Keystone Positive Change trust records 35% NAV drop

Below benchmark 3.7% fall

Elliot Gulliver-Needham
clock • 2 min read

The Keystone Positive Change trust has seen its net asset value drop 35.2%, compared to a 3.7% fall for the trust’s index.

According to the trust's year-end report, dated 30 September, its share price had also dropped 43.3%, with the discount widening from 0.9% to 13.2%. The trust said this reflected a widening of discounts across trusts generally but was exacerbated by "a broader deterioration in sentiment towards growth style mandates". It began the financial year with net gearing of 4.6%, and has since increased this to 10.6%, having drawn down £5m in December. It said that it expects to continue to maintain "a modest level of structural gearing". Baillie Gifford UK Growth trust performance has 'con...

To continue reading this article...

Join Investment Week for free

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now


Already an Investment Week