- This report highlights the best and worst-performing funds from Hargreaves Lansdown’s Wealth Shortlist.
- There are 68 funds in the Hargreaves Lansdown Wealth Shortlist. Of these, 15 received a top-performing 4- or 5-star rating, while 38 received a poor 1- or 2-star performance rating.
- The Artemis Global Income I Inc has consistently been the top-performing fund within the IA Global Income Equity sector over the past 1, 3 & 5 years.
- The FTF Martin Currie UK Mid Cap has produced poor returns relative to its sector peers across the analysed periods.
With over one million clients and more than £155 billion in assets under administration, Hargreaves Lansdown (HL) is the UK’s leading direct-to-investor platform. For years, it has famously published a list of preferred funds to guide investors. Originally known as the Wealth 50, the list was rebranded as the Wealth Shortlist following concerns around transparency and fund selection - particularly in the aftermath of the Woodford Equity Income scandal.
In response, HL made significant changes to its selection process. It reduced the number of featured funds, introduced stricter governance, and enhanced oversight to uphold higher standards.
Compiled by HL’s research team, the Wealth Shortlist highlights funds they believe offer strong potential for long-term returns. Today, the list includes 68 funds - a mix of active and passive strategies - spanning all major investment sectors.
The selection is driven by both quantitative analysis and qualitative research, with a focus on fund manager expertise, investment process, and long-term consistency across varying market conditions.
In this report, we analyse the performance, sector rankings, and overall fund ratings of all 68 Hargreaves Lansdown Wealth Shortlist funds. We also identify the best-performing funds, as well as those that have consistently struggled to keep pace.
The Hargreaves Lansdown Wealth Shortlist Performance Summary
There are currently 68 funds in the Hargreaves Lansdown Wealth Shortlist. Our analysis found that around 56% of these funds received a low 1 or 2-star Yodelar performance rating, while just 22% achieved a top 4 or 5-star rating.
Best Performing Hargreaves Lansdown Wealth Shortlist Funds
Below, we highlight the 5 top-performing funds from the Hargreaves Lansdown Wealth Shortlist. These stand-out funds have consistently outperformed their sector peers, delivering strong returns over the past 1, 3 and 5 years.
Each has been awarded an overall rating of top 4 or 5 stars, underscoring their sustained outperformance and competitiveness within their respective sectors.
Jupiter India Fund
The Jupiter India Fund has been one of the standout performers within the Hargreaves Lansdown Wealth Shortlist. Over the past year it returned –0.04%, ranking 2nd out of 26 funds in the IA India/Indian Subcontinent sector, compared with a sector average of –5.92%. Over three years it delivered 75.30%, the highest in its sector, and across five years it returned 161.01%, once again ranking 1st and well ahead of the 94.43% sector average.
Its performance has been supported by the strength of the Indian economy and broad exposure across key growth areas such as healthcare, financial services, and energy. Diversification across neighbouring markets has added further resilience.
With consistent results across all measured timeframes, the Jupiter India Fund has established itself as one of the best performing options on the Wealth Shortlist.
Artemis Global Income Fund
The Artemis Global Income Fund, which manages approximately £3.06 billion in investor assets, is one of the best performing funds within the Hargreaves Lansdown Wealth Shortlist.
The fund has demonstrated consistently robust performance across all measured periods. In the past 12 months, it produced a return of 37.30%, securing the top position among 56 funds in the IA Global Equity Income sector, and outpacing the sector average of 11.95%.
Over three years, it posted a gain of 84.88%, once again ranking 1st out of 53. Across five years, it achieved an impressive 147.37% return, placing it at the top of 49 comparable funds, and well ahead of the 67.42% sector average. These outcomes underscore the strength of the strategy and cement its status as the top performer in its category.
The fund aims to deliver a sustainable and rising income alongside long-term capital growth over five years. It maintains a relatively concentrated portfolio of 60–80 dividend-paying global companies, comprising a mix of mid-sized firms (typically valued at £500 million and above) and low-volatility mega-cap stocks.
BNY Mellon Multi-Asset Balanced Fund
The BNY Mellon Multi-Asset Balanced Fund is designed to deliver a balance between income and capital growth over the long term (typically five years or more). It invests at least 75% of its assets in a wide range of UK and global securities, spanning equities, bonds, infrastructure, renewables, property, commodities, and cash. With no fixed allocation limits, the fund maintains flexibility to adapt to evolving market conditions.
Managed by Newton Investment Management, the fund benefits from the firm’s active and multidimensional approach. Newton combines equity, income, multi-asset, thematic, and sustainable strategies, guided by robust research and a disciplined risk framework to support long-term outcomes.
This strategy has yielded competitive results within the IA Mixed Investment 40–85% Shares sector. Over the past 12 months, the fund returned 10.79%, ahead of the sector average of 9.18%. Its three-year performance of 30.51% outpaced the average of 22.86%. Over five years, it generated a cumulative return of 55.99%, ranking 10th out of 187 funds and well above the sector average of 36.81%.
Tactical asset allocation and broad global diversification have been central to the fund’s outperformance. Recent returns have been driven by holdings such as Microsoft, which provided meaningful equity gains, and UK government bonds, which offered reliable income and downside protection. This blend of growth and defensive assets reinforces the fund’s ability to generate consistent and resilient returns.
This is one of the largest funds, with approximately £3.77 billion in assets under management, and is well-suited to investors seeking a globally diversified, balanced portfolio with a long-term focus.
Artemis High Income Fund
The Artemis High Income Fund targets a high level of income alongside capital growth over rolling five-year periods. It typically allocates between 80% and 100% to high-yield bonds, with the flexibility to invest up to 20% in equities when appropriate.
A high level of income is defined as matching or exceeding the average yield of funds within the Investment Association’s Strategic Bond sector. While high-yield bonds offer enhanced income, they also carry increased credit risk. The fund’s managers mitigate this by selecting fundamentally strong companies deemed less likely to default, maintaining a disciplined balance between risk and return.
With approximately £914 million in assets under management, the fund has delivered consistently robust performance across all measured timeframes. Over the past year, it returned 9.93%, outperforming the sector average of 5.75%. Over three years, it achieved 28.74%, ranking fifth out of 76 peers and nearly doubling the sector average of 14.67%. Its five-year return of 31.63% placed it third among 66 funds, nearly tripling the average of 10.08%.
Fidelity Special Situations Fund
The Fidelity Special Situations W Acc Fund, launched in October 2012, sits within the IA UK All Companies sector and manages approximately £3.72 billion in assets. It is a long-standing member of the Hargreaves Lansdown Wealth Shortlist and is recognised for its contrarian, value-focused investment approach.
Its main objective is to achieve capital growth over periods of five years or more by investing at least 70% of its assets in UK-listed equities and related securities. It adopts a flexible and unconstrained mandate, investing across all company sizes and sectors. The manager focuses on identifying undervalued businesses with solid recovery potential that are overlooked by the broader market.
The fund has maintained a consistent top-quartile position within its sector. Over the past year, it delivered a return of 17.75%, well ahead of the sector average of 10.67%. Its three-year return of 45.63% placed it 14th out of 207 funds, comfortably outperforming the average of 27.61%. Over five years, it produced an impressive 103.42%, ranking 11th among 198 peers and significantly exceeding the sector average of 57.23%. Such consistent top-tier performance demonstrates the fund’s resilience through both market recoveries and downturns.
Its success can be attributed to the experienced management and a well-constructed portfolio. The fund has benefited from a recovery in the UK economy, improved investor sentiment towards undervalued and regional sectors, and heightened merger and acquisition activity, particularly in insurance and financial services. Top holdings such as DCC, British American Tobacco, and Standard Chartered have been key drivers of recent returns.
Worst Performing Hargreaves Lansdown Wealth Shortlist Funds
Not all funds on the Hargreaves Lansdown Wealth Shortlist have delivered equally competitive results. The 5 funds listed below have consistently ranked in the bottom quartile of their sectors based on 1, 3 and 5-year performance.
Each has received an overall one-star rating, reflecting sustained underperformance relative to their sector peers.
Baillie Gifford Japanese Fund
The Baillie Gifford Japanese B Acc fund has struggled to remain competitive within the IA Japan sector. Over the past 12 months it returned 8.22%, compared with a sector average of 11.45%. Over three years it delivered 15.29%, against a sector average of 30.47%, and across five years it returned 16.79%, less than half the sector average of 37.29%.
Performance has been affected by its growth-oriented style at a time when value sectors such as banks, autos, and heavy industry have dominated Japanese markets. Broader factors, including rising interest rates, changes in Japanese monetary policy, and currency volatility, have also created headwinds.
As a result, the Baillie Gifford Japanese Fund has consistently lagged its peers over short, medium, and long-term timeframes.
Baillie Gifford Monthly Income Fund
The Baillie Gifford Monthly Income B Inc fund is a straightforward multi-asset portfolio designed as a core holding for investors seeking a resilient, long-term income stream. Its objective is to deliver monthly income while preserving both the value of that income and capital in line with UK inflation (CPI) over rolling five-year periods. Although it has no formal benchmark, its performance is typically compared to the IA Mixed Investment 40–85% Shares sector.
Despite its income-focused strategy, the fund’s performance has been underwhelming. Over the past year, it returned 7.05%, placing it 191st out of 233 peer funds - well below the sector average of 9.18%. Its three-year return of 17.21% also lagged the sector average of 22.86%, while over five years it delivered 26.79%, compared to a sector average of 36.81%.
This underperformance is primarily due to the fund’s defensive positioning and sector allocation. Substantial exposure to bonds, infrastructure and property has held back returns during periods of equity-led market strength. Rising interest rates, inflation, and shifting monetary policy have further weighed on these assets, while growth-oriented funds have outperformed.
Although the fund has delivered steady income, its capital growth has lagged due to market volatility, management decisions, and the broader economic environment.
Pyrford Global Total Return Fund
Launched in 2008, the Pyrford Global Total Return fund aims to deliver a stable stream of real total returns over the long term, with low absolute volatility and meaningful downside protection.
It is firmly focused on capital preservation while targeting returns ahead of inflation. To achieve this, the fund invests only where it identifies sound fundamental value, avoiding overvalued assets. Its portfolio primarily consists of investment-grade sovereign bonds and equities of companies with a market capitalisation above US$500 million, listed across North America, Europe (including the UK), and the Asia-Pacific region.
The fund has faced challenges compared to its peers within the IA Flexible Investment sector. Over the past year, it returned 6.50%, compared with the sector average of 9.09%. Its three-year return of 13.10% fell short of the 22.52% average, while the five-year return of 20.26% significantly lagged the sector’s 38.63%. This persistent underperformance places it among the poorest performers on the Hargreaves Lansdown Wealth Shortlist.
The fund’s cautious approach is the primary reason behind its recent lacklustre performance. With low equity exposure and a heavy focus on sovereign bonds, it has struggled during robust equity market gains. The backdrop of rising interest rates, heightened market volatility, and limited flexibility in asset selection has further dampened overall returns. This defensive style results in slower performance compared to riskier funds, especially in bullish markets.
Liontrust UK Growth Fund
The Liontrust UK Growth I Inc fund targets long-term capital growth by investing at least 90% in UK-listed companies, primarily through equities (typically 90%, with a minimum of 80%). It may also hold up to 10% in other assets such as funds, debt, and cash instruments.
With assets of £847 million, the fund returned just 2.00% over the past 12 months, significantly underperforming the UK All Companies sector average of 10.67%. Its three- and five-year returns of 15.20% and 42.17% also fell short of the sector averages of 27.61% and 57.23%, respectively.
This underperformance is linked to ongoing economic challenges in the UK. High inflation, weak consumer confidence, and continued Brexit-related uncertainty have adversely affected domestic businesses within the portfolio. The fund also missed out on gains from AI-driven technology stocks and has been hindered by poor foreign investor sentiment towards UK assets. Furthermore, sectors such as financials and consumer goods have been pressured by rising input costs and weak demand.
FTF Martin Currie UK Mid Cap Fund
The FTF Martin Currie UK Mid Cap Fund, managed by Franklin Templeton through Martin Currie, aims to increase in value by outperforming the FTSE 250 (ex-Investment Trusts) Index over rolling 5 years, after fees and costs.
The fund invests in high-conviction UK mid-cap companies, allocating at least two-thirds of assets (usually more) to medium-sized businesses within the FTSE 250 (ex-IT). The portfolio typically holds 30 to 50 stocks.
Recent performance has been notably weak. The fund returned –3.03% over the past 12 months, ranking 200th out of 209 in its sector, compared with an average of 10.67%. Over three years it gained 5.86%, well below the sector’s 27.61%, and over five years it delivered 24.03% against a peer average of 57.23%. This prolonged underperformance places it firmly in the lowest quartile of the IA UK All Companies sector.
The results highlight both market headwinds and stock-specific missteps. Poor selection in technology, personal care, and drug and grocery retailers, combined with an underweight in insurance, detracted from returns. These factors, alongside broader challenges facing UK mid-caps, have left the fund among the weakest performers on the HL Wealth shortlist.
Summary
The Hargreaves Lansdown Wealth Shortlist is presented as a carefully curated selection of top funds, but doubts remain over the quality of some of the options it promotes.
Funds are chosen using both quantitative and qualitative analysis, considering factors such as manager experience, process strength, and consistency across market conditions. The list spans both active and passive funds, with oversight a key part of the process through monthly reviews by HL’s research team and independent committees. Importantly, HL also makes clear that funds cannot pay to be included.
As our report shows, while some funds on the list have delivered strong results, others have struggled. This raises questions about whether the shortlist truly serves investors’ best interests. Relying too heavily on it can be risky, as it may direct investors toward options that do not match their objectives. The Wealth Shortlist is not a definitive endorsement but a subjective view, and it lacks the depth required for fully informed decision-making. With thousands of funds available in the UK, narrowing the choice to such a small list risks misleading more than guiding.
Ultimately, investors face a decision between funds that have consistently outperformed and those that have lagged their peers. While the phrase “past performance is not an indicator of future success” is often repeated, we believe it remains an essential measure of manager expertise and the ability to beat competitors. In investing, as in any industry, past performance matters.
The Key to Long-Term Portfolio Success
Inefficient investing can have serious long-term consequences. That’s why it is important to identify and address any weaknesses in a portfolio. What matters most is how well it’s structured for the years ahead. Diversification, appropriate asset allocation, and a clear long-term plan are the foundations of resilience. No single fund or provider performs best in every environment, which is why balance across regions, sectors, and asset classes is essential.
Following Yodelar’s merger with MKC Wealth, our clients can benefit from portfolios that are managed on a discretionary basis by MKC Invest, a discretionary fund management firm within the MKC group. This enables timely portfolio adjustments without the delays of client-by-client approval, helping to ensure investments remain aligned with objectives as markets evolve. Efficiently managing portfolios through constantly changing market conditions requires ongoing analysis and insight - a level of continuous monitoring and oversight that our investment process is designed to deliver.
If you’re unsure whether your portfolio is positioned to meet your long-term goals, a professional review can provide the clarity you need. Book your free review today and take a confident step towards a more structured, future-focused investment approach.
