Discount Delver: the 10 cheapest trusts on 2 January 2026

Investment trusts offer investors the chance of picking up 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.

In this weekly series, interactive investor highlights the 10 biggest investment trust discount moves over the past week. Note that this time we have covered the period from 24 December to 31 December, avoiding some of the bank holidays when markets were closed.

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.

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The sleepy Christmas period has seen discounts widen on a variety of different trusts, with no obvious trigger.

Diversified commodity play BlackRock World Mining Trust Ord (LSE:BRWM) has seen the biggest move, with its discount drifting out to around 6%.

The trust’s 37.3% allocation to companies in the gold sector has helped it generate enormous returns in 2025, with shareholders making around 74%. The discount may well have widened as investors rebalance their portfolios and take profits on winners towards the end of the year.

It could be a similar story for Ecofin Global Utilities & Infra Ord (LSE:EGL), whose shares returned almost 40% in 2025. The fund has benefited in part from huge demand for data centres in the wake of the artificial intelligence (AI) boom.

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While none of the names in this week’s table have seen much in the way of major news, it’s notable just how diverse they are, both in terms of where they invest and how they have performed.

A normally robust fund whose market of focus has experienced a painful 2025, India Capital Growth Ord (LSE:IGC) has seen its discount drift out slightly. Shareholders in the trust lost close to 12% in 2025, although it does have a record of strong performance prior to that.

This week’s table also includes property play Ground Rents Income Fund Ord (LSE:GRIO), UK small-cap fund Artemis UK Future Leaders Ord (LSE:AFL) and specialist debt vehicle RM Infrastructure Income Ord (LSE:RMII).

Beyond that, we also have the troubled former Neil Woodford vehicle Schroders Capital Global Innov Trust Ord (LSE:INOV), absolute return fund Majedie Investments Ord (LSE:MAJE), Henderson High Income Ord (LSE:HHI) and abrdn Diversified Income & Growth Ord (LSE:ADIG), which is still in the process of winding down.

Source: Morningstar. Data from close of trading 24 December to 31 December.