Overview
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.
The performance target stated is in no way guaranteed.
Performance & Portfolio
Periodic Performance
All figures to 31/03/2024 1 Year
3 Years
5 Years
10 Years
Share Price 9.7% -16.0% -17.2% -9.7% NAV 3.3% -9.2% -19.3% -4.4% Index* 21.2% 35.5% 35.0% 81.6% Performance figures appear in GBP. The value of your investment may go down as well as up, and you may not get back the amount you invested.
NAV is calculated with borrowings deducted at fair value for 1, 3 and 5 years and par value for 10 years.
Baillie Gifford & Co Limited were appointed as Managers and Company Secretaries on 10 February 2021. Prior to this date the Trust had a different investment universe and objective.
*MSCI ACWI Index (GBP). Changed from FTSE All Share Index on 10/2/2021. Data chain-linked from this date to form a single index.
Performance source: Morningstar and relevant underlying index provider, total return.
Please bear in mind that past performance is not a guide to future performance.
Discrete Performance
Annual Performance to 31 March each year 31/03/2019
31/03/202031/03/2020
31/03/202131/03/2021
31/03/202231/03/2022
31/03/202331/03/2023
31/03/2024Share Price -26.9% 34.9% -10.2% -14.8% 9.7% NAV -25.7% 19.5% -4.2% -8.2% 3.3% Index* -18.5% 22.2% 12.9% -0.9% 21.2% Performance figures appear in GBP. The value of your investment may go down as well as up, and you may not get back the amount you invested.
NAV is calculated with borrowings deducted at fair value for 1, 3 and 5 years and par value for 10 years.
Baillie Gifford & Co Limited were appointed as Managers and Company Secretaries on 10 February 2021. Prior to this date the Trust had a different investment universe and objective.
*MSCI ACWI Index (GBP). Changed from FTSE All Share Index on 10/2/2021. Data chain-linked from this date to form a single index.
Performance source: Morningstar and relevant underlying index provider, total return.
Please bear in mind that past performance is not a guide to future performance.
Holdings - 31/03/2024
Fund % 1 TSMC 7.0% 2 ASML 6.6% 3 MercadoLibre 6.5% 4 Dexcom 5.1% 5 Moderna 4.8% 6 Bank Rakyat Indonesia 4.8% 7 Xylem 4.7% 8 Shopify 4.6% 9 Autodesk 4.2% 10 Deere & Co 4.0% Total 52.4% Insights
View all Insights.Meet the Managers
Kate Fox
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 graduated MA in Economics and Maths from the University of Edinburgh in 2001.
Lee Qian
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
Ed Whitten
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.
Apricot Wilson
Having worked in development, Apricot has been impressed by the power of financial markets to generate positive societal change. She has a particular interest in opportunities which support those living at the base of the economic pyramid. Apricot joined Baillie Gifford in 2022 and is a Senior Impact Analyst and decision maker in the Positive Change Team. She is a CFA Charterholder and has an MBA from the China Europe International Business School in Shanghai. Her first degree was in Modern and Medieval Languages from the University of Cambridge.
Documents
You can access any literature about the Fund here, either by downloading or requesting a copy by post (where available).
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.
Annual Reports
Bulletins and Factsheets
Corporate Governance
Impact Report
Interim Reports
Investment Intelligence
Investor Disclosure Document
Other Fund Literature
Philosophy and Process Documents
RNS Announcements
Sustainability-related Disclosures
PRIIPs Key Information Document
Disclaimers
MSCI Disclaimer
Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or disseminated 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 of 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)
