Biggest investment trust discount changes over the past week November 2025

We reveal the .

28th November 2025

by Dave Baxter 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.   

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.

Please note that we had to run the data slightly early this week – from 18 November to 25 November. A few names that cropped up in last week’s list have continued to experience discount widening..

Note the presence of Hydrogen Capital Growth 

HGEN

5.79%

, a name that is in the process of winding down and saw the listing of its shares restored last week. The shares now trade on a discount of around 62%, although the oddities of a wind-down process can sometimes produce confusing numbers.

The woes of the Renewable Energy Infrastructure sector are plain to see once again, with five names from the space appearing in the table.

There’s Foresight Solar Ord 

FSFL

0.30%

, which, as noted last week, recently revealed an NAV fall in the third quarter of 2025 due to a variety of challenging factors, as well as its rivals NextEnergy Solar Ord 

NESF

0.20% and Bluefield Solar Income Fund BSIF0.70%. There’s also an appearance from Aquila Energy Efficiency Trust Ord AEET2.83%.

The sector might be struggling but there’s also the chance of corporate activity, providing investors with an exit at an uplift at least to recent prices.

Foresight Solar chair Tony Roper noted in the update earlier this month that the board “continue to analyse options available to deliver the best potential outcome for investors”, for example.

NextEnergy Solar, meanwhile, announced the appointment of a new chair, Tony Quinlan, this week, who has “deep expertise in corporate finance, mergers and acquisitions, and business transformation”.

The Bluefield fund announced earlier this month that it would initiate the process of putting itself up for sale.

Meanwhile, a troubled name in the process of winding down, Digital 9 Infrastructure Ord 

DGI9

0.00%

, saw its discount widen thanks to fresh bad news. The trust announced this week that minority shareholders in Arqiva Group, a holding representing 75% of Digital 9’s gross assets, want to sell down their stake.

However, the trust has judged this deal to be unsatisfactory, noting: “The board and [investment manager] InfraRed continues to judge that pursuing a divestment of its stake in Arqiva prior to the resolution of the key contractual and financing decisions noted above would be premature as it would not result in an acceptable outcome for realising shareholder value.”

A few names from different sectors also crop up in this week’s list, in the form of UK funds Aberforth Geared Value & Income Ord 

AGVI

0.61%

 and CT UK High Income Ord 

CHI

0.45%, as well as the hard-running gold play Golden Prospect Precious Metal Ord GPM3.41%.

There’s also Fair Oaks Income 2021 Ord 

FAIR

0.00%

, a niche debt trust that has tended to deliver enormous dividends. The shares traded on a 16.7% dividend yield at the time of writing.

Investment trust	Sector	Current discount (%)	Discount/premium change over past week (pp)
Hydrogen Capital Growth HGEN5.79%	Renewable Energy Infrastructure	-62.4	-6.9
Digital 9 Infrastructure Ord DGI90.00%	Infrastructure	-82.7	-6.8
Foresight Solar Ord FSFL0.30%	Renewable Energy Infrastructure	-35.8	-5.8
NextEnergy Solar Ord NESF0.20%	Renewable Energy Infrastructure	-45.6	-5.6
Bluefield Solar Income Fund BSIF0.70%	Renewable Energy Infrastructure	-38.7	-5.6
Aberforth Geared Value & Income Ord AGVI0.61%	UK Smaller Companies	-10.5	-5.5
Fair Oaks Income 2021 Ord FAIR0.00%	Debt – Structured Finance	-5.9	-5.2
Aquila Energy Efficiency Trust Ord AEET2.83%	Renewable Energy Infrastructure	-46.5	-3.7
Golden Prospect Precious Metal Ord GPM3.41%	Commodities & Natural Resources	-13.9	-3.4
CT UK High Income Ord CHI0.45%	UK Equity Income	-0.9	-3.3

Source: Morningstar. Data from close of trading 19 November to 26 November 2025. 

PMGR has left the Watch List after liquidation and replaced with Lindsell Train Investment LTI yielding 6.1%

I’ve bought 15030 shares in FGEN for 10k ahead of the xd date next week.

The current booked profit for the Trust is £1,847.00

HY25 Results Highlights

28 November 2025

FORESIGHT ENVIRONMENTAL INFRASTRUCTURE LIMITED

(“FGEN” or the “Company”)

Half-year results for the six months ended 30 September 2025

FGEN, a leading investor in private environmental infrastructure assets across the UK and mainland Europe, is pleased to announce the Company’s interim results for the six months ended 30 September 2025.

Ed Warner, Chair of FGEN, said:

“FGEN has delivered another period of solid progress despite persistent sector headwinds. Our diversified portfolio continues to generate strong cash flows, providing a dependable foundation for dividend growth and long-term value creation.

“We remain on track to meet our full-year dividend target, supported by proactive portfolio management and disciplined follow-on investments that unlock further value. While the market backdrop has been challenging, our strategy positions FGEN to deliver sustainable income and NAV growth without reliance on new fundraising.

“Looking ahead, we are confident in our portfolio’s combined ability to deliver long-term predictable income for investors alongside attractive upside potential from our growth assets. We remain optimistic about the structural drivers underpinning the green economy.

“We continue to be fully committed, alongside our Investment Manager, to closing the discount to NAV and ensuring that FGEN’s share price more accurately reflects the intrinsic value of its portfolio.”

Summary of results:

Resilient Earnings and NAV :

•   NAV per share of 104.7 pence, delivering positive NAV total return for the period of 2.0% after payment of dividends.

•   Annualised NAV total return of 7.2% since IPO.

•   Company remains on track to deliver the full year dividend target of 7.96 pence, representing a yield of 12% on the share price at the date of this report.

Strong operational performance:

•   Strong operational performance with assets generating dividend cover of 1.22x in the period, after amortisation of project-level debt facilities.

•   Company remains on track to maintain or improve operational performance over the remainder of the financial year.

•   Generation +0.5% over budget¹, with anaerobic digestion facilities continuing to perform particularly well.

Growth assets already delivering NAV uplift:

•   CNG Fuels growing truck numbers and maintaining profitability.

•   Rjukan aquaculture now fully operational, after successfully delivering its first trout harvest in the period.

•   The Glasshouse continues to onboard new customers and targets being cash flow breakeven later this year.

1.  After accounting for the anticipated recovery of downtime from operator guarantees and insurances

Top 10 most-popular funds in October 2025

Fund	IA sector	Change on last month	One-year return (%)	Three-year return (%)
Royal London Short Term Money Market (Accumulating)	Short Term Money Market	No change	4.5	15
Vanguard LifeStrategy 80% Equity	Mixed investment 40%-85% shares	No change	17.3	45
L&G Global Technology Index Trust	Technology	Up one	38.5	160.5
Artemis Global Income I Acc	Global Equity Income	Down one	44.6	93
Vanguard FTSE Global All Cap Index	Global	Up one	19.8	54
HSBC FTSE All-World Index C Acc	Global	Down one	20.4	58.1
Vanguard LifeStrategy 60% Equity	Mixed investment 40%-85% shares	Up one	14.2	35.6
Vanguard LifeStrategy 100% Equity A Acc	Global	Down one	20.5	54.7
Fidelity Index World	Global	No change	20.3	60.3
Jupiter Gold & Silver I GBP Acc	Specialist	New entry	87	172.4

Source: interactive investor. Performance data to 3 November 2025. Note: the top 10 is based on the number of “buys” during the month of October. Past performance is not a guide to future performance.

Top 10 most-popular trusts in October 2025

Ranking	Investment trust	Change from September	One-year return to 31 October (%)	Three-year return to 31 October (%)
1	Scottish Mortgage Ord (LSE:SMT)	Unchanged	35.7	63.2
2	Polar Capital Technology Ord (LSE:PCT)	Up 2	53.4	151.6
3	Greencoat UK Wind (LSE:UKW)	Down 1	-13.2	-9.8
4	City of London Ord (LSE:CTY)	Down 1	26.9	49.4
5	Temple Bar Ord (LSE:TMPL)	Unchanged	46.5	96.3
6	Golden Prospect Precious Metal Ord (LSE:GPM)	New	96.1	187.7
7	Henderson Far East Income Ord (LSE:HFEL)	New	20	38.4
8	Fidelity China Special Situations Ord (LSE:FCSS)	Down 2	55	96
9	NextEnergy Solar Ord (LSE:NESF)	New	-7.5	-24.4
10	JPMorgan Global Growth & Income Ord (LSE:JGGI)	Down 3	6.9	54.8

Source: FE Analytics. Performance data to 31 October 2025. Note: the top 10 is based on the number of “buys” during the month of October. Past performance is not a guide to future performance.

2025 dividends to date £10,879.00

Cash for re-investment £11,023, 10k to be re-invested in a Trust with a near xd date and 1k into FSFL

The Snowball booked a profit of £907.80 with TRIG.

The Snowball only owned the share for one week, sometimes it’s better to be lucky than clever. The intention is to use ‘part’ of the windfall to do some dividend washing, where you buy a share before the xd date and sell either on the day or later, to provide contingency income for 2026, just in case any dividends are cut.

So the Snowball has sold LAND, earning a dividend of £307.00 paid in January, for a loss of £13.00. If you get the timing right, sometimes it can also print a tiny profit.

There are dividends to be received tomorrow of £641.00, 1k to be re-invested in FSFL, maybe.

Among those set to exit the FTSE 250 is Pinewood Technologies Group PLC, rounding off a short stint in the mid-cap index. The provider of software to the automotive retailing sector replaced Warehouse REIT in the index after the logistics warehouses investor was acquired by Blackstone Inc.

Among those set to exit the FTSE 250 is Pinewood Technologies Group PLC, rounding off a short stint in the mid-cap index. The provider of software to the automotive retailing sector replaced Warehouse REIT in the index after the logistics warehouses investor was acquired by Blackstone Inc.

Foresight Solar Fund Ltd, an investor in environmental infrastructure, is also set for relegation.

Real Estate Credit Investments Limited (the “Company”)

Ordinary Dividend for RECI LN (Ordinary shares)

Real Estate Credit Investments Limited announces today that it has declared a second dividend of 3.0 pence per Ordinary Share for the year ending 31 March 2026. The dividend is to be paid on 02 January 2026 to Ordinary Shareholders on the register at the close of business on 05 December 2025. The ex-dividend date is 04 December 2025.

My 2 favourite growth stocks just plunged 25% in a month – time to consider buying more?

Harvey Jones made a big bet on these 2 FTSE 100 growth stocks, but the last month has been brutal. So does he sell, hold or steel himself to buy more?

Posted by Harvey Jones

Published 26 November

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services.

My top two growth stocks have just taken a beating, and I won’t deny it hurts. Both plunged 25% in the last month and are the biggest fallers on the FTSE 100 over that short period. So what do I do?

The first is the private equity and infrastructure specialist 3i Group (LSE: III). Until recently, it was one of my standout investments, more than doubling my money in the two-and-a-bit years after I added it to my SIPP.

Should you buy 3i Group plc shares today?

3i Group shares slump

Since 1945, 3i has built a strong track record of buying underperforming companies, scrubbing them up and selling at a profit. It worked wonders for decades. The shares are still up 200% over five years, but now they’re down 11% over 12 months. Personally, I’m still up 48%, but that’s less than it was.

I was starting to feel uneasy about 3i. Much of the excitement came from one stunningly successful holding, European retailer Action. It’s opened thousands of stores across the continent and has a new growth market in Switzerland, but now accounts for almost three-quarters of 3i’s total assets. That is a lot of concentration risk.

On 13 October the group warned sales growth at Action may fall short of forecasts due to a slowdown in France. The rest of the business is trading well but that was all it took to spark a heavy sell-off.

I have no plans to sell 3i Group. I buy shares with a long-term view and over that time frame, it remains attractive. In fact, I topped up my position last week, and two senior directors did the same, investing far bigger sums than me. I’m now heavily exposed by my modest standards, so I’ll stop here. Action’s monster growth has to slow at some point and the group needs to find new opportunities. Yet I still think it’s worth considering for long-sighted investors.

JD Sports has tripped up

My second falling favourite was struggling rather than thriving when I bought it in January 2024. JD Sports Fashion (LSE: JD.) looked absurdly cheap with a price-to-earnings ratio of around 7.5, and I expected to benefit from a robut share price recovery once trading improved.

The rebound hasn’t come yet. Consumers are still under severe strain across the UK, Europe and the US. On 20 November the board issued another profit warning, blaming rising unemployment and softer spending. Should I take advantage and buy more?

I’ve already averaged down on three occasions since my original purchase, but now I’m wary. JD Sports’ core market is younger people, which spells trouble as youth unemployment climbs. Rapid advances in artificial intelligence may hurt their long-term job prospects and squeeze their spending power harder.

The JD Sports share price is even cheaper now. The P/E stands at 5.95 but a strong Christmas sales period could lift the mood. Contrarian investors may still consider the stock but I’ve decided to hold my position and look elsewhere for recovery plays.

Both growth stocks face different challenges but remain central to my long-term plan. I believe the 3i dip is a great long-term buying opportunity for a share that had outrun itself, which is why I dived in. JD Sports should recover one day but for now I’m sticking rather than twisting.

3i : very dangerous to buy Trusts that trade at a big premium.