Discount Delver: the 10 cheapest trusts on 24 July 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.

Crowded trades get ugly

Sentiment continues to turn against a handful of popular (and once strong-performing) investment trusts, with some big discounts emerging as a result.

The gold price has slumped this year, and more generally many commodities funds have run into trouble after something of a hot streak.

Both Golden Prospect Precious Metal Ord (LSE:GPM) and the uranium-focused Geiger Counter Ord (LSE:GCL) fit that bill, with shareholders in both sitting on double-digit losses over the course of a month. 

The discounts for both have advanced notably in the last week.

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We meanwhile see Edinburgh Worldwide Ord (LSE:EWI), Scottish Mortgage Ord (LSE:SMT) and Seraphim Space Investment Trust Ord (LSE:SSIT), the most obvious beneficiaries of hype around the Space Exploration Technologies Corp Class A (NASDAQ:SPCX) initial public offering (IPO), struggle as that particular trade losses momentum, causing their discounts to widen.

Seraphim has struggled in particular, with its main shares down by around a fifth over a month, and now down some 30% over three.

It’s worth noting that the C shares, used to house a chunk of new cash, trade on a much bigger discount than the main ones. We have opted to include these in the table whenever relevant, to highlight the different valuations on offer.

Winding down

Beyond that, we once again see a couple of trusts in the process of winding down in the table.

Residential Secure Income Ord (LSE:RESI) this week announced it had completed the sale of a retirement property portfolio, which on the face of it has prompted a surge in its discount.

Investors do sometimes see opportunities in wind-down plays and we have seen Asset Value Investors, which runs both AVI Global Trust Ord (LSE:AGT) and MIGO Opportunities Trust Ord (LSE:MIGO), up its stake in Residential Secure Income from around 6% to roughly 10% in the last week.

However, we would caution that wind-downs can be complicated and drawn out. 

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It’s also worth noting that wind-down activities can sometimes produce misleading discount figures, which may be the case with this trust.

A couple of other wind-down names appear in the table. There’s Ecofin US Renewables Infrastructure Ord (LSE:RNEW), which is in a years-long process of winding down and has seen its shares slip by 16% over a month, as well as growth capital name Chrysalis Investments Limited Ord (LSE:CHRY).

We also see an appearance from VinaCapital Vietnam Opp Fund Ord (LSE:VOF), which has struggled in recent months.

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