Norwich Union's £53.5m Norwich American smaller companies trust is ninth out of 1,495 unit trusts over the last year, with growth of 27.88 per cent.
The top 10, for so long dominated by Hong Kong trusts, emerging market funds and trackers, now includes five funds investing in North America.
The NU fund, managed by Terry Webb, is heavily weighted towards financials and property companies as well as consumer goods and services.
Finance, property and insurance account for 43 per cent of the portfolio. Consumer goods and services make up 25.4 per cent of the fund, basic industries contribute 15 per cent and capital goods 6 per cent.
Energy companies account for 3 per cent and transport and storage firms 1.8 per cent. The remaining 5.8 per cent is in cash.