Discount Delver: the 10 cheapest trusts on 13 February 2026

Investment trusts offer a potential bargain thanks to their closed-ended structure. Such an opportunity arises 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.

Health and biotech trusts tumble

Trusts in the Biotechnology & Healthcare sector have seen their shares slump in the last week, helping to push out discounts across the board.

International Biotechnology Ord (LSE:IBT) sits at the top of this week’s table, having seen its previously very modest discount blow out to around the 9% mark.

The trust, which ranks as the strongest performer in its sector over a three-year stretch by share price returns, this week corrected some previously published NAV figures. Those earlier statements had mistakenly failed to remove a recent dividend payment from the numbers.

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Bellevue Healthcare Ord (LSE:BBH), the second name in our list, has meanwhile published a circular outlining a proposed overhaul which the board first shared with the market at the end of October. The proposals, which go to vote in a general meeting on 4 March, would see the trust change its investment manager to Columbia Threadneedle.

Importantly, it would embrace a very different investment policy where the trust would take both long and short positions (betting on a share price falling), in line with an existing portfolio run by Columbia Threadneedle.

The trust, which will be renamed to CT Healthcare if shareholders approve the changes, would maintain its goal of paying a dividend equivalent to 3.5% of NAV each year, and would introduce ongoing quarterly tender offers for a maximum of 15% of the shares in issue at a given time.

The trust is already pretty small with a market capitalisation of £99 million, and such regular tenders do risk further eroding its level of scale.

Polar Capital Global Healthcare Ord (LSE:PCGH) also sits in the table, if without any major news.

It’s worth noting that other names in the sector, Worldwide Healthcare Ord (LSE:WWH), Biotech Growth Ord (LSE:BIOG), Syncona Ord (LSE:SYNC) and RTW Biotech Opportunities Ord (LSE:RTW) also experienced share price weakness and discount widening in the last week, even if they don’t make it into the table. Almost all the trusts recovered fiercely in 2025, having endured a difficult few years.

From small caps to private equity

We otherwise see shares in various trusts moving to slightly wider discounts, but without an obvious trigger.

CT Private Equity Trust Ord (LSE:CTPE) has seen its discount widen by around six percentage points but without any major incident, while UK small-cap funds Odyssean Investment Trust Ord (LSE:OIT) and Oryx International Growth Ord (LSE:OIG) experienced some widening.

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The table also includes wealth preservation mainstay Ruffer Investment Company (LSE:RICA), the activist (and frequent member of Discount Delver) Achilles Investment Company Ord (LSE:AIC) and another regular, abrdn Property Income Trust Ord (LSE:API), which is winding down.

Source: Morningstar, close of trading 5 February to 12 February.