Keystone Investment Share Discussion Threads

[bottomfisher] 08/3/2021 16:15

Watched Baillie Gifford's upbeat presentation of its plans for its latest IT - Keystone Positive Change (KPC). Some 95% of the old Keystone portfolio has been switched into BG's new ideas. The biggest stock overlap, (around 25%) is with BG's Scottish Mortgage, and over the long-term KCP could hold up to 60 companies, roughly twice as many as BG's open-ended fund with the same investment remit. Long-term up to 30% of its portfolio could be in private companies.

The new trust is ringing all the right ESG bells, and Baillie Gifford's current investment methodology/style has attracted a big following.

However, I note that KPC's target long-term return of 2%pa over the MSCI world index is the same as that of dear old Alliance Trust (ATST) which has handed over its investment strategy to 8 of the world's top stock pickers. ATST is trading at a hefty discount unlike KCP's current racy premium.

[trytotakeiteasy] 12/2/2021 13:58

Does someone want to start a new thread with the KPC ticker?

[vraic] 10/2/2021 14:14

Entering a New Chapter , exciting time .

[uapatel] 10/2/2021 13:34

Change of strategy to Keystone Positive Change. Managed by Baillie Gifford.

Will start adding a few more and in new ISA year once there is a bit of clarity on the holdings, especially on the private company inclusions.

[donald pond] 27/1/2021 09:11

Chat with the new manager here https://podcasts.apple.com/gb/podcast/short-briefings-on-long-term-thinking-baillie-gifford/id1450180015?i=1000506457325

[donald pond] 21/1/2021 20:58

Otoh Pacific Horizon which is run by BG is at a 12% premium and doing a big placing. I think there is a risk that BG are flavour of the month and they could be changing strategy at the exact wrong point in the cycle. But I think there's more to BG than that and KIT will give access to their best ideas. Disruption isn't going to stop in a hurry and my bet is that these will be on a 10-15% premium soon

[emptyglass] 21/1/2021 18:03

No tender offer and the 2 large US value investors want out.
Be careful.

[vraic] 21/1/2021 17:40

Also bought more today after reading the change of fund managers news.
Note directors purchases day after Annual Report .
dyor

[wskill] 21/1/2021 10:00

Bought a few today as still under nav also expecting a premium when BG are fully in control it’s around 10th of Feb if I remember correctly.

[mad foetus] 18/12/2020 09:21

I've bought a few here. Looks like a rare opportunity to get access to BG expertise in the small cap space. I expect this will be on a premium once they take over

[skwas1] 08/12/2020 20:48

Hi all, what are peoples thoughts on the proposed change of management to Baillie Gifford. This will obviously result in the trust changing styles towards a more global growth strategy, with some unlisted assets.
Is it likely the change will get shareholder approval?
Thanks

[essentialinvestor] 07/12/2020 19:11

Short reign.

[vraic] 07/12/2020 18:36

bought a few on the news.

[poikka] 07/12/2020 08:28

Good move, wish I hadn't sold out, but there was no way that they could continue with their strategy, and the divi would not have survived - Divi £7.8m, Revenue Reserves £4.8m, and that was in September.

[orinocor] 18/11/2020 22:44

Happy days

[essentialinvestor] 16/11/2020 12:12

18% discount to NAV though is very tempting.

[essentialinvestor] 16/11/2020 11:55

Gold may well now drag on performance imv,

unless Trump does something silly over the next few weeks, Iran etc.

[poikka] 05/11/2020 19:36

Yes, Barrick Gold's still doing well and has just come in with a 12.5% increase in the divi, but I still prefer BRWM, and I'll leave the rest of UK investments to other ITs - and my own, of course.

[orinocor] 05/11/2020 16:31

The gold stocks in the portfolio are up 5%-7% just now
This trust continues to be well undervalued

[poikka] 31/10/2020 22:25

And if you believe that inflation's going to take-off, which is a reasonable bet, you might as well go for BRWM - if you're looking for a gold hedge.

[poikka] 31/10/2020 22:23

Don't know why I'm still holding these, took my eye off the ball. Despite the likelihood of the gold and copper miners increasing their divis, KIT's looking unlikely to hold the divi. The Revenue Reserves were some £5.6m at the half year, against an annual divi of £7.6m, and certainly the top ten holdings don't pay much, except for Newmont, BAT, Tesco and SSE.

So unless one expects KIT to set the world alight with capital growth, not much point in hanging on - and the record on capital growth is not good.

[orinocor] 10/10/2020 15:54

It'll get there

[essentialinvestor] 08/10/2020 12:32

Look at what's happening at TMPL!.

Discount on KEY too wide imv.

[essentialinvestor] 08/10/2020 10:47

This was due some attention.

[essentialinvestor] 07/10/2020 13:27

NAV discount around 18% today.

Either James generates some outperformance or change is going to come
Imv.


Temple Bar NAV discount has closed significantly over the last week.

And that move was sudden.