Keystone Positive Change trust records 35% NAV drop

Below benchmark 3.7% fall

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...