Discount Delver: the 10 cheapest trusts on 11 September 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 

Some of the usual suspects dominate our table of discount increases this week, offering bargain hunters another chance to buy in. 

Looking at the biggest moves, one standout name is CT Healthcare Trust plc (LSE:CTHT), which adopted Columbia Threadneedle as its investment manager in March and now uses a long/short approach.  

The trust’s shares have gone from trading at par with NAV to a discount of almost 7% in the space of a week. 

The fund has not made any major announcements in the last week, although its sector has sold off slightly in recent weeks. 

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However, the trust has a market capitalisation of just £60 million or so, suggesting its shares could be fairly illiquid and prone to swings in valuation. This problem may well be exacerbated by the trust’s new strategy of carrying out quarterly tender offers for up to 15% of its shares. 

Sector peer RTW Biotech Opportunities Ord (LSE:RTW) has also not seen much in the way of major news, although it did announce an additional investment in Encoded Therapeutics, a private company it already holds. 

From AI to PE 

Looking at the other big movers of the week, we see a decent advance in the discount on 3i Group Ord (LSE:III) shares. 

Weighed down by concerns about its biggest holding since late 2025, 3i Group shares began a fierce recovery in mid-May this year but have still proved fairly volatile at points. It’s joined by another private equity trust, ICG Enterprise Trust Ord (LSE:ICGT), further down the table. 

The third-biggest move comes from Manchester & London Ord (LSE:MNL), a name that has bet big on the artificial intelligence (AI) theme. 

That focus has helped it produce some massive gains in recent years, but also leaves it very exposed to any shifts in sentiment towards tech stocks. 

The volatility associated with the AI theme might also explain the presence of Fidelity Emerging Markets Ord (LSE:FEML) in the table. A strong performer this year, around 17% of its portfolio is in Taiwan Semiconductor Manufacturing Co Ltd ADR (NYSE:TSM) shares alone. 

Pick your poison 

We otherwise see some discount widening for trusts across different sectors, again without any obvious trigger. 

That includes logistics play Tritax Big Box Ord (LSE:BBOX), care home fund Target Healthcare REIT Ord (LSE:THRL) and the unusual, often heavily discounted small-cap fund, North Atlantic Smaller Cos Ord (LSE:NAS). 

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It’s interesting to see Gresham House Energy Storage Ord (LSE:GRID) in this week’s table. Just before the period covered in our table, the fund released an aggressively upbeat trading update for the first half of 2026. 

The fund enjoyed an NAV increase of almost 16% in that six-month period, largely thanks to the revaluation of some of its projects now under construction, which were previously held at cost. 

That rare piece of good news from a troubled sector presents quite a contrast to the other battery storage fund, Gore Street Energy Storage Fund Ord (LSE:GSF), which is currently fighting the US activist investor Saba Capital.

Source: Winterflood, close of trading 3 to 10 September 2026.