Discount Delver: the 10 cheapest trusts on 7 August 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.

Big moves, little news

We have seen some reasonably large discount advances in the last week, including a 7.1 percentage point increase for Mobius Investment Trust Ord (LSE:MMIT). But the moves have mainly occurred in the absence of any big individual news.

To start with Mobius, our data covers a period just after the trust had published an encouraging half-year report for the six months to the end of May 2026. 

The board had pointed to a strong run of performance, aided in part by the investment team having reduced exposure to the likes of software companies and focused on promising areas such as infrastructure investment.

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The emerging markets trust focuses on small and mid-cap shares and it’s notable that another name focused further down the market cap spectrum in this region, Scottish Oriental Smaller Cos Ord (LSE:SST), makes the list. 

The similarities may tail off there, however, given that Mobius has performed very well over a six-month stretch, while Scottish Oriental Smaller Companies has made a small share price loss.

Sticking with the Asian focus, this time we see two trusts specialising in Vietnam in the table. Both names have struggled on the performance front in the last half year.

Shifting fortunes

Golden Prospect Precious Metal Ord (LSE:GPM), a commodities trust that has encountered plenty of volatility in 2026 after a strong year, moves into the list again with a 6 percentage point move. 

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There’s also Schiehallion Fund Ord (LSE:MNTN), which enjoyed a strong run ahead of the Space Exploration Technologies Corp Class A (NASDAQ:SPCX) initial public offering (IPO), but has seen its discount move out ever since then.

Beyond that we also see Ecofin US Renewables Infrastructure Ord (LSE:RNEW) and GCP Asset Backed Income (LSE:GABI), two names which are both in a protracted wind-down process.

On a more positive name, Tritax Big Box Ord (LSE:BBOX) appears in the table, although this may well be a quirk of numbers after the property trust issued some £350 million in shares.

The trust opted to go for the fundraise to “unlock the next wave of data-centre growth and returns”, having secured new grid connection agreements. Like some other trusts focused on real assets, the trust could benefit from any continued demand for data centres.

Source: Morningstar, close of trading 30 July to 7 August 2026.