Discount Delver: the 10 cheapest trusts on 4 September 2026
We reveal the biggest investment trust discount changes over the past week.
4th September 2026 13:03
by Kyle Caldwell from interactive investor
Investment trusts offer investors the chance of picking up a potential bargain thanks to their closed-ended structure. Such an opportunity arises 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. This week, our data covers the period from 28 May to 3 June.
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.
Renewable energy infrastructure, private equity and growth-focused strategies all feature in this week’s table.
VH Global Energy Infrastructure (LSE:ENRG) saw the steepest discount widening. The renewable energy infrastructure sector has faced all manner of hurdles over the years, from the effect of higher government bond yields to regulatory changes.
Investors backing the sector are hoping for a turnaround, with some viewing the yields, which on average stand at 9.2%, as high enough to warrant being patient.
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In private equity, both HgCapital Trust (LSE:HGT)and Partners Group Private Equity (LSE:PEY) saw their discounts widen. Higher interest rates have been a cloud for the sector as this has boosted the income on offer from bonds, including money market funds and gilts. As a result, investors have less incentive to take on the additional complexity and risk associated with private equity.
Investment trusts with exposure to smaller and faster-growing companies also feature. Molten Ventures (LSE:GROW) backs technology businesses, while Onward Opportunities (LSE:ONWD) focuses on UK smaller companies.
Specialist strategies feature heavily, including BlackRock Frontiers (LSE:BRFI), the uranium-focused Geiger Counter(LSE:GCL), and RTW Biotech Opportunities (LSE:RTW). It is often the case that adventurous strategies appear among the biggest weekly discount moves due to being more prone to profit taking and more vulnerable to risk-off market conditions.
| Investment trust | Sector | Current discount (%) | Discount/premium change over past week* (%) |
| VH Global Energy Infrastructure Ord (LSE:ENRG) | Renewable Energy Infrastructure | -32.7 | -4.9 |
| BlackRock Frontiers Ord (LSE:BRFI) | Global Emerging Markets | -3.8 | -4.3 |
| HgCapital Trust Ord (LSE:HGT) | Private Equity | -22.6 | -3.9 |
| Onward Opportunities Ltd (LSE:ONWD) | UK Smaller Companies | -4.3 | -3.4 |
| Geiger Counter Ord (LSE:GCL) | Commodities & Natural Resources | -10.3 | -3.2 |
| Molten Ventures Ord (LSE:GROW) | Growth Capital | -10.5 | -3.2 |
| BlackRock Latin American Ord (LSE:BRLA) | Latin America | -10.1 | -2.8 |
| RTW Biotech Opportunities Ord (LSE:RTW) | Healthcare & Biotechnology | -13.1 | -2.8 |
| Ashoka India Equity Investment Ord (LSE:AIE) | India/Indian Subcontinent | -5.4 | -2.8 |
| Partners Group Private Equity Ord (LSE:PEY) | Private Equity | -36.4 | -2.8 |
Source: Morningstar, close of trading 27 August to 3 September 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.