have come from less obvious sectors – particularly renewable energy.

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Ten best performing investment trust sectors since the start of the Iran war
AIC sector	Share price total return %
Technology & Technology Innovation	29.6
Growth Capital	21.9
Renewable Energy Infrastructure	16.8
Healthcare & Biotechnology	15.8
Global	13.4
Global Smaller Companies	11.9
Asia Pacific	11.8
Infrastructure	11.3
Asia Pacific Equity Income	9.8
Global Emerging Markets	9.6

^Source:^theaic.co.uk^{/ Morningstar. Share price total return in % from 02/03/2026 to 31/08/2026. Excludes VCTs. See}^{AIC sector definitions}^.

“Shares across the [renewable energy infrastructure] sector have bounced as investors have warmed to renewable energy during a war that has exposed the weaknesses of our oil and gas supply chains,” said the AIC’s Brodie-Smith.

Commenting on the outperformance of the renewable energy infrastructure sector, Charlie Wright, co-lead investment manager of Foresight Environmental Infrastructure (LON:FGEN), said “Iran conflict has perhaps prompted investors to reassess the strategic value of renewables and environmental infrastructure, reminding investors that an overreliance on volatile imported fuels is not a wise position to take.”

Which investment trust sectors have outperformed since the start of the Iran war?

Foresight Environmental Infrastructure was one of two renewable energy infrastructure investment trusts to make the top-five in terms of share price total return since the start of the Iran conflict.

Growth capital trust Molten Ventures (LON:GROW), which holds stakes in Revolut and Finnish space economy start-up ICEYE, took the top spot, while the Biotech Growth Trust (LON:BIOG) took second and Allianz Technology Trust (LON:ATT) came third.

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20 best performing investment trusts since the start of the Iran war
Investment trust	AIC sector	Share price total return %
Molten Ventures	Growth Capital	53.0
Biotech Growth	Healthcare & Biotechnology	38.5
Allianz Technology Trust	Technology & Technology Innovation	33.3
Gresham House Energy Storage	Renewable Energy Infrastructure	32.2
Foresight Environmental Infrastructure	Renewable Energy Infrastructure	31.0
Manchester & London	Technology & Technology Innovation	29.4
Polar Capital Technology	Technology & Technology Innovation	28.4
Athelney Trust	UK Smaller Companies	28.3
International Biotechnology	Healthcare & Biotechnology	24.9
Seraphim Space Investment Trust	Growth Capital	24.0
Greencoat Renewables	Renewable Energy Infrastructure	23.4
Tufton Assets	Leasing	23.3
Schroder BSC Social Impact Trust	Flexible Investment	22.8
Greencoat UK Wind	Renewable Energy Infrastructure	22.0
Mobius Investment Trust	Global Emerging Markets	21.1
Odyssean Investment Trust	UK Smaller Companies	20.9
Scottish Mortgage	Global	20.9
Baillie Gifford European Growth	Europe	20.9
Renewables Infrastructure Group	Renewable Energy Infrastructure	20.8
RTW Biotech Opportunities	Healthcare & Biotechnology	20.6

^{Source: theaic.co.uk / Morningstar. Share price total return in % from 02/03/2026 to 31/08/2026. Excludes VCTs and trusts in liquidation.}

Stephen Packwood, co-manager of Greencoat UK Wind (LON:UKW) said “investor interest in renewables has picked up since the start of the war given security of supply and cost of energy concerns” but that the trust’s “strong performance in terms of power and net cash generation” had been the main driver behind its outperformance, covering its dividend payout in the first six months of 2026 and providing further capital to grow the business.

“Renewables, in particular wind, are well placed to take advantage of the forecasted increase in electricity demand over the coming years,” he added.