Discount Delver: the 10 cheapest trusts on 21 March 2025
We reveal the biggest investment trust discount changes over the past week.
21st March 2025 11:10
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.
Three UK equity investment trusts made this week’s Discount Delver list: BlackRock Income and Growth , CT UK High Income and Montanaro UK Smaller Companies.
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They now trade on -13.4%, -6% and -10.6% discounts after a widening of about 3 percentage points each over the past week.
Despite the widening discounts, UK shares are up over the past five trading days, with the FTSE All-Share rising 0.4%.
The most discounted trust on the list currently is VH Global Energy Infrastructure, on a -45.3% discount, followed by Apax Global Alpha (-41.5% discount) and then Schiehallion Fund (-29.6%).
These trusts own unlisted assets, where their marked net asset values (NAV) are set by the fund manager rather than by public investment markets. This means that wide discounts or premiums are common, as the listed investment trust shares can be far more volatile than the underlying NAVs.
The remaining trusts on this week’s Discount Delver list were: Care REIT, Premier Miton Global Renewables Trust, BlackRock American Income Trust and CQS Natural Resources G&I.
Trust | AIC sector | Current discount (%) | Change in discount (%)* |
VH Global Energy Infrastructure Ord (LSE:ENRG) | Renewable Energy Infrastructure | -45.26 | -4.5 |
Care REIT Ord (LSE:CRT) | Property - UK Healthcare | -11.89 | -4.2 |
Schiehallion Fund Ord (LSE:MNTN) | Growth Capital | -29.61 | -4.1 |
BlackRock Income and Growth Ord (LSE:BRIG) | UK Equity Income | -13.43 | -3.3 |
Apax Global Alpha Ord (LSE:APAX) | Private Equity | -41.45 | -3 |
CT UK High Income Ord (LSE:CHI) | UK Equity Income | -6.04 | -2.7 |
Montanaro UK Smaller Companies Ord (LSE:MTU) | UK Smaller Companies | -10.64 | -2.7 |
Premier Miton Glb Renewables Trust Ord (LSE:PMGR) | Infrastructure Securities | -15.42 | -2.7 |
BlackRock American Income Trust Ord (LSE:BRAI) | North America | -6.86 | -2.6 |
CQS Natural Resources G&I Ord (LSE:CYN) | Commodities & Natural Resources | -10.57 | -2.6 |
Source: Morningstar. *Data from close of trading 13 March 2025 to 20 March 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.