Discount Delver: the 10 cheapest trusts on 31 October 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.

Two very different commodity trusts that cropped up in last week’s list, Geiger Counter Ord (LSE:GCL) and Golden Prospect Precious Metal Ord (LSE:GPM) have continued to see their discounts widen.

Geiger Counter, which has a highly concentrated portfolio of companies focused on uranium including NexGen Energy Ltd (NYSE:NXE), has not seen any fresh developments, while the second trust could have seen more shareholders take profits after a volatile few weeks for the gold price.

Beyond that, trusts focused on all manner of different areas have seen their discounts widen this week. There’s Lindsell Train Ord (LSE:LTI), which has big positions in Nintendo, London Stock Exchange Group (LSE:LSEG) and RELX (LSE:REL) (as well as in Lindsell Train, the unlisted fund management company, whose shares have struggled in recent months).

There’s also a UK equity income play, CT UK High Income Ord (LSE:CHI), which is now on a relatively modest 6.1% discount, and UK small-cap fund Aberforth Geared Value & Income Ord (LSE:AGVI).

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Barings Emerging EMEA Opportunities Ord (LSE:BEMO), which like many an EM fund has made big returns this year, is also in the list. The Barings trust survived a continuation vote this year, with 62.1% of the votes cast going in favour of it carrying on.

A handful of alternative asset trusts have also seen some widening. HgCapital Trust Ord (LSE:HGT), a specialist private equity portfolio, has struggled recently but has a strong long-term record. The trust could be due a big change, with reports that its top holding Visma (accounting for 12% of assets), is eyeing up an initial public offering (IPO) for next year.

Some names with big yields make the list. There’s niche debt specialist BioPharma Credit Ord (LSE:BPCR), whose shares yielded 7.8% at the time of writing, and AEW UK REIT Ord (LSE:AEWU) on a similar amount. Aquila European Renewables Ord (LSE:AERI) has an even punchier share price dividend yield, of 12.5%.