Funds face tougher choices

The best-performing fund in 2025 was Esaliens Small and Medium-Sized Companies, up 62%, though its KID stresses judging performance over at least three years. Rockbridge TFI’s Andrzej Lis echoes that view, arguing funds should be assessed on a 3–5 year horizon and built on fundamentals rather than fads.

From January 2023 to end-2025, Lis’s Rockbridge Equity fund returned 86.9%, mid-table in its peer group; over five years…