Discount Delver: the 10 cheapest trusts on 27 June 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.   

• Invest with ii: What is a Managed ISA? | Open a Managed ISA | Transfer an ISA

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. 

• Ian Cowie: my first 10-bagger will now pay dividends
• Self-employed pensions: how I’m using a SIPP for my retirement

It was a quiet week for investment trust discount changes, with the top 10 movers only seeing small increases. Topping the table is private equity trust Symphony International Holding (LSE:SIHL), which saw its discount rise by just under three percentage points to -58.6%.

All the private equity sector, apart from 3i Group (LSE:III), are trading on discounts. 3i Group, which has delivered particularly strong performance over five years, up 296%, is trading on a sky-high premium of 64.5%. Its performance has been driven by its successful stake in Dutch retailer Action Group, which accounts for more than half its assets.  

Property and infrastructure trusts feature once again, accounting for three of this week’s top 10. Over the past couple of years on the back of interest rates rising from rock-bottom levels to a peak of 5.25% in the summer of 2023, investors have turned towards safer areas, such as money market funds or gilts.

The income that money market funds generate, although not guaranteed, tends to be close to the level of UK interest rates. We’re now in a period of falling interest rates, although economists don’t think we’ll be returning to the days of cheap borrowing. When rates are cut, money market funds will pay less income. This could prompt investors to take on more risk, which will potentially benefit the out-of-favour property and infrastructure sectors.

Source: Morningstar. *Data from close of trading 19 June 2025 to 26 June 2025.