Discount Delver: the 10 cheapest trusts on 13 November 2026

The high-yielding ship leasing fund Tufton Assets Ord (LSE:SHIP) tops our table this week after a brief slump for its shares.

The trust, which owns a fleet of ships and charters them out for global trade, has enjoyed handsome returns on the back of the conflict in the Middle East. 

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The shares, which have a yield of slightly more than 7%, have returned roughly 20% in the six months to 12 November 2026.

Tufton shares did slip this week, pushing the discount out to around the 16% mark.

We also see Allianz Technology Trust Ord (LSE:ATT) enter the table, likely reflecting the volatility we have seen for tech-focused portfolios in recent weeks. 

The trust’s shares are down by almost 14% over the space of a month – although ATT is down by slightly less than its rival Polar Capital Technology Ord (LSE:PCT).

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The discount on Brown Advisory US Smaller Companies Ord (LSE:BASC) has also widened. 

Last week, the trust set out the details of its proposed merger with the JPMorgan US Smaller Companies Ord (LSE:JUSC) investment trust.

If the proposals are approved at a general meeting in early December, investors will have the option of either moving into the JPMorgan fund or taking cash at BASC’s net asset value (NAV), minus a discount of 0.75%.

We otherwise see very little in the way of major news for individual trusts, with a handful of quite different names trading on slightly wider discounts.

That includes the long-running UK small-cap fund Rights & Issues Investment Trust Ord (LSE:RIII), the CT Global Managed Portfolio Growth Ord (LSE:CMPG) and Hansa Investment Company Ltd Ord (LSE:HAN).

Source: Morningstar, close of trading 6 to 12 November 2026.

Our methodology

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.          

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.