Discount Delver: the 10 cheapest trusts on 6 November 2026

The sell-off engulfing artificial intelligence (AI) shares has hit the investment trust sector, with discounts widening on names focused here. 

AI stocks in the US and emerging markets have suffered in the last month as jitters intensify about the sustainability of recent AI spending, with volatility only worsening on the back of the Democrat landslide in the US midterm elections. 

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Fidelity Emerging Markets Ord (LSE:FEML) and JPMorgan Asia Growth & Income Ord (LSE:JAGI) have substantial investments in both Taiwan Semiconductor Manufacturing Co Ltd ADR (NYSE:TSM) and Samsung Electronics Co Ltd DR (LSE:SMSN), leaving them vulnerable to any pullback for AI shares in their region. Manchester & London Ord (LSE:MNL), which is heavily focused on the theme, has also seen its discount grow. 

Beyond that, we see the discount on Seraphim Space Investment Trust Ord (LSE:SSIT) advance to almost 29%. The trust has not seen any substantial news in the last week but might be suffering as part of a broader sell-off, with its shares down by around 16% in a month. 

The discount on the trust’s C shares has also widened in the past week. 

Lots to digest 

Investment trusts understandably get swept up with big market movements but plenty of the names in the table have released updates, too. 

One such name is Molten Ventures Ord (LSE:GROW). This week, the trust announced that it had sold some of its position in challenger bank Revolut, generating proceeds of around £50 million. Chief executive Ben Wilkinson argued that this was “a further demonstration of our disciplined approach to crystallising value from our most mature holdings”. 

Meanwhile, the life science trust Syncona Ord (LSE:SYNC) announced that one of its holdings, Resolution Therapeutics, had released encouraging data from a trial related to treating end-stage liver disease. 

Syncona has sought to portray this as a “key value inflection point” for its portfolio. 

We also see Bill Ackman’s Pershing Square Holdings Ord (LSE:PSH) in the table. 

This week, the trust published a quarterly update arguing that “investor enthusiasm for the relatively small number of companies supplying ‘picks and shovels’ for the massive AI infrastructure buildout has caused investors to overlook the relatively large number of businesses that are also generating strong performance”. 

Performance has not looked pretty for PSH investors in 2026, with the shares down by around a fifth so far this year. 

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The team has, meanwhile, been busy initiating a handful of fresh positions, including some members of the Magnificent Seven. The latest update shows that top holding Microsoft Corp (NASDAQ:MSFT) accounted for 15% of the fund at the end of September. 

We also see small discount increases for BlackRock Frontiers Ord (LSE:BRFI), as well as for Baillie Gifford Japan Ord (LSE:BGFD) and Baillie Gifford Shin Nippon Ord (LSE:BGS).  

Japanese equities have struggled in the last month, although Baillie Gifford Japan has also had its own struggles. 

Last week, it published annual results unveiling a positive return that nevertheless lagged that of the market in the 12 months to the end of August. 

The trust is introducing a conditional tender offer for up to 25% of its shares if the portfolio’s total return fails to beat the Topix index over the three years to 31 August 2029.

Source: Morningstar, close of trading 29 October to 5 November 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.