1. Keystone Positive Change Investment Trust

  2. Decision to propose a scheme of reconstruction

    The Board of Keystone Positive Change Investment Trust PLC has decided to propose a scheme of reconstruction and winding-up of the Trust.

    Read the announcement.

    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 31/08/2024

    1 Year

    3 Years

    5 Years

    10 Years

    Share Price 7.4%-36.3%-18.8%-16.0%
    NAV -0.7%-31.6%-25.8%-12.5%
    Index* 19.6%25.7%37.2%80.0%

    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 30 June each year

    30/06/2019
    30/06/2020

    30/06/2020
    30/06/2021

    30/06/2021
    30/06/2022

    30/06/2022
    30/06/2023

    30/06/2023
    30/06/2024

    Share Price -16.9%30.5%-42.2%18.8%7.3%
    NAV -13.7%12.6%-34.0%20.4%-0.2%
    Index* -13.0%19.1%-3.7%11.9%20.6%

    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.

    Holdings - 31/08/2024

    Fund %
    1 MercadoLibre 9.2%
    2 TSMC 8.7%
    3 ASML 6.1%
    4 Alnylam Pharmaceuticals 5.3%
    5 Bank Rakyat Indonesia 5.2%
    6 Nu Holdings 4.9%
    7 Shopify 4.6%
    8 Xylem 4.5%
    9 Autodesk 4.4%
    10 Moderna 3.6%
    Total 56.4%

    Meet the Managers

    Kate Fox

    Kate is an investment manager and decision maker in the Positive Change Team. Kate joined Baillie Gifford in 2002 and became a partner of the firm in 2020. She is a CFA Charterholder and graduated MA in Economics and Maths from the University of Edinburgh in 2001.

    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.

    Lee Qian

    Lee is an investment manager and decision maker in the Positive Change Team. He joined Baillie Gifford in 2012 and has previously worked as an analyst on the Developed Asia, International Growth, Global Income Growth and International Alpha strategies. Lee is a CFA Charterholder and graduated BA (Hons) in Economics and Management from the University of Oxford in 2012.  
     
    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.

    Meet the Senior Impact Analysts

    Ed Whitten

    Ed is an impact director and decision maker in the Positive Change Team. He joined Baillie Gifford in 2018.  Ed 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. Prior to joining Baillie Gifford, Ed worked for three years in a consultancy advising investors, insurers and corporates on risk management and social impact in emerging and frontier markets. Ed started his career as an officer in the British Army, latterly working in a cross-government role on the UK government.
     
    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.

    Apricot Wilson

    Apricot is a senior impact analyst and decision maker in the Positive Change Team. She joined Baillie Gifford in 2023 and is a CFA Charterholder and has an MBA from the China Europe International Business School in Shanghai. Apricot’s first degree was in Modern and Medieval Languages from the University of Cambridge. Prior to working at Baillie Gifford, Apricot completed the graduate training programme at Aberdeen Asset Management, before working for Investing for Development SICAV, a Luxembourg-based blended fund focused on development finance.
     
    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.

    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.

    Investment intelligence

    Sustainability-related disclosures and climate reports

    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)