Highly leveraged property funds feature prominently in the lists of both the best and worst performing funds of 2013 by share price

Highest increases in share price

Alpha UK Multi Property : AUMP +356%

Treveria : TRV +200%

Avanti Capital : AVA +114%

Mirland Dvelopment Corp : MIR +106%

Public Service Properties : PSPI +98%

Biggest falls in share price

Invista European Real Estate : IERE  -83%

Praetorian Resources : PRAE -80%

Argo Real Estate Opportunities : AREO -61%

Reconstruction Capital II : RC2 -60%

Alpha Pyrenees : ALPH -60%

Looking at the underlying performance of the closed end fund sector however, while mining and resources funds clearly disappointed, the winners were a diverse lot. Biotech was in vogue – British American’s largest investment, Genron : GERN US, tripled in value and Biotech Growth also benefited but UK small cap. funds and Japanese funds also did well.

Highest rises in NAV

British American : BAF +102%

Aberforth Geared Income : AGIT +71%

Biotech Growth : BIOG +63%

Premier Energy & Water : PEW +62%

Baillie Gifford Japan : BGFD +59%

Biggest declines in NAV

Golden Prospect Precious Metals : GPM -55%

Altus Resource Capital : ARCL -50%

Praetorian Resources : PRAE -48%

Baker Steel Resources : BSRT -42%

Secure Property Development : SPDI -38%