Discount Delver: the 10 cheapest trusts on 21 October 2026

Discount Delver runs slightly earlier this week for scheduling purposes.

Ordinary shares in Seraphim Space Investment Trust Ord (LSE:SSIT) have moved out to a roughly 25% discount in the last week, putting them broadly in line with the same trust’s C shares.

The C shares, which serve as a vehicle for cash raised by the trust earlier this year, have often tended to trade at a much bigger discount than the main shares. 

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But the two appear to have aligned, even if this only proves to be fleeting.

With Seraphim investing predominantly in private companies and their valuations sometimes shifting significantly thanks to events such as fresh funding rounds, the fund’s net asset value (NAV) can experience big moves. 

As such the discount (and premium) at which the shares trade can be fairly volatile.

Plenty of fresh developments await the trust, including the gradual conversion of its C shares into the regular share class.

Looking elsewhere in the table, we see that the discount appears to have widened notably on Lindsell Train Ord (LSE:LTI).

As we noted last week, this relates to a tender offer that enjoyed significant uptake.

‘Value’ everywhere

There’s meanwhile a decent level of discount widening across multiple corners of the investment trust universe.

Note the presence of the artificial intelligence (AI)-focused Manchester & London Ord (LSE:MNL) in the table, while on the other side of the same trade we have software sell-off victim HgCapital Trust Ord (LSE:HGT).

Neither have seen any major news in the last week but both have often experienced discount widening this year, as have commodities play Baker Steel Resources Ord (LSE:BSRT), UK smaller companies fund Aberforth Geared Value & Income Ord (LSE:AGVI) and Chrysalis Investments Limited Ord (LSE:CHRY), the latter of which is in the process of winding down.

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Interestingly, we see Barings Emerging EMEA Opportunities Ord (LSE:BEMO) crop up. 

The trust, which was stung by its significant exposure to Russian assets that it had to write down to zero after the Ukraine war began in 2022, has seen its discount move out to around 13%.

Whether investors view this name as a bargain is another question.

The shares have not performed well, returning around 2% over a 12-month period that has seen emerging markets rally hard.

We also see Baillie Gifford US Growth Ord (LSE:USA) in the table. 

At the time of writing (21 October), investors were just two days away from finding out whether the trust had survived its latest clash with US activist Saba Capital.

Source: Morningstar, 16 to 20 October 2026.

Our methodology

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.          

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.