Discount Delver: the 10 cheapest trusts on 10 April
We reveal the biggest investment trust discount changes over the past week.
10th April 2026 10:10
by Dave Baxter from interactive investor
Investment trusts offer a potential bargain thanks to their closed-ended structure. That happens when a trust’s share price is lower than the value of its underlying investments (the net asset value, or NAV).
However, a trust trading on a discount to NAV is not necessarily a buying opportunity. There’s likely a good reason why the trust is cheap, such as subdued short- or long-term performance, or poor investor sentiment towards it.
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In this weekly series, interactive investor highlights the 10 biggest investment trust discount moves over the past week.
In total, nearly 400 investment trusts have been screened, with the data sourced from Morningstar. Venture Capital Trusts (VCTs) have been excluded. We also strip out trusts with less than £30 million in assets and those that are not available on the interactive investor platform.
Emerging market trusts get cheaper
Funds investing in Asia and the emerging markets, seen as prone to the energy supply disruption associated with recent conflict in the Middle East, have seen their discounts drift out marginally this week.
Shares in Mobius Investment Trust Ord (LSE:MMIT), Invesco Asia Dragon Trust Ord (LSE:IAD) and BlackRock Frontiers Ord (LSE:BRFI) have all rallied on news of a ceasefire over the last week.
Yet they have seen their discounts widen moderately, possibly reflecting a dynamic where the underlying assets have rallied more aggressively than shares in the trusts.
Given that Japanese equities have also been sensitive to news from the Middle East in recent weeks, the same thinking might also apply to discount widening for Baillie Gifford Shin Nippon Ord (LSE:BGS).
Little news to trade on
With the Easter weekend falling in our latest period of analysis, making it a quiet time for corporate activity, discounts appear to have widened in the absence of any major idiosyncratic news for the trusts in question.
Pershing Square Holdings Ord (LSE:PSH), a trust that has a solid long term track record but has seen its shares tank so far this year, makes the list, as does software sell-off victim HgCapital Trust Ord (LSE:HGT).
The table also includes UK smaller companies fund Strategic Equity Capital Ord (LSE:SEC) as well as Aquila European Renewables Ord (LSE:AERI). The latter is in the process of winding down.
| Investment trust | Sector | Current discount (%) | Discount/premium change over past week (pp) |
| Mobius Investment Trust Ord (LSE:MMIT) | Global Emerging Markets | -15.2 | -2.6 |
| Livermore Investments Ord (LSE:LIV) | Flexible Investment | -29.2 | -2.5 |
| Strategic Equity Capital Ord (LSE:SEC) | UK Smaller Companies | -10.4 | -2.4 |
| Baillie Gifford Shin Nippon Ord (LSE:BGS) | Japanese Smaller Companies | -10.8 | -2.3 |
| Pershing Square Holdings Ord (LSE:PSH) | North America | -26.6 | -2.2 |
| Aquila European Renewables Ord (LSE:AERI) | Renewable Energy Infrastructure | -48.3 | -2.2 |
| Invesco Asia Dragon Trust Ord (LSE:IAD) | Asia Pacific Equity Income | -9.5 | -2.1 |
| HgCapital Trust Ord (LSE:HGT) | Private Equity | -33.9 | -2 |
| BlackRock Frontiers Ord (LSE:BRFI) | Global Emerging Markets | -1.1 | -2 |
| CT Global Managed Portfolio Growth Ord (LSE:CMPG) | Flexible Investment | -2.8 | -1.9 |
| Source: Morningstar. Close of trading 2 April to 9 April 2026. |
These articles are provided for information purposes only. Occasionally, an opinion about whether to buy or sell a specific investment may be provided by third parties. The content is not intended to be a personal recommendation to buy or sell any financial instrument or product, or to adopt any investment strategy as it is not provided based on an assessment of your investing knowledge and experience, your financial situation or your investment objectives. The value of your investments, and the income derived from them, may go down as well as up. You may not get back all the money that you invest. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser.
Full performance can be found on the company or index summary page on the interactive investor website. Simply click on the company's or index name highlighted in the article.