Since 1 January, the FTSE 250 index of mid-cap shares has risen 6% in value. That’s not bad, but these gains are less than half what the FTSE 100 has delivered over the same timeframe.
As a consequence, many top shares from London’s second-tier index offer stunning value at the start of October. Here are three I believe demand serious consideration.
Tritax Big Box
Tritax Big Box (LSE:BBOX) shares have tumbled 9% in the year to date. This is because of concerns of higher-than-expected interest rates and the impact on the property stock’s net asset values (NAVs).
I believe the scale of the decline is unjustified. Today the real estate investment trust’s (REIT’s) shares trade at a 23% discount to the value of its NAV per share.
Tritax’s forward dividend yield has also inflated to 5.5%. REIT rules stipulate at least 90% of annual earnings must be paid out in dividends.
I believe Tritax is a trust with exciting long-term growth potential. Its traditional role as a warehouse and logistics operator allows it to benefit from steady e-commerce expansion and ongoing supply chain changes.
And it’s moving into new areas like data centres to diversify and harness the booming digital economy.
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TBC Bank
TBC Bank (LSE:TBCG) shares have risen 44% in value in 2025. To put that into perspective, Lloyds and Standard Chartered are the only two UK banks that have posted better gains.
Yet TBC — which generates all its revenues from Georgia and Uzbekistan — still offers industry-leading value. Its forward price-to-earnings (P/E) ratio sits at just 6 times.
To add an extra sweetener, the share’s corresponding dividend yield is a hefty 5.6%.
The bank’s cheapness reflects in large part fears over the political landscape where it operates. Future decisions on Georgia’s relationship with Europe and Russia will have significant long-term consequences for the economy.
However, I believe this uncertainty is more than baked into the FTSE 250 share’s rock-bottom valuation. As market leader, TBC is in the box seat to harness Georgia’s financial services boom, helped by its drive into digital banking.
Allianz Technology Trust
Allianz Technology Trust‘s (LSE:ATT) share price has risen 19% since 1 January. But the investment trust still trades at a substantial 10% discount to its NAV per share.
As one may expect, its focus on tech shares means it’s especially exposed to the US stock markets. Today, more than nine-tenths of its holdings are Wall Street equities. This leaves it vulnerable if there’s a broader selloff of Stateside shares.
Yet, this geographic allocation also gives Allianz’s trust significant opportunities to capture the booming technological revolution. Major holdings like Nvidia and Microsoft are industry leaders with deep pockets and excellent records of innovation. Some 77% of its holdings have market caps of $100bn or above.
What’s more, the 50 companies it holds spread risk across multiple segments and provide exposure to different growth areas like artificial intelligence (AI), robotics, and cybersecurity.
