Summary
FTSE 100 is on for one of its best years in decades, up around 23% with dividends. But the story isn’t “UK is back” – it’s gold miners, banks and defence doing the heavy lifting while some big, supposedly safe names quietly blew up. If you follow gold or park money in the FTSE, you need to know who actually made the money and where the landmines were.
Macro
On the surface, 2025 looks brilliant for UK investors. The FTSE 100 has outperformed the S&P 500, delivered one of its strongest annual returns since the post-crisis bounce, and posted gains in eight of the last ten years once you include dividends.
That’s what the headline says. Underneath, it’s more selective. This wasn’t some broad “UK miracle” – it was a handful of clear themes: gold and precious metals, old-school banks loving higher rates, and a bit of defence and engineering. At the same time, some big “quality” names quietly trashed capital for anyone who thought they were safe.
If you’re long gold, or you sit in FTSE trackers and UK funds, this matters. You either surfed the right waves, or you owned the wrong stories and the index return is hiding the pain.
Levels – the winners and losers that actually mattered
This is where the money was made and lost.
FTSE 100: Best Performers in 2025
| Company | Total Return |
|---|---|
| Fresnillo | 364% |
| Airtel Africa | 179% |
| Endeavour Mining | 160% |
| Babcock | 121% |
| Rolls-Royce | 84% |
| Lloyds | 80% |
| Antofagasta | 79% |
| Prudential | 74% |
| Standard Chartered | 73% |
| Barclays | 63% |
Source: AJ Bell, ShareScope. Total return to 1 December 2025 (including dividends).
- Gold and silver first. Fresnillo and other precious-metal names were the cleanest way for UK investors to play the gold move without touching futures. If you believed the gold story early, you got paid properly.
- Banks on tech-style returns. Lloyds, Standard Chartered, Barclays – this is what higher-for-longer rates plus halfway-decent execution looks like. But those reratings also mean the easy money is behind you.
- Rolls-Royce and defence. Three years in the top 10 isn’t luck. The market moved from “might die” to “cash machine with a growth angle”. Same backdrop that keeps gold in play: geopolitical risk doesn’t sleep.
FTSE 100: Worst Performers in 2025
| Company | Total Return |
|---|---|
| WPP | -60% |
| Bunzl | -31% |
| Diageo | -28% |
| Mondi | -23% |
| London Stock Exchange Group | -21% |
| Pearson | -20% |
| Auto Trader | -19% |
| JD Sports Fashion | -18% |
| Hikma Pharmaceuticals | -18% |
| Croda | -16% |
Source: AJ Bell, ShareScope. Total return to 1 December 2025 (including dividends).
- “Quality” isn’t a shield. WPP, Diageo, LSE Group – widely owned, widely respected, and still delivered double-digit negative returns. Brand and history don’t protect you if the story cracks.
- Structural doubt gets punished. WPP can’t convince the market it has a clear future path. LSE keeps telling everyone it’s a data business, but the rating says investors aren’t buying it at old multiples.
- Safe can be the real risk. Plenty of UK investors sit in these names via funds and “steady” portfolios. On a year the index looks great, their experience can still be poor.
Human Truth
Most UK investors look at the FTSE headline return and think “job done”. The professionals look at lists like this and ask one question: was I long the right trends, or did I just own comfort names that went nowhere?
Calendar – what matters next
This isn’t just a scoreboard; it’s a setup for 2026:
- Gold and real yields: if the soft-landing plus easing narrative holds, gold names can stay strong – especially if big houses are openly talking about 5k into 2026.
- UK rates and banks: any shift in the Bank of England’s stance, or clear signs of slower credit growth, will matter for Lloyds, Barclays, and friends more than the “great year” story.
- FTSE reshuffle and earnings: WPP dropping out of the index and the next round of results will tell you whether this year’s losers are value, or value traps.
KyriWealth – Prime Access 
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