We reveal the biggest investment trust discount changes over the past week.
14th August 2026
by Dave Baxter
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.
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Even the biggest discount increases of the last week have been fairly modest, something that might be down to the holiday season.
Investors in some of the featured trusts have nevertheless had some big news to digest.
A standout name is Bill Ackman’s Pershing Square Holdings Ord
whose already very wide discount edges out a little further.
The trust’s interim results, published yesterday, pointed to a dire performance in the first half of 2026.
Shareholders lost around 24%, quite the contrast to the healthy gain enjoyed by the S&P 500 index.
Ackman put this down to the market’s current obsession with artificial intelligence (AI), and used the market conditions to introduce six new holdings to the portfolio.
There’s Visa Inc Class A V
S&P Global Inc SPGI, Intercontinental Exchange Inc ICE Alcon Inc ALC and Netflix Inc NFLX.
Bill Ackman talks IPOs, SpaceX and favourite tech stocks
It’s worth remembering that Ackman has already been busy in recent history, particularly in putting money into Magnificent Seven members such as Microsoft Corp MSFT
and Meta Platforms Inc Class A META
Takeover talks
We meanwhile see continued consolidation in the investment trust sector, with a knock-on effect for discounts.
As one example take property trust Alternative Income REIT Ord AIRE
The trust’s board has been fighting a takeover attempt from its biggest shareholder, Glenstone REIT, and this week argued that a “negligible proportion” of AIRE shares had accepted a final offer from Glenstone.
The AIRE board believes that the offer “fundamentally undervalues” the company.
It’s worth noting that another fund, AEW UK REIT Ord AEWU
announced last month that it was considering a bid for AIRE. A potential bid had already fallen through earlier this year.
Sticking with the theme of consolidation, Schroder Asian Total Return Inv. Company ATR
has seen its tiny discount advance slightly. The trust plans to absorb its underperforming rival Pacific Assets Ord if shareholders give their approval at a vote in September.
The merger, if approved, would involve a cash exit at a 2% discount to NAV for up to a quarter of the Pacific Assets shares.
The new, combined entity would come with some of the usual sweeteners, from increased scale to lower fees and a performance-related tender offer for up to 15% of shares if the trust missed a performance target over the five years to the end of 2030.
From 3i to renewables
Other names crop up in this week’s table without much big news. 3i Group Ord III
which has staged quite a recovery in recent months, sees its discount move back into double-digit territory, while two names from the troubled renewable energy infrastructure sector make the list. One of these, SDCL Efficiency Income Trust plc.
SEIT is looking to wind down.
It’s also interesting to see the presence of CT Healthcare Trust plc
CTHT which carried out one of its quarterly tender offers earlier this month.
| Investment trust | Sector | Current discount (%) | Discount/premium change over past week (pp) |
| 3i Group Ord III0 | Private Equity | -10.1 | -3 |
| Pershing Square Holdings Ord PSH | North America | -36.1 | -2.9 |
| Alternative Income REIT Ord AIRE | Property – UK Commercial | -13.1 | -2.8 |
| Livermore Investments Ord LIV | Flexible Investment | -41.8 | -2.3 |
| Chenavari Toro Income Fund Ord TORO | Debt – Structured Finance | -4.5 | -2.3 |
| Schroder Asian Total Return Inv. Company ATR0 | Asia Pacific | -3.3 | -2.1 |
| SDCL Efficiency Income Trust plc. SEIT | Renewable Energy Infrastructure | -51.5 | -2.1 |
| JPMorgan Global Core Real Assets Ord JARA | Flexible Investment | -14.1 | -2 |
| CT Healthcare Trust plc CTHT | Healthcare & Biotechnology | -5.7 | -2 |
| Foresight Solar Ord FSFL | Renewable Energy Infrastructure | -30.2 | -1.9 |
Source: Morningstar, close of trading 6 August to 13 August 2026.
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