Investment in ground rents are coming to the attention of more investors, as continuing volatility in financial markets focuses attention on products paying stable returns. However, due to their operational nature, ground rents are often better managed over the long term by specialist operators that possess the relevant management infrastructure and a depth of knowledge that cannot be matched by individuals and generalist fund managers, hence there as been a growing interest in ground rent funds. Yet little, or nothing, is known about the investment performance of ground rent funds. This paper rectifies this issue by examining the returns of the oldest and largest ground rent fund in the UK, the Freehold Income Trust.