Ratings Roundup

We have decided to suspend the Square Mile Responsible A rating of the Keystone Positive Change Investment Trust plc. This follows the announcement by the London Stock Exchange that the trust’s board has initiated a consultation with shareholders to potentially roll the trust into its open-ended equivalent the Ballie Gifford Positive Change fund.

The trust has faced ongoing underperformance relative to its benchmark and has maintained a persistent discount between the Net Asset Value (NAV) and the share price, which has continued even as global equity markets have recovered. This has been despite share buybacks and other corrective actions taken by the board to increase the trust’s market capitalisation and its appeal to investors.

The board’s course of action raises doubts about the future viability and stability of the trust for long-term investors.

Therefore, we have suspended the trust’s rating until further announcements on the outcome of the shareholder consultation.

For more information:

Visit the Keystone Positive Change Investment Trust page