While many stock markets were able to shrug off the coronavirus crash and end 2020 in positive territory, the FTSE 100 was a clear laggard and left investors nursing a significant loss. 
The FTSE 100 was down 11.55 per cent in total return terms last year. This widens to a loss of 14.34 per cent if dividends are removed and we just look at the price performance.
In comparison, the MSCI AC World index posted a total return of 12.67 per cent in 2020, while the S&P 500 gained 14.12 per cent and the MSCI Emerging Markets index rose 14.65 per cent. The MSCI China index’s total return was 25.50 per cent.
But despite the FTSE being down overall, some of its members had a decent 2020. FE Analytics shows that 46 stocks in the index made a positive total return last year, with 31 posting double-digit gains.
Performance of trust vs FTSE 100 over 2020
Source: FE Analytics
The best performer over the year – by quite a margin – was Scottish Mortgage Investment Trust, which made a total return of 110.49 per cent. As has been mentioned several times in Trustnet’s round-ups of 2020, this is an example of a Baillie Gifford-managed portfolio that achieved stellar results last year.
Founded in 1909, the £17.9bn trust is today managed by Baillie Gifford’s James Anderson and Tom Slater with an approach that looks for innovative companies which are disrupting their industries and “building the future of our economy”. In the latest interim report, the managers explained that “over the long run, stock market returns are driven by a small number of exceptional companies”.
Its largest holding is electric car maker Tesla, which saw its stock price swell by 740 per cent in 2020. Baillie Gifford is one of the company’s biggest shareholders.
“The increase in Tesla’s stock price and its dramatic impact on the trust’s returns should be seen in context,” Anderson and Slater said.” Whilst the company and its colourful founder attract an unusually high degree of attention, emotion and noise, the underlying return picture is far from an aberration. Returns are concentrated in a handful of big winners.”
Other ‘coronavirus winners’ owned by Scottish Mortgage include online marketplaces Amazon and Alibaba, furniture retailer Wayfair (which benefitted from people upgrading homes during lockdown) and food delivery companies Meituan and Delivery Hero.
But the investment trust wasn’t the only FTSE 100 member to have a strong year (although none made more than 100 per cent). In all, 21 companies were up by more than 20 per cent last year – in total return terms (which combines share price performance with dividends paid).
Source: FE Analytics
Anglo-Mexican miner Fresnillo was up 78.91 per cent, putting it in second place for the year. Although mining companies are seen as riskier stocks, Fresnillo is viewed as something of a safe haven play as it is the world's leading primary silver producer and Mexico's largest gold producer.
Precious metals performed strongly in 2020 as investors flocked to areas of safety during the initial coronavirus sell-off then continued to show interest in both gold and silver as central banks embarked on massive money-printing programmes.
In third place was online supermarket Ocado, with a total return of 78.81 per cent. The company has the smallest market share in its field but is the only supermarket that is a pure-play digital retailer – which put it in prime position for the online-shopping boom that lockdown brought.
However, there are still question marks over Ocado’s long-term profitability as its bottom line remains in the red despite strong sales growth in recent years.
Paddy Power Betfair owner Flutter Entertainment came in fourth place after rising 65.9 per cent. The online gambling industry had a strong 2020 after the coronavirus pandemic hit the physical casino and betting industries but led to more people betting at home.
Mining group Antofagasta rose 61.65 per cent on the back of a stronger copper price. The company is one of the leading international copper producers and focuses its activities in Chile, where it operates four copper mines.
Completing the top-10 FTSE stocks for 2020 are miner Polymetal International (thanks to the rising gold price), tool hire firm Ashtead Group (a resilient construction market and supplying hospitals and Covid testing sites with equipment), B&M European Value Retail (classed as an essential retailer during lockdown), steel specialist Evraz (because of a strong recovery in steel prices) and insurer Admiral (the group benefited from fewer claim payouts during lockdowns).
However, most members of the FTSE 100 made a loss in 2020. Those that were down more than 20 per cent in total return terms can be seen below.
Source: FE Analytics
It should be little surprise that International Consolidated Airlines Group is at the top of the list, given the impact of coronavirus lockdowns and travel restrictions on the airline industries.
Meanwhile, Rolls-Royce suffered as a significant chunk of its business is tied to supplying and servicing engines used by the aviation industry.
BP and Royal Dutch Shell suffered from the collapse in the oil price, while banks like Lloyds, HSBC and Standard Chartered were forced to withhold dividend payments.