Discount Delver: the 10 cheapest trusts on 19 September 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. 

Two sectors dominate the table this week: renewable energy infrastructure and property. Investment trusts focusing on those two parts of the market have been out of favour over the past couple of years amid rising interest rates, which is reflected by the big discounts on offer.   

Five renewable energy infrastructure trusts feature this week are: Foresight Solar (LSE:FSFL), Octopus Renewables Infrastructure (LSE:ORIT), Foresight Environmental Infrastructure (LSE:FGEN), Aquila European Renewables (LSE:AERI), and Gore Street Energy Storage Fund (LSE:GSF).

With a fund and investment trust, it’s always important to look under the bonnet and understand how it invests. In the case of renewable energy infrastructure trusts, some invest in a niche area, such as solar, wind, hydrogen, energy efficiency or energy storage. Others have a mix of renewable exposure, with some trusts aiming to benefit both when the wind blows and when the sun shines. So, in this sector, comparing one trust’s performance against another isn’t much use as a variety of strategies means investors risk comparing apples with pears.

The three property trusts in the table are: abrdn European Logistics Income (LSE:ASLI), Value and Indexed Property Income (LSE:VIP), and Schroder European Real Estate Investment Trust (LSE:SERE).

Higher interest rates have reduced the appeal of income strategies investing in specialist areas, which is why renewable energy infrastructure and property are experiencing low demand. In turn, this causes a mismatch between the investment trust’s share price and the value of the underlying investments, the net asset value (or NAV).

Source: Morningstar. *Data from close of trading 11 September 2025 to 18 September 2025.