Discount Delver: the 10 cheapest trusts on 11 April 2025
We reveal the biggest investment trust discount changes over the past week.
11th April 2025 10:00
by Sam Benstead from interactive investor
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 £20 million in assets and those that are not available on the interactive investor platform.
The most significant discount move this week was at Livermore Investment, a £100 million trust that invests in a range of assets, including public and private equities and bonds. It moved from a 8.9% premium to a -3.9% discount over the past five trading days.
The most discounted trusts in this week’s Discount Delver list are Tufton Assets (-35.7% discount); NB Private Equity Partners (-35.5%) and Tritax Big Box (-29%).
They all invest in unlisted assets, where there is no liquid daily dealing price. This means that large differences can emerge between the value of the listed investment trust shares and the stated net asset value of their holdings.
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This isn’t the case with the likes of Fidelity Japan Trust (-14.5% discount) and JPMorgan US Smaller Companies (-10.4% discount), which invest in public equities.
Discounts moved wider in these trusts as investors sold US and Japanese shares because of significant uncertainty around the impact of tariffs on global trade.
Other trusts to feature this week are Weiss Korea Opportunity, Aberforth Geared Value & Income and Volta Finance. JPMorgan Global Core Real Assets is the final trust, but it is selling its investments and closing.
Interestingly, during a week where stock and bond markets were extremely volatile, technology and venture funds did not feature on the list. Normally in periods of market stress, the shares of trusts investing in risk assets can diverge significantly from the NAVs.
| Investment trust | Sector | Current discount (%) | Change in discount* |
| Livermore Investments | Flexible Investment | -3.9 | -12.7 |
| JPMorgan Global Core Real Assets | Flexible Investment | -19.3 | -7.1 |
| Tufton Assets | Leasing | -35.7 | -6.7 |
| Fidelity Japan Trust | Japan | -14.5 | -6.4 |
| Tritax Big Box | Property - UK Logistics | -29.0 | -6.4 |
| Weiss Korea Opportunity | Country Specialist | -9.2 | -5.9 |
| Aberforth Geared Value & Income | UK Smaller Companies | -13.2 | -5.6 |
| NB Private Equity Partners Class | Private Equity | -35.5 | -5.5 |
| Volta Finance | Debt - Structured Finance | -23.1 | -5.4 |
| JPMorgan US Smaller Companies | North American Smaller Companies | -10.4 | -5.0 |
Source: Morningstar. *Data from close of trading 3 April 2025 to 10 April 2025.
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.