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IN BRIEF: Keystone Positive Change lags benchmark in half-year

5th May 2022 20:09

Keystone Positive Change Investment Trust PLC - invests in companies which make positive social or environmental impact and is managed by Baillie Gifford - Net asset value total return minus 19.1% over six months to March 31, underperforming positive return of 3.6% for comparative index. The comparative index comprises movement of FTSE All-Share Index to mid-February 2021 and the MSCI All Country World Index in sterling terms thereafter. "A significant driver of the underperformance has been the sell-off in growth stocks as the market prices in the prospects of higher inflation, irrespective of operational progress," it says. Net asset value per share 277.3p at end of March, down from 347.0p a year before.

"This short-term underperformance is understandably painful for the company's shareholders, but we continue to be excited by the long-term prospects of the companies held in the portfolio," company says.

Current stock price: 216.50 pence, down 1.6% on Thursday

12-month change: down 29%

By Lucy Heming; [email protected]

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