Discount Delver: the 10 cheapest trusts on 30 May 2025
We reveal the biggest investment trust discount changes over the past week.
30th May 2025 11:37
by Sam Benstead from interactive investor
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 £20 million in assets and those that are not available on the interactive investor platform.
Majedie Investments saw the biggest discount move this week, falling to a -12.2% discount. It invests in a range of assets, including listed equities and third-party funds.
Other equity-heavy investment trusts also feature in this week’s Discount Delver list, including BlackRock American Income Trust and RTW Biotech Opportunities. Their discounts grew by around -3.1%.
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One interesting theme was that specialist Asian equity trusts, Weiss Korea Opportunity , CC Japan Income & Growth and VietNam Holding, featured heavily on the Discount Delver list this week. Discounts on these trusts widened a little over -3% over the week.
These sat alongside LMS Capital, which owns private equity assets.
Trusts that own unlisted investments are common on our Discount Delver list as their net asset values (NAVs) are not marked to market every day, as listed shares or bonds are. This means that there can be big swings between the NAVs and the price of the investment trust, leading to discounts and premiums emerging.
The final trusts featured this week were Rights & Issues Investment Trust, JPMorgan Global Core Real Assets (which is being wound down), and Global Opportunities Trust.
| Trust | AIC sector | Current discount (%) | Change in discount (%)* |
| Majedie Investments Ord (LSE:MAJE) | Flexible Investment | -12.2 | -11.1 |
| LMS Capital Ord (LSE:LMS) | Private Equity | -56.1 | -4.3 |
| Weiss Korea Opportunity Ord (LSE:WKOF) | Country Specialist | -12.1 | -3.7 |
| Rights & Issues Investment Trust Ord (LSE:RIII) | UK Smaller Companies | -19.0 | -3.6 |
| JPMorgan Global Core Real Assets Ord (LSE:JARA) | Flexible Investment | -14.6 | -3.4 |
| Global Opportunities Trust Ord (LSE:GOT) | Flexible Investment | -22.0 | -3.2 |
| RTW Biotech Opportunities Ord (LSE:RTW) | Biotechnology & Healthcare | -34.6 | -3.1 |
| BlackRock American Income Trust Ord (LSE:BRAI) | North America | -6.6 | -3.1 |
| CC Japan Income & Growth Ord (LSE:CCJI) | Japan | -11.5 | -3.1 |
| VietNam Holding Ord (LSE:VNH) | Country specialist | -6.5 | -3.1 |
Source: Morningstar. *Data from close of trading 22 May 2025 to 29 May 2025.
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.