Discount Delver: the 10 cheapest trusts on 6 June 2025

We reveal the biggest investment trust discount changes over the past week.

6th June 2025 10:22

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.

Investment trusts focused on property and commodities account for half the table this week. However, topping the table is specialist lending fund EJF Investments (LSE:EJFI), which has seen its discount rise by 16 percentage points to -26.3%.

In the commodity sector, Geiger Counter (LSE:GCL) and CQS Natural Resources G&I (LSE:CYN) both feature. The former invests in uranium equities, while the latter invests in mining shares. The respective discounts are -7.6% and -8.6%. CQS Natural Resources G&I was one of the seven trusts targeted by US activist investor Saba Capital earlier this year. Following pressure from the activist, the trust is offering shareholders the chance to tender 100% of their shares.

For property, three trusts feature: Ground Rents Income Fund (LSE:GRIO), PRS REIT (LSE:PRSR) and Social Housing REIT (LSE:SOHO). Property trusts have been clawing back losses made when interest rates rose, but the trio remain deep in the red on a three-year view in share price total return terms.

Investment trust	Sector	Current discount (%)	*Discount/premium change over past week (%)**
EJF Investments (LSE:EJFI)	Debt - Structured Finance	-26.26	-16.10
UIL (LSE:UTL)	Flexible Investment	-32.63	-7.90
Geiger Counter (LSE:GCL)	Commodities & Natural Resources	-7.64	-4.40
Patria Private Equity Trust (LSE:PPET)	Private Equity	-31.02	-3.60
CQS Natural Resources G&I (LSE:CYN)	Commodities & Natural Resources	-8.55	-2.60
Molten Ventures (LSE:GROW)	Growth Capital	-54.46	-2.20
Ground Rents Income Fund (LSE:GRIO)	Property - UK Residential	-56.27	-2.00
PRS REIT (LSE:PRSR)	Property - UK Residential	-18.14	-1.80
Ecofin Global Utilities & Infrastructure (LSE:EGL)	Infrastructure Securities	-9.34	-1.70
Social Housing REIT (LSE:SOHO)	Property - UK Residential	-40.28	-1.60

Source: Morningstar. *Data from close of trading 29 May 2025 to 5 June 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.

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