Square Mile suspends Keystone Responsible Change's 'Responsible A' rating amid rollover consultation

Square Mile Academy of Funds

Keystone Positive Change (KPC) investment trust has had its 'Responsible A' rating suspended by Square Mile following news that the trust's shareholders were offered the option to either roll over into Baillie Gifford's Positive Change fund, or a cash exit as part of the wind-up.

In its Ratings Round-Up for August and September, Square Mile analysts argued that the KPC vehicle "has faced ongoing underperformance relative to its benchmark, and its net asset value has sat at a persistent discount to its share price, which has continued even as global equity markets have recovered". According to data from the Association of Investment Companies, the trust is currently trading at a 6.5% discount to net asset value. BlackRock Continental European Income fund retains Square Mile rating despite manager departure The board has spent the last year looking at a range...