Keystone Positive Change Investment Trust plc
Keystone Investment Trust plc is a closed ended equity mutual fund launched and managed Baillie Gifford & Co Limited. The fund invests in public equity markets of the United Kingdom. It seeks to invest in stocks of companies operating across diversified sectors. The fund employs fundamental analysis with a top-down stock picking approach, focusing on such factors as sound balance sheets, good cas… Read more
Keystone Positive Change Investment Trust plc (KPC) - Net Assets
Latest net assets as of September 2024: GBX143.23 Million GBX
Based on the latest financial reports, Keystone Positive Change Investment Trust plc (KPC) has net assets worth GBX143.23 Million GBX as of September 2024.
Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (GBX158.89 Million) and total liabilities (GBX15.66 Million). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | GBX143.23 Million |
| % of Total Assets | 90.14% |
| Annual Growth Rate | 1.26% |
| 5-Year Change | -25.24% |
| 10-Year Change | -44.83% |
| Growth Volatility | 15.13 |
Keystone Positive Change Investment Trust plc - Net Assets Trend (2004–2024)
This chart illustrates how Keystone Positive Change Investment Trust plc's net assets have evolved over time, based on quarterly financial data. Explore and compare other companies by net assets.
Annual Net Assets for Keystone Positive Change Investment Trust plc (2004–2024)
The table below shows the annual net assets of Keystone Positive Change Investment Trust plc from 2004 to 2024.
| Year | Net Assets | Change |
|---|---|---|
| 2024-09-30 | GBX143.23 Million | -2.33% |
| 2023-09-30 | GBX146.65 Million | +6.79% |
| 2022-09-30 | GBX137.33 Million | -35.98% |
| 2021-09-30 | GBX214.52 Million | +11.97% |
| 2020-09-30 | GBX191.58 Million | -26.00% |
| 2019-09-30 | GBX258.90 Million | -2.72% |
| 2018-09-30 | GBX266.15 Million | -3.36% |
| 2017-09-30 | GBX275.39 Million | +3.94% |
| 2016-09-30 | GBX264.95 Million | +2.05% |
| 2015-09-30 | GBX259.62 Million | +3.74% |
| 2014-09-30 | GBX250.27 Million | +8.12% |
| 2013-09-30 | GBX231.48 Million | +26.63% |
| 2012-09-30 | GBX182.80 Million | +11.29% |
| 2011-09-30 | GBX164.25 Million | +1.29% |
| 2010-09-30 | GBX162.15 Million | +7.92% |
| 2009-09-30 | GBX150.25 Million | +3.69% |
| 2008-09-30 | GBX144.91 Million | -19.13% |
| 2007-09-30 | GBX179.20 Million | +7.47% |
| 2006-09-30 | GBX166.74 Million | +16.26% |
| 2005-09-30 | GBX143.41 Million | +28.65% |
| 2004-09-30 | GBX111.47 Million | -- |
Equity Component Analysis
This analysis shows how different components contribute to Keystone Positive Change Investment Trust plc's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have decreased by 0.0% over the analyzed period, potentially due to dividend distributions or operating losses.
Current Equity Component Breakdown (September 2024)
| Component | Amount | Percentage |
|---|---|---|
| Common Stock | GBX6.76 Million | 4.72% |
| Other Components | GBX136.47 Million | 95.28% |
| Total Equity | GBX143.23 Million | 100.00% |
Keystone Positive Change Investment Trust plc Competitors by Market Cap
The table below lists competitors of Keystone Positive Change Investment Trust plc ranked by their market capitalization.
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Keystone Positive Change Investment Trust plc's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2023 to 2024, total equity changed from 146,653,000 to 143,231,000, a change of -3,422,000 (-2.3%).
- Net income of 2,696,000 contributed positively to equity growth.
- Dividend payments of 288,000 reduced retained earnings.
- Share repurchases of 5,842,000 reduced equity.
- Other comprehensive income decreased equity by 465,999.
Equity Change Factors (2023 to 2024)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | GBX2.70 Million | +1.88% |
| Dividends Paid | GBX288.00K | -0.2% |
| Share Repurchases | GBX5.84 Million | -4.08% |
| Other Comprehensive Income | GBX-466.00K | -0.33% |
| Other Changes | GBX478.00K | +0.33% |
| Total Change | GBX- | -2.33% |
Book Value vs Market Value Analysis
This analysis compares Keystone Positive Change Investment Trust plc's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 0.46x
- The company is trading below its book value, potentially indicating the market believes the assets are overvalued on the balance sheet or anticipates future losses.
- The price-to-book ratio has decreased from 0.65x to 0.46x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 2004-09-30 | GBX1.67 | GBX1.08 | x |
| 2005-09-30 | GBX2.15 | GBX1.08 | x |
| 2006-09-30 | GBX2.49 | GBX1.08 | x |
| 2007-09-30 | GBX2.68 | GBX1.08 | x |
| 2008-09-30 | GBX2.17 | GBX1.08 | x |
| 2009-09-30 | GBX2.25 | GBX1.08 | x |
| 2010-09-30 | GBX2.43 | GBX1.08 | x |
| 2011-09-30 | GBX2.46 | GBX1.08 | x |
| 2012-09-30 | GBX2.73 | GBX1.08 | x |
| 2013-09-30 | GBX3.44 | GBX1.08 | x |
| 2014-09-30 | GBX3.70 | GBX1.08 | x |
| 2015-09-30 | GBX3.84 | GBX1.08 | x |
| 2016-09-30 | GBX3.92 | GBX1.08 | x |
| 2017-09-30 | GBX4.07 | GBX1.08 | x |
| 2018-09-30 | GBX3.94 | GBX1.08 | x |
| 2019-09-30 | GBX3.81 | GBX1.08 | x |
| 2020-09-30 | GBX2.93 | GBX1.08 | x |
| 2021-09-30 | GBX3.47 | GBX1.08 | x |
| 2022-09-30 | GBX2.22 | GBX1.08 | x |
| 2023-09-30 | GBX2.37 | GBX1.08 | x |
| 2024-09-30 | GBX2.37 | GBX1.08 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Keystone Positive Change Investment Trust plc utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 1.88%
- The company may be facing challenges in efficiently utilizing shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 74.31%
- • Asset Turnover: 0.02x
- • Equity Multiplier: 1.11x
- Recent ROE (1.88%) is below the historical average (4.04%), suggesting potential challenges in capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 2004 | 17.66% | 79.77% | 0.16x | 1.40x | GBX8.54 Million |
| 2005 | 23.80% | 83.66% | 0.22x | 1.30x | GBX19.79 Million |
| 2006 | 16.59% | 82.45% | 0.16x | 1.26x | GBX11.00 Million |
| 2007 | 9.64% | 77.87% | 0.10x | 1.23x | GBX-649.70K |
| 2008 | -19.79% | 0.00% | -0.13x | 1.29x | GBX-43.16 Million |
| 2009 | 7.52% | 81.26% | 0.07x | 1.28x | GBX-3.73 Million |
| 2010 | 12.01% | 81.03% | 0.12x | 1.26x | GBX3.25 Million |
| 2011 | 4.95% | 67.70% | 0.06x | 1.20x | GBX-8.29 Million |
| 2012 | 13.58% | 98.20% | 0.12x | 1.18x | GBX6.54 Million |
| 2013 | 22.86% | 99.02% | 0.20x | 1.15x | GBX29.77 Million |
| 2014 | 10.59% | 98.10% | 0.09x | 1.14x | GBX1.47 Million |
| 2015 | 6.64% | 97.19% | 0.06x | 1.14x | GBX-8.71 Million |
| 2016 | 5.24% | 96.48% | 0.05x | 1.13x | GBX-12.62 Million |
| 2017 | 6.65% | 97.15% | 0.06x | 1.12x | GBX-9.22 Million |
| 2018 | -0.45% | 0.00% | 0.00x | 1.13x | GBX-27.82 Million |
| 2019 | 0.66% | 79.97% | 0.01x | 1.13x | GBX-24.06 Million |
| 2020 | -22.35% | 0.00% | -0.17x | 1.11x | GBX-61.57 Million |
| 2021 | 15.02% | 97.83% | 0.15x | 1.05x | GBX10.76 Million |
| 2022 | -54.41% | 0.00% | -0.48x | 1.12x | GBX-88.45 Million |
| 2023 | 6.53% | 92.93% | 0.06x | 1.11x | GBX-5.09 Million |
| 2024 | 1.88% | 74.31% | 0.02x | 1.11x | GBX-11.63 Million |
Industry Comparison
This section compares Keystone Positive Change Investment Trust plc's net assets metrics with peer companies in the Asset Management industry.
Industry Context
- Industry: Asset Management
- Average net assets among peers: $395,694,700
- Average return on equity (ROE) among peers: -81.73%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Keystone Positive Change Investment Trust plc (KPC) | GBX143.23 Million | 17.66% | 0.11x | $1.22 |
| 3I Infrastructure PLC (3IN) | $1.09 Billion | 8.57% | 0.18x | $396.99K |
| 450 PLC (450) | $1.30 Million | -791.13% | 5.03x | $1.71K |
| abrdn Asian Income Fund Limited (AAIF) | $431.48 Million | 11.10% | 0.09x | $315.37 |
| Abrdn Asia Focus PLC (AAS) | $464.40 Million | -2.37% | 0.15x | $434.78 |
| Albion Technology & General VCT PLC (AATG) | $34.46 Million | 4.41% | 0.01x | $78.71 |
| Aberdeen Diversified Income and Growth Trust PLC (ADIG) | $492.42 Million | 0.00% | 0.32x | $16.61 |
| Aquila Energy Efficiency Trust PLC (AEET) | $97.38 Million | -0.64% | 0.00x | $2.38K |
| Aquila European Renewables Income PLC (AERI) | $320.23 Million | -9.29% | 0.00x | $2.45K |
| Artemis UK Future Leaders plc (AFL) | $84.35 Million | -40.52% | 0.02x | $401.26 |
| AVI Global Trust PLC (AGT) | $938.94 Million | 2.59% | 0.12x | $2.83 Million |