Discount Delver: the 10 cheapest trusts on 19 June 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.

SpaceX winners move to ‘discounts’

Investment trusts with insider stakes in Space Exploration Technologies Corp Class A (NASDAQ:SPCX) have seen their discounts move out this week, likely reflecting the fact that their shares have failed to keep up with the boost delivered to their portfolios.

SpaceX shares popped on their initial public offering (IPO) last Friday, and Schiehallion Fund Ord (LSE:MNTN), Scottish Mortgage Ord (LSE:SMT), Edinburgh Worldwide Ord (LSE:EWI) and Baillie Gifford US Growth Ord (LSE:USA) all appear in the table this week. All have chunky allocations to the company.

While some investors may have taken profits on such trusts on the back of their SpaceX wins, their shares haven’t done especially badly in the last week. As such, it’s likely the trusts’ shares are struggling to keep up with the SpaceX boost to NAV.

• Understanding space stocks: the next big opportunity?
• How will SpaceX affect tracker funds?
• Investing in space: funds, trusts, and ETFs offering a route in

We have some other racy names in the table this week, too: Molten Ventures Ord (LSE:GROW), which has a stake in Seraphim Space Investment Trust Ord (LSE:SSIT) holding ICEYE, sees some discount widening, as does the punchy artificial intelligence (AI) fund Manchester & London Ord (LSE:MNL).

Meanwhile, the woes of the renewable energy infrastructure sector have returned to haunt investors once again. This time, SDCL Efficiency Income Trust plc. (LSE:SEIT), which had already proposed a managed wind-down, upset investors by announcing that it would suspend dividend payments.

The shares duly sold off, with the discount moving out past the 60% mark.

Source: Morningstar, close of trading 11 June to 18 June 2026.