Keystone Positive Change Investment Trust plc
Regulated Information Classification: Half Yearly Financial Report
Results for the six months to 31 March 2022
Over the six months to 31 March 2022, the Company's net asset value total return was minus 19.1% compared to a total return of positive 3.6% for the comparative index * . The share price total return was minus 27.0% as the discount widened from 0.9% to 10.6%.
- A significant driver of the underperformance has been the sell-off in growth stocks as the market prices in the prospects of higher inflation, irrespective of operational progress;
- During the period we made two new investments in Nu Holdings and Duolingo;
- We also added to the positions in AbCellera, Northvolt, Peloton, and Teladoc;
- New investments and additions have been funded by reductions to positions in Tesla and NIBE;
- Structural trends such as deflation of renewable technologies, advancement of computer science, and the need for sustainability provide exciting opportunities for patient investors.
Keystone Positive Change's objective is 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 cent. 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. At 31 March 2022 the Company had total assets of £186.8 million.
Keystone Positive Change is managed by Baillie Gifford, an Edinburgh-based fund management group with approximately £250 billion under management and advice as at 4 May 2022.
Keystone Positive Change is a listed UK company. The value of its shares and any income from them can fall as well as rise and investors may not get back the amount invested. The Company is listed on the London Stock Exchange and is not authorised or regulated by the Financial Conduct Authority. You can find up to date performance information about Keystone Positive Change at keystonepositivechange.com ‡ .
Past performance is not a guide to future performance. Total return information is sourced from Baillie Gifford/Refinitiv and relevant underlying index providers. See disclaimer at end of this announcement.
* A composite index comprising the movement on the FTSE All-Share Index to 10 February 2021 and the movement on the MSCI All Country World Index in sterling terms thereafter.
‡ Neither the contents of the Managers' website nor the contents of any website accessible from hyperlinks on the Managers' website (or any other website) is incorporated into, or forms part of, this announcement.