The trust in the portfolio to see the most significant narrowing of its discount was Downing Strategic Micro-Cap, which traded on a 21.1% discount to NAV at the start of the year and now trades on an 11.2% discount. The trust is still trading on the sixth-widest discount within the 24-strong IT UK Smaller Companies sector, according to data from the AIC. Between the start of the year and the beginning of April, it achieved a share price return and NAV return of 21.6% and 9.4% respectively. Second on Kepler's list for its rapidly narrowing discount is River & Mercantile UK Micro-Cap, which resides in the same sector and is 14 out of 24 for the size of its discount.