Discount Delver: the 10 cheapest trusts on 7 November 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.

Renewable energy infrastructure trusts have sold off this week on the back of government proposals to switch the inflation link in clean energy subsidies from RPI to the lower CPI measure. That in turn has seen discounts blow out from already wide levels, with six funds from the sector appearing in this week’s table.

The discount on Aquila European Renewables Ord (LSE:AERI) moved out to more than 55%, although this wasn’t merely a story of sentiment weakening towards the broader sector. 

The trust issued an update on 5 November revealing that its NAV had fallen by around a fifth in the third quarter of 2025.  

The fund, which is in managed wind-down, recently sold some assets at a 17% discount to a previous valuation in something of a buyer’s market. Lower power price forecasts and problems at a wind farm in the portfolio also hurt the NAV. 

Other names in the sector took a hit as investors mulled over the government’s proposals, with VH Global Energy Infrastructure Ord (LSE:ENRG), Foresight Solar Ord (LSE:FSFL), Greencoat UK Wind (LSE:UKW), the Renewables Infrastructure Grp (LSE:TRIG) and NextEnergy Solar Ord (LSE:NESF) all moving to even wider discounts.

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Turning to the equity space, the racy Manchester & London Ord (LSE:MNL), which has around two-thirds of its portfolio tied up in NVIDIA Corp (NASDAQ:NVDA) and Microsoft Corp (NASDAQ:MSFT) shares, saw its discount move out to 29%, a potential reflection of the fact that tech stocks have faltered this week. 

The fund recently had to pause its programme of share buybacks to maintain its investment trust status, something that reduced the total return delivered to shareholders. The board has responded to this by unveiling an enhanced dividend policy that would give it an annual yield of 5%, to make up the shortfall.

Emerging market fund Mobius Investment Trust Ord (LSE:MMIT) is also in the list. The fund took a hit this week after a voluntary redemption it offers once every three years saw investors sell 43.1% of their shares. That should take the trust below a market capitalisation of £100 million and put it at risk of becoming subscale. 

Meanwhile, Rockwood Strategic Ord (LSE:RKW), which has had a lacklustre performance over the last 12 months but stands out versus other UK smaller company trusts over five and 10 years, has moved to a fairly modest discount.

Source: Morningstar. Data from close of trading 30 October to 6 November 2025.