Discount Delver: the 10 cheapest trusts on 16 January 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. 

Lindsell Train, LABS and India see discounts move out 

Various different trusts have seen their discounts advance in the last week, although most of them have not seen much in the way of news.

One notable name in the list is Lindsell Train Ord (LSE:LTI), the global equity fund with a big position in the manager’s underlying funds business, which is not listed. 

The trust itself has not had any major news but it’s worth noting that the underlying funds business faced a reckoning this week in the form of yesterday’s Finsbury Growth & Income Ord (LSE:FGT) continuation vote. 

Ultimately the trust did comfortably survive this vote despite its run of poor returns in recent years. 

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Another discount move with a clear enough trigger is that of Life Science REIT Ord (LSE:LABS). 

As we noted last week it issued a weak NAV update on 9 January, prompting some share price weakness. With one of the activist Achilles Investment Company Ord (LSE:AIC) fund managers now sitting on the LABS board, we could see agitation for shareholder-friendly measures in future. 

Another name in the list, the UK small-cap fund Rockwood Strategic Ord (LSE:RKW), has recently issued fresh shares, taking advantage of the fact that they have often tended to trade on a small premium in recent times.

Share price premiums are not totally uncommon in the Association of Investment Companies (AIC)’s UK Smaller Companies sector at the minute, with both Onward Opportunities Ltd (LSE:ONWD)and Odyssean Investment Trust Ord (LSE:OIT) trading on premiums at the time of writing. 

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Speaking of trusts that have often commanded a small premium, Ashoka India Equity Investment Ord (LSE:AIE) has entered the list after seeing its shares move out to a modest discount.

Indian equities have continued 2025’s run of poor performance in the opening fortnight of the new year, with funds and trusts failing to escape the brunt of this. 

Elsewhere, VPC Specialty Lending Investments Ord (LSE:VSL), a highly specialist vehicle in the midst of a wind-down, sits at the top of the table after seeing its discount advance by eight percentage points, if with no fresh market announcement. abrdn Property Income Trust Ord (LSE:API), another name winding up and already one to appear in the table in recent weeks, is in the list once again. 

A mixture of different names are also in the table, from popular global income fund Murray International Ord (LSE:MYI) to strong performer The European Smaller Companies Trust PLC (LSE:ESCT) and Barings Emerging EMEA Opportunities Ord (LSE:BEMO). Those seeking opportunistic “bargains” have choice from across various sectors. 

Source: Morningstar. Data from close of trading 8 January to 15 January.