Discount Delver: the 10 cheapest trusts on 5 June 2026

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.

The most notable move this week doesn’t actually appear in the table, as the investment trust is still trading on a premium. However, a change in trading on a premium (from 28 May to 3 June) of 45.8% to 5.5% is notable for space tech portfolio Seraphim Space Investment Trust Ord (LSE:SSIT). 

Having had a very strong run of performance over the past year, with its shares up around 150%, there has been downward pressure since 22 May, with its share price down around 34% over this very short period. This week, the investment trust reported its strongest quarter on record, with its portfolio value increasing by 30.7% to £433.3 million in the three months to 31 March 2026.

Last month, Seraphim Space raised £137 million via its C share placing, providing plenty of funds to put into “advanced investment opportunities”.

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Among investment trusts trading on a discount, the biggest mover is Achilles Investment Company Ord (LSE:AIC). This small investment trust, with a market cap of £53 million, targets other investment trusts in the alternatives space — areas including property, infrastructure, and private equity — which trade at wide discounts. Its activist strategy aims to maximise value for shareholders. The discount has moved from just over 2% to 9.5%. There’s no obvious trigger for the discount widening over this period.

Also in the table is Edinburgh Worldwide Ord (LSE:EWI), which is now back on a small discount of 2.3%.  The trust, which saw its board ousted at the third attempt by US activist investor Saba Capital, said this week that it is continuing to work closely with fund manager Baillie Gifford. Although the expectation is that the new board members will appoint a new investment manager in future, with Saba to put itself forward for consideration.

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Private equity trust 3i Group Ord (LSE:III) has experienced a four-and-a-half percentage point rise, taking its discount to -30%. Its share price and previous sky-high premium have been on a downward spiral since late last year. It endured yet another painful sell-off in May in response to an update detailing further woes for its main holding, discount retailer Action. However, with the private equity trust the fourth most-bought investment trust in May, some are viewing the share price weakness and deep discount as a potential opportunity.

The rest of the table, made up of trusts in a variety of sectors and strategies, have seen only relatively small discount moves over the period. 

Source: Morningstar, close of trading 28 May to 3 June 2026.