Discount Delver: the 10 cheapest trusts on 12 June 2026
We reveal the biggest investment trust discount changes over the past week.
12th June 2026 12:20
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.
Commodity funds get cheaper
A tumbling gold price and broader weakness for commodities has landed three different funds in our table this week.
Golden Prospect Precious Metal Ord (LSE:GPM) holds the dubious accolade of seeing the biggest advance in its discount, with that extending to around the 14% mark.
The trust has lost around 22% in the space of a month – likely a result of the gold price having slumped since the onset of hostilities in the Middle East.
That weakening sentiment appears to have extended to other commodity funds, with the uranium-focused Geiger Counter Ord (LSE:GCL) and CQS Natural Resources G&I Ord (LSE:CYN) also seeing some discount widening. This sentiment might also explain the appearance of BlackRock Latin American Ord (LSE:BRLA) in the table.
On the other side of that trade, this year we have seen a number of renewable energy infrastructure trusts post stronger returns, partly based on the prospect of higher energy prices.
Greencoat Renewables (LSE:GRP) is still sitting on some very strong performance for 2026 but sees its discount advance this week.
Growth funds
The big US technology stocks have struggled in the last week, something that could be attributed to all manner of reasons from nervousness about the artificial intelligence (AI) trade to the sheer volume of equity issuance hitting markets in the coming months.
Growth-focused funds have felt the brunt of this, and both Allianz Technology Trust Ord (LSE:ATT)and Baillie Gifford US Growth Ord (LSE:USA) duly appear in this week’s table.
Beyond that, we see a few of the usual suspects in the table. There’s Value and Indexed Property Income Ord (LSE:VIP), which this morning released a fairly positive set of annual results, plus Partners Group Private Equity Ord (LSE:PEY) and CT UK High Income Ord (LSE:CHI).
| Investment trust | Sector | Current discount (%) | Discount/premium move over the past week (pp) |
| Golden Prospect Precious Metal Ord (LSE:GPM) | Commodities & Natural Resources | -14.1 | -11.8 |
| Allianz Technology Trust Ord (LSE:ATT) | Technology & Technology Innovation | -11.2 | -6.7 |
| Baillie Gifford US Growth Ord (LSE:USA) | North America | -4.2 | -6 |
| Greencoat Renewables (LSE:GRP) | Renewable Energy Infrastructure | -25.9 | -5.6 |
| BlackRock Latin American Ord (LSE:BRLA) | Latin America | -6.2 | -4.4 |
| Geiger Counter Ord (LSE:GCL) | Commodities & Natural Resources | -11.5 | -4.4 |
| Value and Indexed Property Income Ord (LSE:VIP) | Property - UK Commercial | -9.2 | -4.1 |
| Partners Group Private Equity Ord (LSE:PEY) | Private Equity | -32.1 | -4.1 |
| CQS Natural Resources G&I Ord (LSE:CYN) | Commodities & Natural Resources | -8.5 | -4.1 |
| CT UK High Income Ord (LSE:CHI) | UK Equity Income | -1.9 | -4 |
Source: Morningstar. Close of trading 4 June to 11 June 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.