discount

The difference between the net asset value (NAV) per share of an investment trust and the share price, expressed as a percentage of the net asset value per share.

e.g. if the NAV is £3.00, and the share price of the trust is £2.70, the trust is trading at a 10% discount to its NAV.

When the share price is above the net asset value, it is said to be trading at a premium.