Discount Delver: the 10 cheapest trusts on 28 November 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.

Please note that we had to run the data slightly early this week – from 18 November to 25 November. A few names that cropped up in last week’s list have continued to experience discount widening..

Note the presence of Hydrogen Capital Growth (LSE:HGEN), a name that is in the process of winding down and saw the listing of its shares restored last week. The shares now trade on a discount of around 62%, although the oddities of a wind-down process can sometimes produce confusing numbers.

The woes of the Renewable Energy Infrastructure sector are plain to see once again, with five names from the space appearing in the table.

There’s Foresight Solar Ord (LSE:FSFL), which, as noted last week, recently revealed an NAV fall in the third quarter of 2025 due to a variety of challenging factors, as well as its rivals NextEnergy Solar Ord (LSE:NESF) and Bluefield Solar Income Fund (LSE:BSIF). There’s also an appearance from Aquila Energy Efficiency Trust Ord (LSE:AEET).

The sector might be struggling but there’s also the chance of corporate activity, providing investors with an exit at an uplift at least to recent prices.

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Foresight Solar chair Tony Roper noted in the update earlier this month that the board “continue to analyse options available to deliver the best potential outcome for investors”, for example.

NextEnergy Solar, meanwhile, announced the appointment of a new chair, Tony Quinlan, this week, who has “deep expertise in corporate finance, mergers and acquisitions, and business transformation”.

The Bluefield fund announced earlier this month that it would initiate the process of putting itself up for sale.

Meanwhile, a troubled name in the process of winding down, Digital 9 Infrastructure Ord (LSE:DGI9), saw its discount widen thanks to fresh bad news. The trust announced this week that minority shareholders in Arqiva Group, a holding representing 75% of Digital 9’s gross assets, want to sell down their stake.

However, the trust has judged this deal to be unsatisfactory, noting: “The board and [investment manager] InfraRed continues to judge that pursuing a divestment of its stake in Arqiva prior to the resolution of the key contractual and financing decisions noted above would be premature as it would not result in an acceptable outcome for realising shareholder value.”

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A few names from different sectors also crop up in this week’s list, in the form of UK funds Aberforth Geared Value & Income Ord (LSE:AGVI) and CT UK High Income Ord (LSE:CHI), as well as the hard-running gold play Golden Prospect Precious Metal Ord (LSE:GPM).

There’s also Fair Oaks Income 2021 Ord (LSE:FAIR), a niche debt trust that has tended to deliver enormous dividends. The shares traded on a 16.7% dividend yield at the time of writing.

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