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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This week, alternative assets and smaller companies feature heavily in the table, which is a reflection of investors being more risk-off in response to the uptick in stock market volatility brought about by US President Donald Trump’s tariff policies.
Topping the table is Livermore Investments Ord (LSE:LIV), which saw its discount increase by over six percentage points to -9.9% over the period (24 April to 1 May). It is followed by discounts widening by over four percentage points for Rights & Issues Investment Trust Ord (LSE:RIII)and by over three and a half percentage points for Life Settlement Assets to trade on discounts of -21.3% and -26% respectively.
Overall, it was a quiet week for discount movements, with percentage point increases ranging from -2.8% to -2.2% from fourth to 10th.
This article was originally published on 2 May 2025 and updated on 6 May 2025.
| Investment trust | Sector | Current discount (%) | Discount/premium change over past week* (%) |
| Livermore Investments Ord (LSE:LIV) | Flexible Investment | -9.9 | -6.6 |
| Rights & Issues Investment Trust Ord (LSE:RIII) | UK Smaller Companies | -21.3 | -4.8 |
| Life Settlement Assets | Insurance & Reinsurance Strategies | -26 | -3.4 |
| GCP Asset Backed Income (LSE:GABI) | Debt - Direct Lending | -21.6 | -2.8 |
| LMS Capital Ord (LSE:LMS) | Private Equity | -50.9 | -2.8 |
| ICG-Longbow Senior Sec. UK Prop Debt Inv (LSE:LBOW) | Property - Debt | -20.8 | -2.8 |
| CT Global Managed Portfolio Growth Ord (LSE:CMPG) | Flexible Investment | -3.8 | -2.7 |
| Chelverton UK Dividend Trust Ord (LSE:SDV) | UK Equity Income | -5.1 | -2.6 |
| Onward Opportunities Ltd (LSE:ONWD) | UK Smaller Companies | -1.4 | -2.6 |
| abrdn Asian Income Fund Ord (LSE:AAIF) | Asia-Pacific Equity Income | -10.1 | -2.2 |
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.