Discount Delver: the 10 cheapest trusts on 17 April 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. 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. 

Another Saba scalp, and UK trusts go cheap 

Edinburgh Worldwide Ord (LSE:EWI), the Baillie Gifford-managed global smaller companies trust, has entered the table after its plans for a tender offer were thwarted by Saba Capital and two other institutional investors.

The proposed tender offer, which would have given investors a cash exit with some proceeds due later based on gains related to SpaceX, failed in the face of resistance from Saba. The board fears that Saba could succeed in overthrowing it at an annual general meeting at the end of this month. 

Elsewhere, Geiger Counter Ord (LSE:GCL), the uranium fund sitting on massive gains from the last year, reminded investors of their right to subscribe for one new ordinary share in exchange for every five existing ordinary shares at a price of 37.20 pence per share. That subscription price was “materially below” the share price. The discount on the trust has moved out by around 10 percentage points in the last week.

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We otherwise see some notable discount widening without much in the way of an obvious trigger.  

As often happens, UK trusts have seen their discounts advance, with CT UK High Income Ord (LSE:CHI) seeing a big movement on that front. There’s no major news for the trust but its shares have struggled in the last month, in contrast to the gains made by all other UK equity income trust shares. 

We also see UK small-cap vehicles Aberforth Geared Value & Income Ord (LSE:AGVI) and Rights & Issues Investment Trust Ord (LSE:RIII) make the list.  

There’s also abrdn European Logistics Income PLC (LSE:ASLI) and Aquila European Renewables Ord (LSE:AERI), both of which are in the process of winding down. 

Ashoka WhiteOak Emerging Markets Ord (LSE:AWEM), a minnow of a trust with a strong performance track record, also makes the list, although its shares only trade on a modest discount.

Source: Morningstar. Close of trading 9 to 16 April 2026.