Discount Delver: the 10 cheapest trusts on 31 July 2026

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.        

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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 stable presence

Popular trades have run into trouble in recent weeks, with artificial intelligence (AI) plays in Asia selling off hard and the momentum investment style struggling. But the less glamorous world of UK investment trusts has looked pretty sedate.

As such things look fairly peaceful in this week’s table. Discounts have not advanced that much, with the biggest individual moves only amounting to around 4%.

And those names that have experienced discount widening have done so in the absence of any major news.

This means there’s quite a variety of trusts in the table. At the top is Global Opportunities Trust Ord (LSE:GOT), which stands out for having a huge allocation to cash. This approach has not translated into good performance so far in 2026, with the shares down by around 4% year to date.

Things look worse for VietNam Holding Ord (LSE:VNH), whose shares are down by more than 11% in the space of just a month. Its rivals VinaCapital Vietnam Opp Fund Ord (LSE:VOF) and Vietnam Enterprise Ord (LSE:VEIL) have also struggled, if slightly less severely.

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A mix of trusts from other regions populate the table, from BlackRock Latin American Ord (LSE:BRLA) (whose shares have struggled this year) to the small UK equity income name BlackRock Income and Growth Ord (LSE:BRIG).

As is often the case, we see a renewable energy infrastructure fund make the list, this time in the form of the US Solar Fund Ord (LSE:USF). The troubled trust saw its shares rally earlier this year after it received a bid.

We also saw moderate discount widening for the likes of CT Healthcare Trust plc (LSE:CTHT), Partners Group Private Equity Ord (LSE:PEY), DP Aircraft I Ord (LSE:DPA), Pantheon Infrastructure Ord (LSE:PINT) and the early Space Exploration Technologies Corp Class A (NASDAQ:SPCX) holder Schiehallion Fund Ord (LSE:MNTN).

Source: Morningstar, close of trading 23 to 30 July 2026.