Discount Delver: the 10 cheapest trusts on 13 June 2025
We reveal the biggest investment trust discount changes over the past week.
13th June 2025 10:53
by Sam Benstead from interactive investor
Investment trusts, due to their closed-ended structure, offer investors the chance of picking up a potential bargain. Such an opportunity arises when a trust’s share price is lower than the underlying investments held by the trust (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 how it invests.
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In our 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 £20 million in assets and those that are not available on the interactive investor platform.
Three UK equity trusts made this week’s Discount Delver list: Aberforth Geared Value & Income, Rights & Issues Investment Trust and BlackRock Income and Growth. Their discounts grew by 4.1, 3.3 and 2.9 percentage points respectively. The trusts now trade at -16.9%, -18.9% and -13% discounts.
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These moves came even as UK equities enjoyed a positive week, before dropping today due to news surrounding conflict in the Middle East.
However, the largest discount move was at private debt fund Eurocastle Investments, which is now on a -25.9% discount following a 7.5 percentage point widening over the past five trading days.
Trusts that own unlisted investments are common in our Discount Delver list as their net asset values (NAVs) are not marked to market every day, as listed shares or bonds are. This means that there can be big swings between the NAVs and the price of the investment trust, leading to discounts and premiums emerging.
Other trusts investing in unlisted assets featuring in our list this week were: Gore Street Energy Storage Fund, US Solar Fund, Schroder European Real Estate Investment Trust and Doric Nimrod Air Three. They own energy storage assets, solar assets, European property and aircrafts.
Rounding off this week’s Discount Delver list were Livermore Investments and JPMorgan US Smaller Companies.
The JP Morgan trust may offer an interesting opportunity for bargain hunters. It trades on a -10.6% discount compared with a 12-month average discount of -5.3%. It owns listed US companies, with a strong focus on industrial and financial stocks.
| Group/Investment | Association of Investment Companies (AIC) Sector | Current discount (%) | Change in discount (%)* |
| Eurocastle Investment Ord (EURONEXT:ECT) | Debt - Loans & Bonds | -25.9 | -7.5 |
| Livermore Investments Ord (LSE:LIV) | Flexible Investment | -26.2 | -6.1 |
| Aberforth Geared Value & Income Ord (LSE:AGVI) | UK Smaller Companies | -16.9 | -4.1 |
| Gore Street Energy Storage Fund Ord (LSE:GSF) | Renewable Energy Infrastructure | -41.1 | -3.8 |
| Rights & Issues Investment Trust Ord (LSE:RIII) | UK Smaller Companies | -18.9 | -3.3 |
| Schroder European Real Estate Inv Trust (LSE:SERE) | Property - Europe | -31.1 | -3.1 |
| JPMorgan US Smaller Companies Ord (LSE:JUSC) | North American Smaller Companies | -10.6 | -2.9 |
| BlackRock Income and Growth Ord (LSE:BRIG) | UK Equity Income | -13.0 | -2.9 |
| Doric Nimrod Air Three Ord (LSE:DNA3) | Leasing | 19.7 | -2.4 |
| US Solar Fund Ord (LSE:USF) | Renewable Energy Infrastructure | -37.5 | -2.2 |
Source: Morningstar. *Data from close of trading 5 June 2025 to 12 June 2025.
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.