Discount Delver: the 10 cheapest trusts on 2 May 2025
We reveal the biggest investment trust discount changes over the past week.
2nd May 2025 11:18
by Nina Kelly from interactive investor
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 £20 million in assets and those that are not available on the interactive investor platform.
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Geiger Counter Ord (LSE:GCL) was the biggest mover over the period, with its discount narrowing by nine percentage points to -6.2%. This £46 million trust, which invests in the uranium mining sector, has its largest geographic allocation to Canada, followed by the US and Australia. Fellow commodities sector trust CQS Natural Resources G&I Ord (LSE:CYN) also made the Discount Delver list this week. It is trading on a -4.3% discount.
Chenavari Toro Income Fund Ord (LSE:TORO) was the second-biggest discount mover, followed by specialised supported housing provider Social Housing REIT Ord (LSE:SOHO). They are now trading on discounts of -19.9% and -35.7% respectively.
US Solar Fund Ord (LSE:USF), which focuses on owning and operating solar power assets in North America, is trading on the biggest discount (-41.8%) in the top 10 table. This renewable energy infrastructure trust has the greatest number of plants in North Carolina, but also has operations in the states of California, Utah and Oregon.
Completing the Discount Delver list this week were Aquila Energy Efficiency Trust Ord (LSE:AEET) (-21.7% discount); European Assets Ord (LSE:EAT) (-5.5%); Phoenix Spree Deutschland Ord (LSE:PSDL) (-30%); Schiehallion Fund Ord (LSE:MNTN) (-28.1%) and Third Point Investors USD Ord (LSE:TPOU) (-15.3%).
| Investment trust | Sector | Current discount (%) | Discount/premium change over past week* (%) |
| Geiger Counter Ord (LSE:GCL) | Commodities & Natural Resources | -6.2 | -9.2 |
| Chenavari Toro Income Fund Ord (LSE:TORO) | Debt - Structured Finance | -19.9 | -6.1 |
| Social Housing REIT Ord (LSE:SOHO) | Property - UK Residential | -35.7 | -5.3 |
| Aquila Energy Efficiency Trust Ord (LSE:AEET) | Renewable Energy Infrastructure | -21.7 | -5.3 |
| European Assets Ord (LSE:EAT) | European Smaller Companies | -5.5 | -4.8 |
| Phoenix Spree Deutschland Ord (LSE:PSDL) | Property - Europe | -30 | -4.6 |
| US Solar Fund Ord (LSE:USF) | Renewable Energy Infrastructure | -41.8 | -4.1 |
| CQS Natural Resources G&I Ord (LSE:CYN) | Commodities & Natural Resources | -4.3 | -4.0 |
| Schiehallion Fund Ord (LSE:MNTN) | Growth Capital | -28.1 | -3.8 |
| Third Point Investors USD Ord (LSE:TPOU) | Hedge Funds | -15.3 | -3.3 |
Source: Morningstar. Data from close of trading 24 April 2025 to 1 May 2025.
These articles are provided for information purposes only. Occasionally, an opinion about whether to buy or sell a specific investment may be provided by third parties. The content is not intended to be a personal recommendation to buy or sell any financial instrument or product, or to adopt any investment strategy as it is not provided based on an assessment of your investing knowledge and experience, your financial situation or your investment objectives. The value of your investments, and the income derived from them, may go down as well as up. You may not get back all the money that you invest. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser.
Full performance can be found on the company or index summary page on the interactive investor website. Simply click on the company's or index name highlighted in the article.