In the last quarter of 2025, and for the third consecutive quarter, the entire Courtiers fund range generated positive returns.
Courtiers Multi-Asset Fund Returns in 2025
| Fund | Q4 2025 | 2025 Annual |
|---|---|---|
| Courtiers Total Return Cautious Risk Fund | +3.27% | +10.43% |
| Courtiers Total Return Balanced Risk Fund | +4.53% | +14.65% |
| Courtiers Total Return Growth Fund | +5.76% | +19.06% |
Other Fund Returns in 2025
| Fund | Q4 2025 | 2025 Annual |
|---|---|---|
| Courtiers UK Equity Income Fund | +2.64% | +18.24% |
| Courtiers Global (ex UK) Equity Income Fund | +5.75% | +18.02% |
| Courtiers Ethical Value Equity Fund | +5.92% | +19.20% |
| Courtiers Investment Grade Bond Fund | +1.11% | +3.22% |
Elsewhere in markets
In a closing quarter that saw one of the most complicated budgets since records began (as measured by the number of tax measures by the Office for Budget Responsibility), the UK performed well, buoyed by lower-than-expected inflation. This helped smaller companies outperform their larger counterparts over December, but the FTSE 100, the UK’s index of its 100 largest companies, was up +6.89% in the quarter, whereas the FTSE 250 ex-IT and the FTSE Small-Cap ex-IT lagged their larger counterparts, returning +2.93% and +3.23% respectively. The story is very similar over the year, with the FTSE 100 up an impressive +25.82%, driven by large banks, mining, and defence stocks.
Buoyant banks drove returns across the globe. The Stoxx 600 Banks Index was up 76.69% for the year, its best year since 1997, and the FTSE All-Share Banks Index was up 68.44%, its best return since 1993. The funds benefited from this, with 5 of the top 10 performing positions being equities in the financial sector.
The Stoxx 50, representing the 50 largest European companies, rose +5.15%, capping off a stellar year that saw the index return +22.10%. The TOPIX (Tokyo Price Index), representing the entire Japanese market, rose +8.82% in the quarter, bringing the return for the year to an also stellar +25.46%.
The US had another good year, though lower compared to its own lofty standards and relative to Europe and Emerging Markets. The S&P 500 returned +2.66% in Q4, bringing its return to +17.88% for the year.
US returns were partly dampened by a weakening dollar. The dollar was down -7.45% against the British Pound and -13.4% against the Euro. This acted as a tailwind for Emerging Markets, which had their best year since 2017. The MSCI Emerging Markets Index was up +5.68% in the quarter and +32.06% for the year.
Oil, as measured by Brent Crude, fell -7.84% in the quarter, completing a full set of negative quarters in 2025. Oil returned -18.48% in 2025 and is now below half the price of its 2022 high. Other commodities performed much better. Silver continued to chase down gold, returning +50.97% in the quarter and +138.65% for the year. Gold continued its strong performance, returning +12.22% in the quarter and +62.48% in 2025.
Watch James and Jake cover the last quarter of 2025 above – listen below – or find us on your favourite podcast channel – just look for Courtiers Wealth.
