Keystone Positive Change... Share Discussion Threads

[takeiteasy] 08/12/2023 10:52

This fund provides a really unusual mix of investments....

Strangely, now the recent biotech massacre seems to be coming to an end, a 20% healthcare tilt and some of the other AI linked investments are on the up. The emerging country tilts away from China also are much more sensible for me than SMT (Asia down 17% YTD).

So this may now have some better relative performance than before in 2024 in falling rates, but are there any believers left who are prepared to look at this all over again in the new context after what has happened share price wise for the past 3 years.

Watching and waiting to see what happens for now...

No advice intended and dyor etc

[mwj1959] 29/11/2023 16:35

Buying back a few shares and an continuation vote in 2027 is probably not going to do an awful lot to narrow the discount in a trust whose performance has been woeful since the mandate change (I find it extraordinary that nowhere - at least obvious to me - do they show the discrete performance of the trust relative to its benchmark (they show a chart in the factsheet, but with no actual numbers). SABA's involvement will clearly keep the board's feet to the fire, so expect more from them in due course. Cutting the management fee would be a start. But ultimately, other than something radical from the board (hardly likely given the far off continuation vote and any tender offer of any size would likely make the trust sub-optimal from a size and costs perspective), the only thing that will really drive an improvement in sentiment towards this trust will be a pick up in its absolute and relative performance. When or if that will happen is anyone's guess!

[biggest bill] 19/12/2022 08:46

Topvest, you appear to have a troll who downvotes all of your comments.

[topvest] 10/12/2022 14:15

Tesla is still valued at 8x sales. Total insanity. Many other holdings are similarly overvalued.

[edwardt] 08/12/2022 16:19

or i could just buy john deere which is a great company which could become the tesla for tractors. looks like they have something special going on there.

[edwardt] 08/12/2022 16:18

i actually like what they do and will add into my forever fund. the only worry to me is the board will try and pivot back to value again exactly at the wrong time lol

[topvest] 01/12/2022 16:13

Sold my small holding. I just do not like Baillie Gifford's style here. It just seems full of hot air. Nearly everything is overvalued, even after being down 30% or so. This sort of portfolio is just not going to perform in a higher interest rate environment.

[topvest] 01/12/2022 12:58

Yes, agreed - they have ruined a decent investment trust. Pivoted to expensive growth at the worst possible time. I still have a small holding, but will exit as soon as I can. Listened to a video the other day of the manager....watched for about 1 minute... that was enough for me!

[edwardt] 20/8/2022 08:36

I agree on the board's ineptitude here.

[tonytyke2] 04/8/2022 22:11

Good news, the funds largest holding Moderna (8.4%), looks like it beat earnings expectations today, with the share up over 4%.

[tonytyke2] 27/7/2022 12:50

Hi yam114, Dave Baxter of the IC briefly covered the dividend yield in a article on the 12/07.

Highlighted a yield of 5.8% in the article and this high yield had come about due to the severe price fall over the past 12 months. No indication if would be maintained etc.

Quite a number of the top ten investments here have been trying to find a base and I note the likes of Moderna, ASML, Deer + Co, Dexcom etc have all rallied in the past month or so.

Could have further to fall with recession pressures but seems to be some quality companies here imo for the long term.

I opened a small position a few days ago and added a few more today. Fingers crossed, if we have a recession it's a short one.

Just to add KPC sits on a discount to NAV of around 10% at the moment.

[yam114] 23/6/2022 08:45

Found this Yes once a year in September

[yam114] 17/6/2022 08:39

Is this trust still paying a dividend?

[biggest bill] 13/6/2022 12:17

This trust must hold the record for the worst timed change of manager ever. I propose a name change to Keystone Cops Investment Trust.

[hugepants] 09/5/2022 13:56

They should really be renaming this Keystone Negative Change. It's truly awful.

[cynicalsteve] 03/2/2022 11:11

It will soon be a year since BG took over from Invesco and a dull income trust was transformed into a 'Sustainable' trust.
I feel sorry for those small investors who didn't understand the significance of the change.
In one year the trust is down 25% while the ftse100 is virtually unchanged and the ftse250 is down 8%.

[ben gunn] 24/11/2021 22:35

I respect the fact that this team are bravely trying to run a sustainable trust with a tech bias. One of only 3 sustainable trusts.

But, their 1Yr price chart indicates that they do not know what they are doing.

[donald pond] 10/8/2021 10:00

Moderna much the biggest holding here and been smashing it recently

[vraic] 16/7/2021 14:22

Moderna Inc to join S and P 500 on July 21st

[vraic] 28/6/2021 15:05

Note Our largest holder announced 28th June as of 24th June their holding was
less than 5% Last annual report shows 13.1% ie 8 million shares .
Could be the rump is going or gone, hence the recent move.
Am LT Holder

[invisage] 01/4/2021 14:46

Keystone Positive Change I.T. PLC

01 April 2021

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them


1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name IAN ARMFIELD
---------------------------- -------------------------------------
2 Reason for the notification
-------------------------------------------------------------------
a) Position/status PDMR (DIRECTOR)
---------------------------- -------------------------------------
b) Initial notification INITIAL NOTIFICATION
/Amendment
---------------------------- -------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-------------------------------------------------------------------
a) Name KEYSTONE POSITIVE CHANGE INVESTMENT
TRUST PLC
---------------------------- -------------------------------------
b) LEI 5493002H3JXLXLIGC563
---------------------------- -------------------------------------
4 Details of the transaction(s): section to be repeated
for (i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions
have been conducted
-------------------------------------------------------------------
a) Description of the ORDINARY SHARES OF 10p
financial instrument,
type of instrument
GB0004912282
Identification code
---------------------------- -------------------------------------
b) Nature of the transaction Acquisition
---------------------------- -------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
GBP2.86 3,500
----------
---------------------------- -------------------------------------
d) Aggregated information N/A


- Aggregated volume


- Price
---------------------------- -------------------------------------
e) Date of the transaction 25 MARCH 2021
---------------------------- -------------------------------------
f) Place of the transaction LONDON STOCK EXCHANGE (XLON)
---------------------------- -------------------------------------

[yam114] 01/4/2021 13:01

Well done for starting a thread

[invisage] 01/4/2021 08:21

KPC Holdings - Feb 2021

10X Genomics Inc
Abiomed
Alibaba Group
Alnylam Pharmaceuticals
Alphabet Inc Class A
ASML
Berkeley Lights Inc
Beyond Meat Inc
Chr Hansen Holding A/S
Deere & Co
Dexcom Inc
Discovery Ltd
Ecolab
FDM Group
Glaukos Corp
Illumina
ISHARES FTSE 250*
Jaguar Health
M3
Marwyn Value Investors Ltd
MercadoLibre
Moderna Inc
Nexeon
Nibe Industrier AB
Novozymes
Orsted
Sartorius
Shopify
Teladoc
Tesla Inc
TSMC
Umicore
Xylem

hxxps://www.bailliegifford.com/en/uk/individual-investors/literature-library/funds/investment-trusts/portfolio-valuations/keystone-positive-change-investment-trust-valuation-28-february-2021/


Positive Change has four impact themes: social inclusion and education; environment and resource needs; healthcare and quality of life; and ‘base of the pyramid’ services that support economic improvement for the world’s least advantaged.

hxxps://www.bailliegifford.com/en/uk/individual-investors/insights/ic-article/2021-q1-trust-42-think-positive-ind-we-1932?p=12557