The FTSE 100‘s performed reasonably well in 2026, considering the complex backdrop. Despite geopolitical conflict, soaring oil prices, and general economic uncertainty, the index is up about 4% (ignoring dividends).

Wait until you see the returns from a certain growth-focused investment trust though. Believe it or not, this trust’s delivered around 16 times the return of the blue-chip index.

This investment trust’s in another galaxy

I’m referring to Seraphim Space Investment Trust (LSE: SSIT). It invests in early and growth stage space technology companies that are providing solutions in areas such as communications, climate change, mobility, and global security.

This year, its share price is up about 64%. So it’s left the FTSE 100 behind on the launchpad.

One driver of the outsized gains here has been excitement around SpaceX’s upcoming Initial Public Offering (IPO), which is looking like it will be the largest of all time. This has helped investors become more aware of space’s investment potential (analysts at McKinsey believe that it could be a $1.8trn market by 2035).

Another is the growing link between the defence industry (which is very much in focus right now given the conflict in the Middle East) and the space industry. Today, space is considered a critical defence domain as it can play a major role in intelligence, surveillance, navigation, and communications.

Additionally, monthly newsletters from the trust have revealed some positive developments. For example, the March newsletter, posted on 9 April, revealed that the trust’s largest holding, ICEYE, enjoyed €250m in 2025 revenue and had a backlog of €1.5bn at the end of the year.

So overall, there have been a number of share price drivers. Combined, they’ve put a rocket under the stock.

Is there an investment opportunity here?

Is this trust worth considering for a Stocks and Shares ISA or Self-Invested Personal Pension (SIPP) portfolio today? Potentially.

It’s not a product I’d take a massive position in because it’s quite risky. Not only is space a nascent industry today but the trust invests in early stage, unlisted companies (which tend to be high up on the risk spectrum).

On top of this, there’s some portfolio concentration risk. That holding I mentioned above, ICEYE, represented almost 40% of the portfolio at the end of 2025, so that’s an issue.

But it could potentially be an interesting non-core holding. Given its niche focus, it could complement core holdings such as index trackers and blue-chip stocks.

There are certainly some interesting companies in the trust’s portfolio. Examples here include ALL.SPACE, which specialises in satellite connectivity for defence and government, and D-Orbit, a leader in the fast-growing space logistics market.

All things considered, I believe it’s worth a look as a speculative holding. I’d keep the position small though and manage risk carefully.