Discount Delver: the 10 cheapest trusts on 14 November 2025

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 £30 million in assets and those that are not available on the interactive investor platform. 

A plethora of different trusts moved out to wider discounts this week, with some recent trends continuing to knock prices down. 

Government proposals to switch the inflation link in clean energy subsidies from RPI to the lower CPI measure pushed discounts even further out on renewable energy infrastructure funds last week. 

One name from that group, Foresight Environmental Infra Ord (LSE:FGEN), has continued to see its discount grow in the following week. 

Investors are likely still digesting the impact of the government’s proposals, and the trust did seek to quantify this in a market update published this morning. 

The investment team expects that a switch from RPI to CPI would reduce the portfolio NAV by 0.5%, while another option under consideration, enacting a price freeze until CPI catches up with RPI, would reduce the NAV by 6.3%. Some 29% of the trust’s portfolio revenues were derived from the relevant schemes, as at the end of June. 

Discounts also widened once again on commodity plays Golden Prospect Precious Metal Ord (LSE:GPM) and Geiger Counter Ord (LSE:GCL). We have previously noted that investors could be taking profits on the former after such a strong run for the gold price this year. 

The other names in this week’s table look more idiosyncratic.

There’s abrdn Diversified Income & Growth Ord (LSE:ADIG), which is in the process of a managed wind-down and saw a huge increase in its discount this week. However, the rise in the discount is a quirk of the managed wind-down. £57.2 million is earmarked to be returned in cash to shareholders that appeared on the register by 13 November. This cash is included in the last reported net asset value (NAV), meaning the wide discount is an anomaly and should be viewed in that context.

There’s also Molten Ventures Ord (LSE:GROW), which backs tech companies such as Revolut, and hedge fund Gabelli Merchant Partners Ord (LSE:GMP).

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Elsewhere a couple of UK equity trusts, Chelverton UK Dividend Trust Ord (LSE:SDV) and Artemis UK Future Leaders Ord (LSE:AFL), crop up in the list. Both delve further down the market cap spectrum for their investments. Mark Niznik, one of the managers on the Artemis trust, recently spoke to ii, sharing his rules for picking sensible stocks. 

Fans of Nick Train will note that Lindsell Train Ord (LSE:LTI), a name that commanded an enormous premium some years ago, has seen its current discount widen out even further. While it’s not listed as a holding for this trust, Train and his asset management business (which is held in this fund) has seen Rightmove (LSE:RMV), a major holding in some of their other portfolios, struggle in recent weeks.

It had a difficult trading update earlier this month, and this week a £1 billion legal claim was reportedly lodged against the company over estate agent fees. Rightmove has told the market that it has “received notice of a potential claim”.

A name that’s not included in the table but worth a mention is 3i Group Ord (LSE:III), the private equity group that has traded on a giant premium in recent history. The trust has a substantial investment in European discount retailer Action, but its half-year results warned this week that “softening trading conditions” in France could hurt the company’s sales growth. 

That prompted a huge pullback for the trust’s shares: they moved down towards their Liberation Day low, and the premium shrank from around 48% to 17.3% over the course of the week. 

Source: Morningstar. Data from close of trading 6 November to 13 November 2025.