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New Research: Kepler Trust Intelligence

14 Nov 2018 07:00

RNS Number : 1989H
Keystone Investment Trust Plc
14 November 2018
 

Keystone Investment Trust: New research

14/11/18

Highlights:

· New manager James Goldstone is nearing the completion of the portfolio's transition since taking over in April 2017

· James employs a value-based approach to pick stocks with dividend policy a focus, resulting in a higher yield than the typical growth fund

· Portfolio is primarily UK-focused, but limited international exposure helps hedge the exposure to UK earnings

· The trust has remained on a stubbornly wide discount, at least partly due to uncertainty around the macro backdrop

 

Read more

 

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.

Click here to read the full report

 

Visit http://www.trustintelligence.co.uk/investor for more high quality independent investment trust research.

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Pascal Dowling

 

Kepler Partners

 

 

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