Discount Delver: the 10 cheapest trusts on 23 May 2025
We reveal the biggest investment trust discount changes over the past week.
23rd May 2025 10:59
by Kyle Caldwell 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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VPC Specialty Lending Investments (LSE:VSL) has seen its discount widen notably over the past week (15 May to 22 May), advancing by nearly 28 percentage points to -72.3%. The investment trust is in the process of returning capital to investors, having announced around two years ago that a wind down of the company would be in the best interests of shareholders due to its persistently wide discount.
Another big mover, Livermore Investments (LSE:LIV), has seen its discount increase by over 12 percentage points to -21.6%. It invests in a certain type of bond - Collateralized Loan Obligations.
Two commodity trusts also feature this week: Golden Prospect Precious Metal (LSE:GPM) and CQS Natural Resources Growth & Income (LSE:CYN). The duo have experienced mixed fortunes over the past year, with respective returns of 41.5% and a loss of -4.7%.
Many of the investment trusts featuring in the table this week are very niche and seldom held by retail investors.
| Investment trust | Sector | Current discount (%) | Discount/premium change over past week* (%) |
| VPC Specialty Lending Investments (LSE:VSL) | Debt - Direct Lending | -72.27 | -27.80 |
| Livermore Investments (LSE:LIV) | Flexible Investment | -21.55 | -12.30 |
| Third Point Investors (LSE:TPOU) | Hedge Funds | -23.22 | -6.30 |
| Harmony Energy Income Trust (LSE:HEIT) | Renewable Energy Infrastructure | -0.63 | -4.70 |
| Eurocastle Investment (EURONEXT:ECT) | Debt - Loans & Bonds | -17.51 | -4.60 |
| Petershill Partners (LSE:PHLL) | Growth Capital | -42.78 | -4.30 |
| Golden Prospect Precious Metal (LSE:GPM) | Commodities & Natural Resources | -26.41 | -3.20 |
| CQS Natural Resources Growth & Income (LSE:CYN) | Commodities & Natural Resources | -6.42 | -3.10 |
| New Star Investment Trust (LSE:NSI) | Flexible Investment | -37.59 | -3.10 |
| River UK Micro Cap (LSE:RMMC) | UK Smaller Companies | -18.21 | -2.4 |
Source: Morningstar. *Data from close of trading 15 May 2025 to 22 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.