Keystone Positive Change Investment Trust plc (KPC)
Annual Financial and Audit Reports
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Results for the year to 30 September 2021 |
Over the year to 30 September 2021, the Company's net asset value (NAV) total return* was 17.3% compared to a total return of 24.5% for the Comparative Index (in sterling terms). The share price total return for the same period was 40.9% as the discount narrowed from 17.3% to 0.9%.
- Baillie Gifford took over the management of the portfolio on 11 February 2021 and the portfolio was transitioned to Baillie Gifford's Positive Change portfolio of global companies.
- Investments have been made in three private companies: Northvolt, Spiber and PsiQuantum.
- The Board believes that the Company is well positioned for long-term success, with a differentiated investment objective that will attract new investors.
* With borrowings at fair (market) value
Keystone Positive Change Investment Trust plc ('Keystone' or 'the Company') 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 to 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. Capital growth takes priority over income and dividends. Keystone is managed by Baillie Gifford & Co, an independent fund management group, which has around £ 346 billion under management and advice.