Discount Delver: the 10 cheapest trusts on 29 May 2026
We reveal the biggest investment trust discount changes over the past week.
29th May 2026 12:37
by Dave Baxter from interactive investor
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.
- Invest with ii: Invest in Investment Trusts | Top UK Shares| Interactive investor Offers
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.
A calm week
It has been a broadly positive week for markets, with not much in the way of controversial news from the investment trust sector.
We saw Scottish Mortgage Ord publish a strong set of results, Finsbury Growth & Income Ord unveil further measures aimed at pleasing shareholders, and HICL Infrastructure PLC Ord set out its own attempts to keep investors happy.
In that context we have seen some pretty small discount increases this week, with the names in the table not having much to show in the way of news. They also span a variety of sectors.
Manchester & London Ord, the punchy trust with a big focus on artificial intelligence (AI), has seen its discount advance slightly to around 24%.
The trust, whose shares have returned around 50% over 12 months, has seen some big portfolio changes in recent months.
A few weeks ago, the team noted that it had cut its NVIDIA Corp position from 42.1% of the portfolio to 24.5%, noting: “We still believe that the stock will see $500 in three years’ time, but the next three months may see Vera Rubin [its next AI system] delays and further losses in market share that we have already anticipated.”
The team dramatically hacked its position in Microsoft Corp earlier this year.
- Don’t miss the next big IPO: get the latest IPO news and updates straight to your inbox
- Three problems with taxing cash inside investment ISAs
- Sign up to our free newsletter for investment ideas, latest news and award-winning analysis
Elsewhere, we see a mix of different equity and “alternative” trusts make it into the table. From the first camp there’s Schroder Oriental Income Ord, which has certainly participated in the Asia and emerging market rally with a roughly 65% return over 12 months.
There’s also the strong performer The European Smaller Companies Trust PLC, as well as Chelverton UK Dividend Trust Ord, which has had a relatively lacklustre performance thanks to its focus on UK companies further down the market cap spectrum.
As is often the case, we see some infrastructure plays, this time in the form of Greencoat Renewables and Pantheon Infrastructure Ord. Private equity also makes an appearance, with Patria Private Equity Trust cropping up.
| Investment trust | Sector | Current discount (%) | Premium/discount move over the past week (pp) |
| UIL Ord | Flexible Investment | -29.6 | -5.7 |
| Manchester & London Ord | Technology & Technology Innovation | -23.9 | -5 |
| DP Aircraft I Ord | Leasing | -27.9 | -4.5 |
| Schroder Oriental Income Ord | Asia Pacific Equity Income | -4.1 | -4.1 |
| Greencoat Renewables | Renewable Energy Infrastructure | -25.6 | -2.8 |
| The European Smaller Companies Trust PLC | European Smaller Companies | -9.6 | -2.6 |
| Livermore Investments Ord | Flexible Investment | -29.1 | -2 |
| Chelverton UK Dividend Trust Ord | UK Equity Income | -7.1 | -1.9 |
| Patria Private Equity Trust | Private Equity | -30.4 | -1.9 |
| Pantheon Infrastructure Ord | Infrastructure | -11.7 | -1.7 |
Source: Morningstar. Close of trading 21 May to 28 May 2026.
These articles are provided for information purposes only. Occasionally, an opinion about whether to buy or sell a specific investment may be provided by third parties. The content is not intended to be a personal recommendation to buy or sell any financial instrument or product, or to adopt any investment strategy as it is not provided based on an assessment of your investing knowledge and experience, your financial situation or your investment objectives. The value of your investments, and the income derived from them, may go down as well as up. You may not get back all the money that you invest. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser.
Full performance can be found on the company or index summary page on the interactive investor website. Simply click on the company's or index name highlighted in the article.