Keystone Positive Change Investment Trust
Keystone Positive Change Investment Trust
Keystone Positive Change Investment Trust aims to generate long term capital growth with the aim of the NAV total return exceeding that of the MSCI AC World Index in Sterling terms by at least 2% per annum over rolling five-year periods and contribute towards a more sustainable and inclusive world by investing in the equities of companies whose products or services make a positive social or environmental impact.
Holdings - 30/06/2021
Fund % 1 Moderna 9.0% 2 Tesla Inc 7.6% 3 ASML 7.3% 4 TSMC 5.9% 5 Illumina 4.9% 6 MercadoLibre 4.8% 7 Dexcom 3.8% 8 NIBE 3.8% 9 Umicore 3.6% 10 M3 3.6% Total 54.3%
Meet the Managers
Kate believes the financial community plays a crucial role in creating a more sustainable world for future generations. Kate’s experience analysing smaller companies has left her with a natural enthusiasm for businesses that address unmet needs or challenge the status quo, as well as an appreciation of their long term potential. Kate joined Baillie Gifford in 2002 and is an Investment Manager and decision maker in the Positive Change Team, as well as a Partner of the firm. She is a CFA Charterholder and graduated MA in Economics and Maths from the University of Edinburgh in 2001.
Lee grew up in China during a period of incredible economic and social progress, when hundreds of millions of people were lifted out of poverty and the standard of living improved for the majority of the population. Witnessing that has influenced Lee deeply and he has been interested in development since. Lee joined Baillie Gifford in 2012 and is an Investment Manager and decision maker in the Positive Change Team. He is a CFA Charterholder and graduated BA (Hons) in Economics and Management from the University of Oxford in 2012.
Meet the Senior Impact Analysts
Michelle has a wealth of experience in assessing climate change having worked in the field since 2000. A focus on the long-term sustainability of companies in its broadest sense is therefore a topic Michelle sees as central to investment. Michelle joined Baillie Gifford in 2015 and is a Senior Impact Analyst and decision maker in the Positive Change Team. She graduated BSc (Hons) in Zoology from the University of Cardiff in 1999 and MSc in Climate Change and Risk Management from the University of Exeter in 2009.
Ed’s experience of working in and studying developing countries drives his desire to work towards a more sustainable future that leaves no one behind. Ed believes that thoughtful and responsible investment in companies achieving financial, social and environmental returns has enormous potential to catalyse positive change in the corporate landscape, build trust in capital markets and help support solutions to global challenges. Ed joined Baillie Gifford in 2018 and is a Senior Impact Analyst and decision maker in the Positive Change Team. He graduated with a BA (Hons) in History from Newcastle University in 2008 and an MSc in Sustainable Development from London’s School of Oriental and African Studies in 2020.
How to Invest
You can invest in our funds via a number of fund platforms and supermarkets, please see the links opposite. Information on the range of funds available through platforms can be found in our Platform Matrix.
Please note that we do not have the facility for you to invest directly with us in our Investment Trusts and we do not offer ISAs, SIPPS or Share Plans.
Please also note that we do not have an online service for individual investors.
Further information on our funds can be found in the relevant Key Investor Information and Prospectus Documents, which are available in English and will be sent to you free of charge on request.
Baillie Gifford does not sponsor, maintain or have any control over the content of any other websites. Therefore, we are not responsible for the adequacy or accuracy of any of the information you may view, nor do we undertake to ensure successful transmission to any linked website.
How to Invest
Getting Financial Advice
At Baillie Gifford we don’t provide financial advice, but we do try our best to provide you with all the information we think you might need to make investment decisions. Of course, we realise there are occasions when you may want the advice of an expert.
Using professional financial advice
An authorised intermediary can give you advice and help on how best to manage your financial affairs based on your circumstances and investment aspirations. They can also help keep track of all your different investment interests, saving you a lot of time and bookkeeping.
Finding a financial adviser near you
If you want to use an authorised intermediary, MyLocalAdviser is a website that allows you to search for authorised intermediaries in your area. You can visit their site on www.mylocaladviser.co.uk
You can access any literature about the Fund here, either by downloading or requesting a copy by post (where available). Please note that, due to current government restrictions, we have a limited number of staff in our office. As a result, if posting instructions to us, there may be a delay in processing these due to these current restrictions.
To download any document you will need Adobe Reader. Please note that we can now provide you with Braille and audio transcriptions of our literature on request. It may take up to 10 days for the transcription to be completed dependent on the size of the document.
Bulletins and Factsheets
Investor Disclosure Document
Key Information Document
Other Fund Literature
Any investment in an investment trust involves risk. You should be aware of the following risks when considering investing.
Past performance is not a guide to future performance.
The value of your investment
The investment trusts managed by Baillie Gifford & Co Limited are listed UK companies and are not authorised or regulated by the Financial Conduct Authority. The value of their shares, and any income from them, can fall as well as rise and investors may not get back the amount invested.
The Trust invests in overseas securities. Changes in the rates of exchange may also cause the value of your investment (and any income it may pay) to go down or up.
The Trust invests in emerging markets where difficulties in dealing, settlement and custody could arise, resulting in a negative impact on the value of your investment.
The Trust can borrow money to make further investments (sometimes known as “gearing” or “leverage”). The risk is that when this money is repaid by the Trust, the value of the investments may not be enough to cover the borrowing and interest costs, and the Trust will make a loss. If the Trust's investments fall in value, any invested borrowings will increase the amount of this loss.
The Trust can buy back its own shares. The risks from borrowing, referred to above, are increased when a trust buys back its own shares.
Market values for securities which have become difficult to trade may not be readily available and there can be no assurance that any value assigned to such securities will accurately reflect the price the Trust might receive upon their sale.
The Trust's risk is increased as it holds fewer investments than a typical investment trust and the effect of this, together with its long term approach to investment, could result in large movements in the share price.
The Trust can make use of derivatives to obtain, increase or reduce exposure to assets and may result in the Trust being leveraged. Derivatives are most often used to compensate for possible unfavourable currency and market movements. This may result in greater movements (down or up) in the net asset value of the Trust. It is not our intention that the use of derivatives will significantly alter the overall risk profile of the Trust. A further risk exists in respect of the counterparty with whom the derivative transaction is made. Due care and diligence is exercised in the selection of counterparties, however, the possibility of the counterparty failing to pay sums due to the Trust still remains.
Sustainable and Responsible Investment
The Fund invests in companies whose products or behaviour make a positive impact on society and/or the environment. This means the Fund will not invest in certain sectors and companies and the universe of investments available to the Fund will be more limited than other funds that do not apply such criteria. The Fund therefore may have different returns than a fund which has no such restrictions.
The Trust's risk could be increased by its investment in private companies. These assets may be more difficult to sell, so changes in their prices may be greater.
Charges to Capital
The Trust charges 75% of the investment management fee and borrowing costs to capital which reduces the capital value. Also, where income is low, the remaining expenses may be greater than the total income received, meaning the Trust may not pay a dividend and the capital value would be further reduced.
You should note that tax rates and reliefs may change at any time and their value depends on your circumstances.
The Trust is listed on the London Stock Exchange and is not authorised or regulated by the Financial Conduct Authority.
Information subject to change
The information and opinions expressed within this website are subject to change without notice.
Not Investment Advice
This information has been issued and approved by Baillie Gifford & Co Limited and does not in any way constitute investment advice.
Suitability for retail distribution
Please note that the Company currently conducts its affairs, and intends to continue to conduct its affairs, so that the Company’s ordinary shares can be recommended by Independent Financial Advisers to ordinary retail investors in accordance with the FCA’s rules in relation to non-mainstream pooled investment products (NMPI). The Company’s ordinary shares are excluded from the FCA’s restrictions which apply to non-mainstream pooled investment products because they are shares in an investment trust.
Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an ‘as is’ basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the ‘MSCI Parties’) expressly disclaims all warranties (including, without limitation, any warranties or originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages (www.msci.com)