Baillie Gifford has announced the launch of the Keystone Positive Change Investment Trust plc, formerly known as the Keystone Investment Trust plc.
Now under Baillie Gifford’s management, the trust invests with a dual objective of outperformance of the MSCI AC World Index and delivery of positive change in areas such as healthcare, education, social inclusion and the environment. As at 31 December 2020, the trust’s assets were £239m.
The trust will be managed by Kate Fox and Lee Qian, assisted by senior impact analysts Michelle O’Keeffe and Ed Whitten. The same team manages the £1.99bn Baillie Gifford Positive Change Fund, which launched in January 2017 and ranks 2nd out of 303 peers in the IA Global Sector over three years.[1]
The Keystone Positive Change Investment Trust is being transitioned in line with the Baillie Gifford Positive Change Fund, but will differ from the fund over time by incorporating private company investments and some smaller listed holdings that fit with the positive change philosophy. The trust will also be able to use gearing to enhance returns.
James Budden, Director of Retail Marketing, Baillie Gifford & Co, says:
“We believe there will be strong demand from investors for an investment trust which aims to deliver investment outperformance while having a positive impact on global development. The alignment of Keystone with our positive change philosophy provides a compelling opportunity to access exceptional growth companies which are also contributing towards a more sustainable and inclusive world.”
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[1] Source: Trustnet as at 05/01/21. Performance of B Acc shares; total return; sterling
Baillie Gifford Positive Change Fund – Annualised past performance to 31 December each year (%)
| 2016 | 2017 | 2018 | 2019 | 2020 | |
| Class B – Acc (%) | N/A | N/A | 5.4 | 25.9 | 80.1 |
| Index (%)* | N/A | N/A | -3.3 | 22.4 | 13.2 |
| Target (%)** | N/A | N/A | -1.3 | 24.8 | 15.5 |
| Sector Average (%)*** | N/A | N/A | -5.7 | 21.9 | 15.3 |
Performance source: StatPro, FE, MSCI, total return in sterling.
Returns reflect the annual charges but exclude any initial charge paid.
*(MSCI AC World Index).
**(MSCI AC World Index) +2%
***IA Global Sector.
Past performance is not a guide to future performance.
The manager believes this is an appropriate target given the investment policy of the fund and the approach taken by the manager when investing. In addition, the manager believes an appropriate performance comparison for this fund is the Investment Association Global Sector.
[1] Source: Trustnet as at 05/01/21. Performance of B Acc shares; total return; sterling
