Discount Delver: the 10 cheapest trusts on 16 October 2026

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.   

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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. 

A moving train

We’ve seen a fresh development for troubled star manager Nick Train this week, with the £115 million Lindsell Train Ord (LSE:LTI) trust announcing that around a third of its shares had been tendered. 

That’s part of a tender offer that allowed investors to surrender their shares at 95% of NAV – an attractive level versus a double-digit discount.

That has seen the shares technically move out to a wider discount in the last week, although trust chair Roger Lambert argued that the roughly two-thirds of shares not being tendered demonstrated “continued confidence in the company’s long-term investment proposition and its potential to deliver value over time”.

Like other names in its stable, the trust, which has an investment in the Lindsell Train fund management business itself, has struggled on the performance front in recent times.

Quiet times

We have otherwise seen some of the usual suspects experience some discount widening without any major news. 

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Investors can get “cheaper” exposure to UK smaller companies via Aberforth Geared Value & Income Ord (LSE:AGVI), and to more large-cap focused UK income portfolios BlackRock Income and Growth Ord (LSE:BRIG) and CT UK High Income Ord (LSE:CHI).

We’ve noted before that CT UK High Income has lagged the competition by returns this year, while BlackRock Income & Growth is now reviewing its options because of its limited scale.

Commodity funds also make the list again in the form of Baker Steel Resources Ord (LSE:BSRT) and Geiger Counter Ord (LSE:GCL), as does the niche BlackRock Frontiers Ord (LSE:BRFI).

Source: Morningstar, close of trading 8 to 15 October 2026.