The VCT Specialist: Technology sector was up 1.5 per cent over the year, while the VCT AIM Quoted, VCT Generalist and VCT Specialist: Media, Leisure & Events sectors were all up 1 per cent, the AIC said.
"Whilst 2011 has been a torrid year for markets, it has clearly provided some good investment opportunities for some of the more specialist investment companies. Interestingly, there were also some strong performers among the VCT sector, suggesting that VCTs have held up well in these volatile markets," the AIC’s Annabel Brodie-Smith said.
She added that it was still important for investors to take a long-term view: "Although it is always useful to see who has performed well over the last year, it should be remembered that investing is for the long-term and investment companies often achieve the best returns over longer periods."
"This year's hot sector or company may not be so popular next year so it's important to take a long-term view, ensure you have a balanced portfolio and seek advice before investing if you are in any doubt."
Looking at the closed-ended market as a whole, the average investment company was down 5 per cent in the 12 months to 30 November 2011, although it was up 54 per cent over three years following the lows of 2008.
Performance of sectors over 1-yr
Source: FE Analytics
However, research from the Association of Investment Companies (AIC) shows that specialist asset classes have fared well over the year, with the two top-performing AIC-member investment companies belonging to the Specialist Sector: Debt.
Property Direct: Europe was the top-performing sector overall, up 7 per cent, while the UK Growth & Income, North America, and Private Equity sectors all held up relatively well, each up 5 per cent.
The Sector Specialist: Biotechnology also proved resilient, and was up 3 per cent.