There has been no shortage of events to keep investors on their toes in recent months and years, from wars in Ukraine, Gaza and Iran to political uncertainty at home and abroad, as well as question marks over the path of global economic growth and the trajectory of inflation and interest rates. While a surging gold price in 2025 propelled commodity funds to the top of the performance charts, technology stocks – particularly those related to artificial intelligence – have re-taken the baton in the past weeks, although market jitters are becoming increasingly frequent, and opinion remains divided over whether the long-running AI bull market represents a durable secular change or a bubble of historic proportions.

INPP was born in response to a policy-driven investment opportunity, but rather than tailing off as its initial public-private partnership (PPP) projects approached maturity, it has grown into a diversified and increasingly future-proofed portfolio of government-backed, regulated and operating assets offering sustainable, growing and inflation-linked income for the next 25 years even if no new investments are made, alongside some capital growth potential. The structuring of its deals and the choice of assets (for example, transmission lines for offshore wind farms, rather than the wind farms themselves, and rolling stock leasing companies rather than nationalisation-bound train operating companies) mitigates risk and protects returns, while shareholders can also enjoy the knowledge that their investment is enabling the development of the essential services necessary to a modern society. A near 19-year record of unbroken and fully covered dividend growth have fed into NAV and share price total returns of c 250% since launch, averaging 6.3% a year on a share price basis.

While the sector may be highly cyclical and has at times had its ‘wilderness years’, a diversified allocation to commodities has consistently proved its strong performance potential, making it a solid choice to tuck away for long-term, inflation-beating returns. With a track record of more than 30 years, BRWM is the granddaddy of the AIC’s Commodities & Natural Resources sector, producing NAV and share price total returns in excess of 2,000% from inception to 31 December 2025 (FY25). Its ‘virtual mining company’ strategy allows it to respond to shifts in demand and supply more quickly than a physical mining company ever could, enabling its investors to benefit from global megatrends including AI, resource security, defence spending and power grid renewal. The highly experienced co-managers, who have worked together on the trust for over a decade, are backed up by one of the largest and best-resourced sector specialist teams in the investment world.