More potential investment company bargains have emerged after yesterday’s European market crash centred around concerns over Credit Suisse, the embattled Swiss bank.

Curiously, it is Asia and Japan funds and one global smaller companies trust that are cropping up as new entrants on the Numis ‘cheap’ list that makes up the backbone of our Friday Trust Watch report, not the European or financials funds you might have expected. Note the discounts mentione here may be measured against Numis’ estimates of a trust’s latest net asset value (NAV) rather than the last published by the company.

Asia Dragon (DGN ) joins stablemate Abrdn New Dawn (ABD ) which featured in Tuesday’s update. DGN shares closed 15.7% below net asset value (NAV) last night, which against an average one-year discount of 11.6% gives them a ‘Z-score’ of -3.3.

A Z-score measures how far a share is trading outside its normal range. A score of -2 or below is viewed as ‘cheap’. Conversely, a score of 2 or more is ‘expensive’.

Fidelity Japan (FJV ) and Baillie Gifford Japan (BGFD ) join JPMorgan Japan Small Cap Growth & Income (JSGI ), which remains in the ‘cheap’ list with a 12% discount after I highlighted it on Tuesday. 

FJV stood on a 15% discount last night, giving it a -2.9 Z-score against a one-year average discount of 8.6%.

BGFD generates a -2.5 Z-score with its discount widening to 12.1% from a one-year average of 6.4%.

Edinburgh Worldwide (EWI ), Baillie Gifford’s global small-cap trust, a former top-performing growth fund hit hard in the switch to ‘value’, offers a wide 20% discount and a -2.2 Z-score against its 12-month average discount of 13.5%.

Looking at Numis’ three-month Z-scores (rather than the one-year scores that provided the previous names), underlines the weakening in Asia trust ratings:

• Baillie Gifford Shin Nippon (BGS ), a Japan small-cap trust is on an 11.9% discount and -4 Z-score;
• High-yielding Henderson Far East Income (HFEL ) sees its premium lower to 1.5% from 3.6%;
• JPMorgan Emerging Markets (JMG ) trades on 11.4% discount and -3.1 Z-score;
• Vietnam Holding (VNH ), the smallest of the three London-listed Vietnam funds, on a 17.9% discount and -3.1 Z-score;
• Schroder Oriental Income (SOI ) wides to a 6.5% discount and -3.1 Z-score;
• JPMorgan Japanese (JFJ ) sports a 9.3% discount and also a -3.1 score;
• Schroder Asia Pacific (SDP ) on a 12.3% discount and -2.9 Z-score.

Caledonia Investments (CLDN ), the big, defensive, multi-asset and private markets fund backed by the Cayzer family, stands out from this list. Its wide discount has gapped out to 31.5%, giving it a -2.9 Z-score.