Discount Delver: the 10 cheapest trusts on 10 July 2026

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.

Another bite of the cherry

We recently noted that, with trading volumes moving lower for the summer season, certain investment trust discounts had tended to advance without any obvious trigger. We have seen more of that this week, with trust discounts moving out despite a lack of big news.

To kick off with an odd name, hedge fund Gabelli Merchant Partners Ord (LSE:GMP) has topped our table with a double-digit percentage point increase for its discount. This is a pretty niche vehicle, and the shares appear to have struggled notably in recent history.

Otherwise there’s a wide range of trusts moving to “cheaper” valuations, some of which appear fairly frequently in this feature. 

HgCapital Trust Ord (LSE:HGT), one of the most prominent victims of the software sell-off, has seen its (already substantial) discount move out once again, and so has the troubled Lindsell Train Ord (LSE:LTI).

Baillie Gifford-managed Schiehallion Fund Ord (LSE:MNTN), which saw its shares move to a discount after they struggled to keep up with big gains from a position in Space Exploration Technologies Corp Class A (NASDAQ:SPCX), has seen that expand somewhat. 

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Crystal Amber Ord (LSE:CRS), the UK smaller companies trust once in wind-down, returns to our table, while funds focused on private equity and commodities once again make the list.

Not all the names here are necessarily struggling or deeply out of favour. Octopus Renewables Infrastructure Ord (LSE:ORIT) has had its share of troubles but has actually performed very strongly in the last six months, for example.

In terms of news, it is worth noting that UK small-cap fund Rockwood Strategic Ord (LSE:RKW) has just issued equity, while uranium fund Geiger Counter Ord (LSE:GCL) has been conducting share buybacks. 

Source: Morningstar, close of trading 2 July to 9 July 2026.