Fund Research

Keystone Investment Trust

Last update 24 October 2018

Keystone invests mainly in UK companies, aiming to maximise total return through a value-based strategy focused on cash flow and dividends.

The new manager, James Goldstone, has largely completed the transition of the portfolio he took over in April 2017, which has seen the trust maintain its thematic exposure to undervalued UK earnings, but take up new positions in the banking sector among others and sell down its tobacco and healthcare exposure.

James has also hedged the core exposure to UK earnings with dollar earners and growth companies that he believes more than justify their current multiples.

The trust languishes on one of the widest discounts in the sector at 11%, largely due to UK domestic earners being out of favour and the board not buying back shares in recent years.

Dividends are a key ingredient to the stock selection process, and the trust yields 3.4%, not far off the 3.9% average for a UK Equity Income fund, although it sits in the UK All Companies sector.

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Fund History: Keystone Investment Trust

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