Discount Delver: the 10 cheapest trusts on 24 April 2026

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.       

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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. 

Another blow for renewables 

Those holding shares in troubled renewable energy infrastructure trusts could be forgiven for feeling a little jaded this week after the prospect of fresh government intervention spelled further bad news for the sector. 

The government said it would legislate to remove the Carbon Price Support, a tax on fossil fuels used in electricity generation, from April 2028. This means the electricity prices used by the renewable trusts could fall, putting a dent in their portfolio NAVs at least in the short term. 

The renewables trusts have duly sold off this week, with discounts widening and Greencoat UK Wind (LSE:UKW), Foresight Environmental Infra Ord (LSE:FGEN) and Bluefield Solar Income Fund (LSE:BSIF) making it into our table.  

Greencoat UK Wind this week said its NAV could fall by 3p to 5p a share thanks to the change, while Bluefield Solar Income expects a knock of around 1p a share.  

However, the BSIF investment team did stress that the negative impact should be “minimal”, while the change could also lead to lower consumer energy bills. 

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Foresight Environmental Infrastructure has not commented on the changes so far but did this week announce that it had secured a one-year extension to its existing £150 million revolving credit facility, with an additional £15 million available.  

It currently has £123.2 million drawn on that facility, and a big question for trusts in the sector is still whether they can reduce their chunky debt piles. 

There is another renewables name, Aquila European Renewables Ord (LSE:AERI), in the list, but that’s in the process of a wind-down. Another name in our table, Digital 9 Infrastructure Ord (LSE:DGI9), is also in the process of winding down. 

Meanwhile, a popular “core” infrastructure name, HICL Infrastructure PLC Ord (LSE:HICL), has seen some modest discount widening this week.  

Investors interested in the trust’s plans in the wake of its botched merger attempt with a renewables fund last year might be interested in this week’s announcement that it will release its annual results and hold a presentation for investors on 27 May.

A mixed bag 

We otherwise see an eclectic group of trusts looking cheaper. 3i Group Ord (LSE:III) continues to languish on a discount, and those interested in its prospects may wish to look at our in-depth analysis of the fund and its main holding Action. 

We also see CT Healthcare Trust plc (LSE:CTHT), which came under the management of Columbia Threadneedle and adopted a long/short investment approach in March, in the table.

Interestingly, there’s also leasing play DP Aircraft I Ord (LSE:DPA), which like some of its peers has performed well amid conflict in the Middle East.

Source: Morningstar, close of trading 16 April to 23 April 2026.