Discount Watch
We estimate the number of funds trading at year-high discounts to net assets jumped by eight to 24 last week. No surprise to learn that alternatives still dominate the list with 16 names – stubbornly high bond yields continue to weigh on sentiment and share prices.

By Frank Buhagiar

We estimate there to be 24 investment companies saw their share prices trade at 52-week high discounts to net assets over the course of the week ended Friday 24 January 2025 – eight more than the previous week’s 16. Usual graph below but, as it’s still early days for 2025, the number of year-high discounters is shown on a rolling rather than year-to-date basis.

A look at the top five table below tells the story. All five funds with the widest discounts to net assets are alternatives. In other words, week ended Friday 24 January 2025 saw a continuation of the theme that has dominated the Discount Watch in recent weeks, even months: share prices being marked down in anticipation that higher bond yields will lead to higher discount rates and lower asset valuations. Of the 24 funds on the list this week, 16 are alternatives: eight renewables; three from property; one from private equity plus another from growth capital; and three from infrastructure.
It’s a theme that looks likely to run for a while longer, at least until bond yields show signs of coming down.
Top five
Fund | Discount | Sector |
---|---|---|
Ceiba Investments CBA | -74.95% | Property |
Gore Street Energy Storage GSF | -54.07% | Renewables |
Ecofin US Renewables RNEW | -53.19% | Renewables |
Foresight Environmental Infrastructure FGEN | -40.30% | Renewables |
Octopus Renewables Infrastructure ORIT | -39.21% | Renewables |
The full list
Fund | Discount | Sector |
---|---|---|
JPMorgan China Growth & Income JCGI | -16.15% | China |
European Assets EAT | -14.84% | Europe |
Schroder BSC Social Impact SBSI | -29.30% | Flexible |
North Atlantic Smaller Cos NAS | -35.20% | Global Smaller Companies |
Schroder British Opportunities SBO | -37.08% | Growth Capital |
International Public Partnerships INPP | -26.30% | Infrastructure |
HICL Infrastructure HICL | -31.23% | Infrastructure |
BBGI Global Infrastructure BBGI | -21.69% | Infrastructure |
Weiss Korea Opportunities WKOF | -11.04% | Korea |
Literacy Capital BOOK | -16.78% | Private Equity |
Supermarket Income REIT SUPR | -27.67% | Property |
Care REIT CRT | -33.05% | Property |
Ceiba Investments CBA | -74.95% | Property |
Bluefield Solar Income BSIF | -33.43% | Renewables |
Greencoat Renewables GRP | -31.90% | Renewables |
Foresight Environmental Infrastructure FGEN | -40.30% | Renewables |
Octopus Renewables Infrastructure ORIT | -39.21% | Renewables |
Renewables Infrastructure Group TRIG | -34.84% | Renewables |
Gore Street Energy Storage GSF | -54.07% | Renewables |
Ecofin US Renewables RNEW | -53.19% | Renewables |
Greencoat UK Wind UKW | -25.35% | Renewables |
Merchants MRCH | -4.95% | UK Equity Income |
Oryx International Growth OIG | -35.60% | UK Smallers Companies |
Vietnam Enterprise VEIL | -24.43% | Vietnam |
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