Discount Delver: the 10 cheapest trusts on 24 October 2025

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 £30 million in assets and those that are not available on the interactive investor platform.

Commodity trusts of different stripes have seen their discounts widen this week. CQS Natural Resources G&I Ord (LSE:CYN) saw its discount widen by almost seven percentage points, to 10.6%, with Golden Prospect Precious Metal Ord (LSE:GPM) experiencing a similar shift.

Both trusts have powered ahead this year on the back of the surging gold price and are likely to have seen investors taking some profits in the last week. The gold price fell by around 5% on Tuesday, marking its biggest daily fall since 2020.

The fall has several possible explanations, from the end of the Diwali season to investors banking some gains after such a strong run.

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Meanwhile, two other commodity funds, the uranium-focused Geiger Counter Ord (LSE:GCL) and Riverstone Energy (LSE: RSE), make the list. GCL has a highly concentrated portfolio and has enjoyed a share price total return of around 25% so far this year. Riverstone Energy is in the process of a managed wind-down.

UK small-cap vehicle Rights & Issues Investment Trust Ord (LSE:RIII) and Chelverton UK Dividend Trust Ord (LSE:SDV), which goes further down the market cap spectrum in its hunt for income, have also seen some widening. Outside the table a handful of UK trusts have had the same experience, in contrast with a trend that has seen several UK income funds trade on premiums at various points this year.

Meanwhile, a troubled renewable energy infrastructure fund makes the list in the form of Bluefield Solar Income Fund (LSE:BSIF), which released its annual results this week.

These results appear to have unsettled investors, given that the trust’s chair John Scott said the fund needed to explore different potential strategies in future, including a transition away from an investment trust structure and having a lower dividend.

“The challenge faced by renewable investment companies, including BSIF, is well documented,” he said.

“The company’s shares have been at a discount to NAV for over three years, shutting the door to equity markets. With surplus capital being used to pay dividends, it makes growth unachievable, impeding the ability to capitalise on its key strengths such as its large proprietary development pipeline.”

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Scott added that following a “business as usual” approach, including paying a high dividend, could come at a cost.

“Shareholders need to be aware that, in the absence of access to additional equity and the cheap debt we enjoyed for many years, continuing to operate with the current capital structure will necessitate the sale of development and prospectively operational assets,” he said.

“Such disposals will gradually starve the company of growth opportunities and confine BSIF to its current position, namely the steady erosion of the company’s NAV, reflecting attrition of our capital base, with returns delivered only in the form of income.”