Comments on: Keystone Positive Change: Baillie Gifford’s Latest Win

By: ITinvestor

ITinvestor — Wed, 10 Mar 2021 13:34:07 +0000

BG has just posted the full Keystone portfolio as of the end of February 2021.
https://twitter.com/ITinvestorUK/status/1369635085872422917

Very similar to the open-ended fund, as was expected, but missing a few holdings. Tesla was the largest holding at 8.1%.

By: ITinvestor

ITinvestor — Sat, 06 Mar 2021 09:27:10 +0000

Yes, JJ, a lot of the Baillie Gifford trusts and funds are down heavily since mid-Feb, as are similar trusts like Allianz Technology.

Keystone hasn’t fallen quite as far as Scottish Mortgage, BG US Growth, Pacific Horizon, and Edinburgh Worlwide, but it’s still down 18% since 11 Feb, the day after BG took over management.

The open-ended version is only down 12% over the same timeframe, but I think the timing of its valuation point means its price doesn’t reflect most of Friday’s changes quite yet.

By: Johnson Johnson

Johnson Johnson — Fri, 05 Mar 2021 20:11:07 +0000

thanks for this article the whole markets down so not great returns

By: Kam Hong Leung

Kam Hong Leung — Thu, 11 Feb 2021 09:03:48 +0000

Thank you Stewart for this incredibly detailed, comprehensive & high quality article for public information & sharing.

By: ITinvestor

ITinvestor — Thu, 04 Feb 2021 09:33:57 +0000

1607 Capital Partners, one of the two US-based value investors with 10%+ positions in Keystone, continues to sell down its position in advance of the vote at the AGM next week.
https://www.investegate.co.uk/keystone-investment-trust-plc/prn/holding-s–in-company/20210204084417PD50E/

Was 13.1% prior to the policy change announcement and now down to 11.8%.

Wells Capital is the other big holder — 12.4% prior to the policy change — but no notice that it has sold down below 12% so far.

By: ITinvestor

ITinvestor — Fri, 15 Jan 2021 16:01:02 +0000

Thanks Andrew.

The circular should be out pretty soon so that will hopefully give us a little more detail on how the fund might look under BG.

By: Andrew Leicester

Andrew Leicester — Thu, 14 Jan 2021 14:42:56 +0000

Very enjoyable read and some useful points from other contributors.
I too have a little caution to the ‘green’ / esg movement, but I happily took a small satellite position with KIT at a 4% discount. I am impressed with the fund managers in their own right but some of the ‘links’ to their proposed mandate for Positive Change seem a little contrived.
I think that the fund size will grow quickly to their £400m target – especially as BG will be responsible for the marketing.
I also like the fact that their ‘bottom end’ size is £500m and unlike the OEIC they can invest in unquoted companies.
Buy and tuck away.

By: ITinvestor

ITinvestor — Sun, 27 Dec 2020 15:21:30 +0000

In reply to James.

Thanks, James.

I’m not sure I can help much I’m afraid – I find it hard enough to work out the rules as a UK resident!

But https://www.gov.uk/capital-gains-tax/what-you-pay-it-on does seem to suggest non-residents don’t have to pay CGT on shares and similar investments…

You have to pay tax on gains you make on property and land in the UK even if you’re non-resident for tax purposes. You do not pay Capital Gains Tax on other UK assets, for example shares in UK companies, unless you return to the UK within 5 years of leaving.

So I would have thought it’s the tax rules where you live that would apply instead. But it sounds like an area where some professional advice might be useful, especially if larger sums are involved.

By: James

James — Sun, 27 Dec 2020 15:01:03 +0000

A very nice piece of article. Actually, I am an overseas investor and recently start to look at investment trust managed by BG. I find it a bit confusing when I look at the UK tax rule. Based on my desktop research, overseas investors are exempt from UK tax on the capital gain and dividend income from investment trust other than REITS e.g. SMT/MONK by BG. Could I ask if you have any insight into the UK tax rule for overseas investors investing in stock/investment trust listed on LSE? Thanks.