Discount Delver: the 10 cheapest trusts on 30 October 2026
We reveal the biggest investment trust discount changes over the past week.
30th October 2026 10:37
by Dave Baxter from interactive investor
Volatility in the commodities space continues to throw up opportunities for bargain hunters, with both Geiger Counter Ord (LSE:GCL) and Golden Prospect Precious Metal Ord (LSE:GPM) appearing in this week’s list.
Geiger Counter, the highly concentrated portfolio of uranium industry shares, has seen its discount move out to 9%.
The fund has had a trying period, with its shares down by more than a fifth over a year.
- Our Services: SIPP Account | Stocks & Shares ISA | See all Investment Accounts
In terms of news, the fund has just moved its shares from a Guernsey listing to the main market of the London Stock Exchange, which in theory could be good in terms of visibility and liquidity.
Today, the trust also reminded shareholders of their annual right to subscribe for one new share in exchange for every five they already own, as of 30 November.
The price of a new share is 101.35 pence, “materially above” the 93.9p price for existing shares as of yesterday, and the trust noted that shareholders were “not obliged” to take part in the exchange.
Golden Prospect Precious Metals has meanwhile had its own taste of volatility: the shares are up by around 22% over a year, but down by more than 13% in the space of just a month.
No news is good news?
As sometimes happens, we’ve seen a real mix of different investment trusts move to slightly wider discount without any substantial news.
Lindsell Train Ord (LSE:LTI), which recently carried out a big tender offer, continues to see its shares slide out to a wider discount, and we otherwise see multiple funds focused on “alternative” asset classes populate the table.
To name just a few there’s VH Global Energy Infrastructure Ord (LSE:ENRG), which is now purely focused on returning capital to shareholders.
- Ian Cowie: a new frontier for my investment trust portfolio
- Sign up to our free newsletter for investment ideas, latest news and award-winning analysis
We also get the enigmatic hedge fund vehicle Gabelli Merchant Partners Ord (LSE:GMP), European property fund PHOENIX SPREE DEUTSCHLAND LTD (LSE:PSDL), and two debt investment trusts.
Equity trusts are pretty thin on the ground this week, with just Lindsell Train and Ashoka WhiteOak Emerging Markets Ord (LSE:AWEM) making it into the table.
The latter’s shares have moved from a small premium to an equally modest discount.
| Investment trust | Sector | Current discount (%) | Premium/discount change over past week (pp) |
| Geiger Counter Ord (LSE:GCL) | Commodities & Natural Resources | -9 | -6.1 |
| Golden Prospect Precious Metal Ord (LSE:GPM) | Commodities & Natural Resources | -5.9 | -4.8 |
| Riverstone Credit Opportunities Income (LSE:RCOI) | Debt - Direct Lending | -18.2 | -4.7 |
| Eurocastle Investment Ord (EURONEXT:ECT) | Debt - Loans & Bonds | -40.4 | -4.6 |
| Lindsell Train Ord (LSE:LTI) | Global | -19.4 | -4 |
| VH Global Energy Infrastructure Ord (LSE:ENRG) | Renewable Energy Infrastructure | -38.8 | -3.5 |
| Symphony International Holding Ord (LSE:SIHL) | Private Equity | -56 | -3.1 |
| Gabelli Merchant Partners Ord (LSE:GMP) | Hedge Funds | -33.5 | -2.8 |
| PHOENIX SPREE DEUTSCHLAND LTD (LSE:PSDL) | Property - Europe | -47.4 | -2.4 |
| Ashoka WhiteOak Emerging Markets Ord (LSE:AWEM) | Global Emerging Markets | -1 | -2.1 |
Source: Morningstar, close of trading 22 to 29 October 2026.
Our methodology
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.
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.
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.