Overview
Schroder UK Public Private Trust (formerly Woodford Patient Capital Trust : WPCT) aims to achieve long-term capital growth through investing in a portfolio consisting predominantly of UK Companies, both quoted and unquoted. The company will aim to deliver a return in excess of 10% p.a. over the longer term.
Initially, the fund was distinguished by being the largest new issue of an investment trust at the time of launch and by having an unusual fee structure whereby the manager would only receive performance fees and no basic management fee. Later, the trust became embroiled in the collapse of Woodford Investment Management. Schroders were appointed managers on 13 December 2019. Under Schroders, the management fee is 1.0% a year on market capitalisation up to £600m and 0.8% above that. There is a performance fee too but this doesn’t kick in until the ed of 2022.
You can access the fund’s website here.
Fundamentals
Price
Research History
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15 Oct 2020 3 min read
QuotedData’s Growth Strategies Conference – playback
On the 14th October 2020 we hosted our Growth Strategies Conference webinar. The event showcased 4 investment trust managers investing across a range of investment themes with an overriding focus on growth. We would like to thank all our speakers and our attendees for joining us. Click below to watch the individual managers’ presentations – […]
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14 Jul 2020 13 min read
QuotedData’s Investment Companies Quarterly Review – Second Quarter 2020
Investment Companies Quarterly Roundup Kindly sponsored by Baillie Gifford and Aberdeen Standard Investments Table of contents In this issue Performance data Positive movers Negative movers Discounts and premiums Getting more expensive Getting cheaper Money in and out Money in Money out Major news stories Upcoming Events New research Guide The legal bit When the going gets […]
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07 Jul 2020 10 min read
QuotedData’s Investment Companies Roundup – July 2020
Investment Companies Roundup Kindly sponsored by Baillie Gifford and Aberdeen Standard Investments Table of contents New research Performance data Discounts and premiums Money in and out Major news stories Income Events Guide Appendix – Performance by sector full list New research Here is a list of research we published over June: CQS New City High Yield – […]
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07 Feb 2020 9 min read
QuotedData’s Investment Companies Roundup – February 2020
Investment Companies Roundup Kindly sponsored by Baillie Gifford Table of contents New research In this issue Performance data Discounts and premiums Money in and out Major news stories Income Events Guide New research Here is a list of research we published over January: An annual overview note on Shires Income (SHRS) “Shires Income (SHRS) will […]
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24 Jan 2020 28 min read
QuotedData’s Investment Companies Annual Review – 2019
In this issue The sector at the end of 2019 Performance data Performance by sector and fund Money in and out of the sector Money in and out of existing funds Money coming into existing funds Money going out of existing funds Liquidations, de-listings and trading cancellations Significant rating changes Major news stories Outlook for […]
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10 Jan 2020 7 min read
QuotedData’s investment companies roundup – January 2020
Investment Companies Roundup Kindly sponsored by Baillie Gifford Table of contents New research In this issue Performance data Discounts and premiums Money in and out Income Events New research Here is a list of research we published over December: An update note on BlackRock Throgmorton (THRG) “BlackRock Throgmorton continues to lead its peer group in […]
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06 Dec 2019 8 min read
QuotedData’s investment companies roundup – December 2019
Investment Companies Roundup Kindly sponsored by Baillie Gifford Table of contents New research In this issue Performance data Discounts and premiums Money in and out Income Events New research Here is a list of research we published over November: An initiation note on Henderson High Income “We have initiated coverage on Henderson High Income (HHI). Since […]
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12 Nov 2019 7 min read
QuotedData’s investment companies roundup – November 2019
Investment Companies Roundup Kindly sponsored by Baillie Gifford New research Over October, we published notes on Pacific Horizon, Seneca Global Income & Growth, Premier Global Infrastructure, Polar Capital Global Financials, Ecofin Global Utilities and Infrastructure, Aberdeen Standard European Logistics Income and Herald. Additionally, as part of our enhanced coverage of the property sector, we launched […]
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15 Oct 2019 10 min read
Investment companies quarterly roundup – Third quarter 2019
Investment Companies Quarterly Roundup Kindly sponsored by Baillie Gifford New research Over the third quarter, we published notes on India Capital Growth, Jupiter Emerging & Frontier Income, Montanaro European Smaller Companies, JLEN Environmental Assets, Civitas Social Housing, JPMorgan Russian Securities, International Biotechnology Trust, Aberdeen Emerging Markets, Seneca Global Income & Growth, Standard Life Investments Property Income […]
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07 Oct 2019 7 min read
QuotedData’s investment companies roundup – October 2019
Investment Companies Roundup Kindly sponsored by Baillie Gifford New research Over September, we published notes on India Capital Growth, Jupiter Emerging & Frontier, International Biotechnology Trust, JPMorgan Russian Securities, Civitas Social Housing, Montanaro European Smaller Companies and JLEN Environmental Assets. We also launched a monthly real estate roundup, beginning with reviews of August and September. In […]
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8 min read
QuotedData’s economic roundup – October 2019
Economic & Political Roundup Kindly sponsored by Polar Capital and Allianz A collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you […]
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11 Sep 2019 4 min read
QuotedData’s investment companies roundup – September 2019
Investment Companies Roundup Kindly sponsored by Baillie Gifford New research Over August, we published notes on Aberdeen Emerging Markets and JLEN Environmental Assets . You can read all these notes by clicking on the links above or by visiting www.quoteddata.com. In this issue Performance data – appetite for risk was generally down in August, as […]
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07 Aug 2019 4 min read
QuotedData’s investment companies roundup – August 2019
Investment Companies Roundup New research Over July, we published notes on CQS New City High Yield, BlackRock Throgmorton, Strategic Equity Capital, Seneca Global Income & Growth, CG Asset Management, Standard Life Investments Property Income and Aberdeen New Dawn. You can read all these notes by clicking on the links above or by visiting www.quoteddata.com. In this issue Performance data – appetite […]
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12 Jul 2019 9 min read
Quarterly investment companies roundup – Second quarter 2019
Quarterly investment companies roundup – Second quarter 2019 QuotedData news Global equities re-found momentum in June after a cautious April and May. How much longer this ten-year bull market can sustain itself continues to be the subject of much debate. The prospect of interest rate cuts in the US has re-invigorated sentiment for the time […]
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05 Jul 2019 4 min read
QuotedData’s investment companies roundup – July 2019
Investment Companies Roundup New research Over June, we published notes on CQS Natural Resources Growth and Income, Standard Life Private Equity and Shires Income. You can read all these notes by clicking on the links above or by visiting www.quoteddata.com. In this issue Performance data – there was a greater appetite for risk in June as […]
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07 Jun 2019 4 min read
QuotedData’s investment companies roundup – June 2019
Investment Companies Roundup New research Over May, we published notes on Shires Income, Standard Life Private Equity and The North American Income Trust. You can read all these notes by clicking on the links above or by visiting www.quoteddata.com. In this issue Performance data – it was notable that risk appetite was down in May as renewed […]
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16 Oct 2018 2 min read
Quarterly Investment Companies Roundup – Third Quarter 2018
Quarterly Investment Companies Roundup – Third Quarter 2018 Global equities delivered positive returns over the third quarter of 2018. This was principally because of strength in the US market. Political uncertainty and concerns about global trade held back other regions. Generally, government bond yields rose over the quarter. The UK equity market fell as the Bank of […]
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12 Oct 2018 1 min read
QuotedData’s investment companies roundup – October 2018
QuotedData’s investment companies roundup – October 2018 is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of August 2018. Kindly sponsored by Baillie Gifford. Money raised and returned in September Trian Investors 1 is a new fund that will adopt […]
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14 Sep 2018 1 min read
QuotedData’s investment companies roundup – September 2018
QuotedData’s investment companies roundup – September 2018 is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of August 2018. Kindly sponsored by Baillie Gifford. Money raised and returned in August GRIT Real Estate Income floated on the UK Stock Exchange in […]
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11 Jul 2018 1 min read
QuotedData’s investment companies roundup – July 2018
QuotedData’s investment companies roundup – July 2018 is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of June 2018. Kindly sponsored by Baillie Gifford. July Investment Companies Roundup Money raised and returned in June Newcomer to the market, Yew Grove […]
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11 May 2018 1 min read
QuotedData’s investment companies roundup – May 2018
QuotedData investment companies roundup – May 2018 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of April 2018. Kindly sponsored by Baillie Gifford. India Capital Growth has experience a rebound in performance in the past month, as […]
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18 Apr 2018 1 min read
QuotedData’s investment companies roundup – April 2018
QuotedData investment companies roundup – April 2018 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of March 2018. Kindly sponsored by Baillie Gifford. Stock markets have suffered their first meaningful fall for nearly two years. At the quarter end, […]
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13 Mar 2018 2 min read
QuotedData’s investment companies roundup – March 2018
QuotedData investment companies roundup – March 2018 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of February 2018. Kindly sponsored by Baillie Gifford. Equity markets continued to run up in early February, supported by strong corporate earnings […]
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10 Jan 2018 2 min read
QuotedData investment companies roundup – January 2018
QuotedData investment companies roundup – January 2018 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of December 2017. Kindly sponsored by Baillie Gifford. January Investment Companies Roundup Winners and losers in December Infrastructure India’s share price […]
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11 Dec 2017 2 min read
QuotedData investment companies roundup – December 2017
QuotedData investment companies roundup – December 2017 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of November 2017. Kindly sponsored by Baillie Gifford. December Investment Companies Roundup Money raised and returned in November There were no […]
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10 Nov 2017 2 min read
QuotedData investment companies roundup – November 2017
QuotedData investment companies roundup – November 2017 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of October 2017. Kindly sponsored by Baillie Gifford. November Investment Companies Roundup Globalworth Real Estate’s discount was eliminated after it announced […]
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14 Sep 2017 2 min read
QuotedData investment companies roundup – September 2017
QuotedData investment companies roundup – September 2017 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of August 2017. Kindly sponsored by Baillie Gifford. September Investment Companies Roundup Winners and losers in August Ashmore Global’s […]
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08 Nov 2016 1 min read
QuotedData investment companies roundup – November 2016
Our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of October 2016. november-investment-companies-roundup-2
News
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27 Jan 2021 2 min read
QuotedData’s morning briefing 27 January 2021
In QuotedData’s morning briefing 27 January 2021 – Henderson Smaller Companies (HSL) delivered total NAV and share price returns of 20.6% and 27.7% over its six-months interim results period to 30 November 2020. HSL said that its NAV performance was 6.3% ahead of the average of our peers in the AIC UK smaller companies sector. 3i […]
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15 Jan 2021 2 min read
QuotedData’s weekly news show 15 January 2021
QuotedData’s weekly news show 15 January 2021 Thank you to everyone that listened in today, whether you watched the Zoom live, on Facebook or on Youtube. In this week’s show, James Carthew covered the week’s top stories: Schroder British Opportunities update Schroders UK Public Private update Executive order 13959 Gabelli Value Plus liquidation vote Watch […]
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14 Jan 2021 2 min read
QuotedData’s morning briefing 14 January 2021
In QuotedData’s morning briefing 14 January 2021: Polar Capital Global Financials has published a circular to convene a meeting on 1 February at which shareholders will be asked to approve the issue of up to 70,375,000 shares from treasury without pre-emption (first offering them to existing shareholders). The shares will be issued at a premium and […]
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11 Jan 2021 2 min read
Schroder UK Public Private gets uplift from Kymab deal
Schroder UK Public Private gets uplift from Kymab deal – Schroder UK Public Private Trust says that portfolio company Kymab, a clinical-stage biopharmaceutical company developing fully human monoclonal antibodies with a focus on immune-mediated diseases and immuno-oncology therapeutics, has announced its acquisition by Sanofi, a global biopharmaceutical company. Sanofi will acquire Kymab for an upfront payment […]
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08 Oct 2020 1 min read
QuotedData’s morning briefing 8 October 2020
In QuotedData’s morning briefing 8 October 2020: Schroder UK Public Private Trust (formerly Woodford Patient Capital) acknowledges the potential uplift to its NAV to come from the merger of Seedrs and Crowdcube. Like Augmentum, Schroder UK Public Private is an investor in Seedrs. Hg Capital Trust has secured a £200m multicurrency revolving credit facility. this boosts available […]
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30 Sep 2020 3 min read
QuotedData’s morning briefing 30 September 2020
In QuotedData’s morning briefing 30 September 2020: The growth capital sector company, Schroder UK Public Private (SUPP), released interim results to 30 June 2020. The NAV declined by 8.1% (the decline since 1 April has been 1.5%). The following is an extract from the accompanying manager’s report: “Over this reporting period, the impact of the […]
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21 May 2020 1 min read
QuotedData’s morning briefing 21 May 2020
In QuotedData’s morning briefing 21 May 2020, as the UK government issues three-year debt with a negative yield: Electra NAV dives to 373p from 548p, hit by fall in value of Hotter Shoes and TGI Fridays. Hotter Shoes is looking to “right size the retail estate” – shut shops – once the lockdown eases. TGI Fridays […]
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01 May 2020 9 min read
A disappointing year for Schroder UK Public Private Trust
Schroder UK Public Private Trust (SUPP – formerly Woodford Patient Capital Trust) has announced its annual results for the year ended 31 December 2019. It was a year of major change for the trust and one that its chairman, Susan Searle, describes as disappointing – its net asset value fell 49.3%, from 97.61p to 49.46p, […]
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2 min read
QuotedData’s morning briefing 1 May 2020
So far, it’s been a very quiet day for news. Princess Private Equity has provided a covid-19 update. The key takeaway is that, given current uncertainty, it is cutting its dividend by half for FY2020 to €0.29 per share (FY2019: €0.58 per share). Intu has appointed David Hargrave, as “chief restructuring officer”. He will also […]
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10 Jan 2020 3 min read
Biotech Growth tops bio-trust league with 47% NAV rise – updated
Biotech Growth tops bio-trust league with 47% NAV rise – Orbimed-managed Biotech Growth Trust (BIOG) recorded the rise 47% rise in NAV in 2019, representing the best performance of the 14 specialist biotech/pharma closed end investment vehicles monitored by Marten & Co. Biotech Growth’s rise in NAV was more than double that of the benchmark […]
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13 Dec 2019 1 min read
QuotedData’s other news 13 December 2019
In QuotedData’s other news 13 December 2019 – Oryx International Growth (OIG) delivered NAV total returns of 9% over its interim period to 30 September 2019. During the same period, OIG said the relevant smaller companies’ index reported a decline of approximately 7%. The board of Schroder UK Public Private Trust, previously Woodford Patient Capital […]
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04 Nov 2019 1 min read
Woodford Patient Capital slashes Industrial Heat value
Woodford Patient Capital slashes Industrial Heat value – The board of Woodford Patient Capital has been notified by Link Fund Solutions, that it intends to amend the valuations of two of the company’s holdings. The first is a downward revaluation to IH Holdings International Limited (Industrial Heat) reflecting a delay in operational progress, in respect of […]
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16 Oct 2019 2 min read
Woodford Investment Management to close
Woodford Investment Management to close – The board of Woodford Patient Capital Trust (WPCT) announced last night that, in light of recent events, Woodford Investment Management Limited (WIM) had served notice of termination in relation to its role as manager. During its three-month notice period, the board said WIM has committed to work collaboratively throughout the […]
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15 Oct 2019 1 min read
Neil Woodford no longer manager of Woodford Equity Income
Neil Woodford no longer manager of Woodford Equity Income: Woodford Patient Capital (WPCT) released the following statement: “The board of WPCT notes the statement by Link Fund Solutions Limited, the Authorised Corporate Director of the LF Woodford Equity Income Fund (WEIF), that: (i) the decision has been taken by LFS not to re-open WEIF and instead […]
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30 Sep 2019 6 min read
Woodford Patient Capital reports interims
Woodford Patient Capital reports interims – Woodford Patient Capital has reported interim results to 30 June 2019. The company released the following: NAV of £654m as at 30 June 2019, following an interim review; Borrowings reduced to £111.1m as at 26 Sept 2019; Independent valuation review of the top 20 investments completed, following mandate from […]
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26 Sep 2019 1 min read
Woodford Patient Capital slashes NAV again
Woodford Patient Capital slashes NAV again – the board of Woodford Patient Capital Trust has been notified by Link Fund Solutions Limited, that it intends to reduce the valuations of three of the company’s holdings. These valuation adjustments reflect the challenging fundraising environment for these businesses which may impact their ability to or the level […]
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13 Sep 2019 2 min read
Woodford Patient Capital slashes NAV again
Woodford Patient Capital slashes NAV again – Woodford Patient Capital says it will cut its NAV once again. This time by 4p per share. Bizarrely, the announcement doesn’t tell investors why. The statement says – “Link Fund Solutions Limited (“Link”), through its Fair Value Pricing Committee, is responsible for the valuation of the portfolio of […]
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06 Sep 2019 1 min read
Woodford Patient Capital wins concessions from lender
Woodford Patient Capital wins concessions from lender – Woodford Patient Capital has a borrowing facility for up to GBP150 million (the “Facility”) and is permitted under its investment policy to borrow up to 20 per cent. of net asset value at the time of borrowing. Borrowings as at 4 September 2019 were GBP113.7 million. While the […]
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02 Sep 2019 2 min read
Jane Tufnell joins Woodford Patient Capital Trust’s board
Woodford Patient Capital Trust (WPCT) has announced the appointment of Jane Tufnell as an independent non-executive director with immediate effect. Jane will also become a member of the Audit, Risk and Valuation and Management Engagement Committees. Jane has considerable investment trust and fund management experience, including a number of board and non-executive roles. She has […]
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23 Aug 2019 1 min read
Woodford watch – Patient Capital writes down NAV
Woodford watch – Patient Capital writes down NAV – Link Fund Solutions Limited, through its Fair Value Pricing Committee, is responsible for the valuation of the portfolio of Woodford Patient Capital Trust. Link, with the support of an independent valuation firm (IHS Markit), values Patient Capital’s unquoted assets in accordance with the Financial Reporting Standard (FRS) […]
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31 Jul 2019 1 min read
QuotedData’s other news 31 July 2019
In QuotedData’s other news 31 July 2019: The multi-asset fund, Tetragon Financial Group (TFG) reported half-year results to 30 June 2019; total return NAV was up 14.3%. The company’;s allocation to TFG Asset Management (which owns Tetragon’s private equity investments in asset management companies) generated the largest gains in the portfolio during the period. We also […]
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30 Jul 2019 2 min read
More woes for Woodford? Benevolent AI and Industrial Heat delist from TISE
Woodford Funds has issued a statement that Benevolent AI and Industrial Heat have delisted from The International Stock Exchange (TISE). These are major holdings in both the Woodford LF Equity Income Fund (a UCITS fund) and Woodford Patient Capital Trust (WPCT – a UK investment trust). While WPCT, with its closed ended structure, may suffer from […]
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29 Jul 2019 2 min read
Woodford Patient Capital may fire Woodford
Woodford Patient Capital may fire Woodford – this morning the trust made the following announcement – “The Board of Woodford Patient Capital Trust plc (“WPCT” or the “Company”), as stated in the announcement on 28 June 2019, has been closely monitoring the situation at Woodford Investment Management Limited (the “Portfolio Manager”) and remains focused on […]
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22 Jul 2019 2 min read
Woodford Patient Capital reportedly puts £10m into Atom Bank
Woodford Patient Capital reportedly puts £10m into Atom Bank Atom Bank has announced this morning that it has raised £50m from a group of investors including Woodford Patient Capital. One website is saying that WPCT’s share was £10m. From Atom’s news page: “Atom bank, the UK’s first bank built exclusively for mobile and the UK’s […]
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12 Jul 2019 2 min read
Woodford watch – Proton again
Woodford watch – Proton again – Last Friday we wrote a short piece on Woodford Patient Capital’s largest investment, Proton Partners International. When we were researching this, one thing popped up that looked odd to us. Proton’s admission document said that Woodford got a £1m commission for entering into the commitment (in the form of […]
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10 Jul 2019 1 min read
Woodford Watch – Benevolent AI
Woodford Watch – Benevolent AI Over the last couple of days, following an article in the Sunday Times (behind a paywall so we haven’t linked to it), the talk has been of a fundraise for Benevolent AI at a substantial discount to the valuation that Woodford Patient Capital (WPCT) is holding it in its NAV. […]
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05 Jul 2019 3 min read
Woodford Watch – Proton Partners
Woodford Watch – Proton Partners This morning the talk on Woodford Patient Capital seems to be centred around Proton Partners. This was quite a significant holding (7.8% of gross asset value) within Woodford Patient Capital when it last disclosed its list of holdings. Now it looks as though it may be its largest investment. Proton […]
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28 Jun 2019 6 min read
Woodford board wakes up
Woodford board wakes up – After weeks of virtual radio silence, the Woodford Patient Capital board has started to make some concrete plans for the future, although along the way it has lost one of its directors. On gearing WPCT has a borrowing facility for up to £150 million and on 26 June 2019, approximately £126.0 […]
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10 Jun 2019 3 min read
Woodford Patient Capital board statement
Woodford Patient Capital board statement – the board of Woodford Patient Capital has released a statement this morning. Here it is: The board of Woodford Patient Capital Trust plc (the “Company”) notes the recent developments at Woodford Investment Management Ltd. Following the events relating to LF Woodford Equity Income Fund (“WEIF”), the board also notes […]
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04 Jun 2019 2 min read
Woodford EI suspension places WPCT in spotlight
Woodford EI suspension places WPCT in spotlight The suspension of dealing in Neil Woodford’s open-ended Equity Income Fund – in the face of a wave of redemptions by instututions – has had a knock on effect on the fund manager’s listed entity Woodford Patient Capital, despite the investment trust being ostensibly unaffected by the move. […]
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3 min read
Woodford: implications for Patient Capital
Woodford: implications for Patient Capital Dealing has been suspended on LF Woodford Equity Income, the £3.7bn open-ended flagship fund managed by Neil Woodford. It seems likely that a substantial proportion of that fund will be redeemed and it may be closed. Woodfod Patient Capital holds many investments in common with the open ended fund. If […]
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05 Apr 2019 3 min read
Woodford Patient Capital discount widens despite NAV growth
Woodford Patient Capital discount widens despite NAV growth – Woodford Patient Capital, which mainly invests in early-stage unquoteds, delivered an NAV return of 6.9% in 2018, with several of its more mature holdings potentially being able to seek a listing. The shares performed less well as the discount increased by 8.4% to 15.9% at year-end. […]
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02 Apr 2019 3 min read
Syncona/Woodford investment Autolus reports positive data
Syncona/Woodford investment Autolus reports positive data – Claire Roddie MB, PhD, FRCPath, honorary senior lecturer, Cancer Institute, University College London, has presented initial data from the ongoing Phase 1/2 trial of AUTO1 in adult acute lymphoblastic B cell leukemia (ALL). the presentation was made at the American Association of Cancer Research Annual Meeting 2019 in Atlanta, […]
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19 Nov 2018 3 min read
Woodford Patient Capital updates on three investments
Woodford Patient Capital updates on three investments – has released some news on Immunocore, Mission Therapeutics and Spin Memory. Immunocore Immunocore has entered into a new partnership with Genentech, part of the Roche Group, to expand an existing discovery collaboration. As part of the agreement, Genentech will pay Immunocore $100 million in upfront and near-term […]
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21 Sep 2018 2 min read
Woodford Patient Capital writes up value of Industrial Heat
Woodford Patient Capital writes up value of Industrial Heat – Woodford Patient Capital has added 8p to its NAV by writing up the value of Industrial Heat by 357%. This is now valued at $112.9m, which represents an increase of 8.02p per share of WPCT compared to the NAV published on Thursday 20 September 2018, […]
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10 Sep 2018 2 min read
Crystal Amber reports on a good year
Crystal Amber reports on a good year – The activist fund, Crystal Amber (CRS) has delivered its full annual report for the year ending 30 June 2018. Positive performance The NAV per share rose by 19.7% over the reporting period. NAV total return for the year was 22.8%. This compares well when compared with the performance of the reference benchmark, the Numis […]
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30 Aug 2018 2 min read
IP Group-backed Genomics raises £25m in a Series B
IP Group-backed Genomics raises £25m in a Series B Genomics plc, a University of Oxford spin-out backed by UK-based healthcare/tech VC investor IP Group (LSE: IPO), has closed a £25.0m Series B financing round led by the major US biotech, Vertex Pharmaceuticals. Woodford Investment Management – manager of the Woodford Patient Capital Trust (WPCT) – Invesco Perpetual, Oxford […]
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22 Aug 2018 2 min read
WPCT takes profits on Autolus post IPO share price rise
WPCT takes profits on Autolus post IPO share price rise Woodford Patient Capital Trust (WPCT) appears to have taken some profits on its investment in the high-flying second generation CAR-T therapy company, Autolus Therapeutics, through a partial sale of its recently-boosted stake, according to an analysis of trust’s shareholdings in July reported this morning. This is […]
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21 Aug 2018 2 min read
WPCT-backed Immunocore enters Phase I with lead GSK project
WPCT-backed Immunocore enters Phase I with lead GSK project Woodford Patient Capital Trust (WPCT)-backed Immunocore has started a Phase I study of IMCnyeso, the lead engineered T cell product under its collaboration with GlaxoSmithKline (GSK), for a range of cancers. The 63-patient Phase I/II study will assess ImmTAC in patients with non-small cell lung cancer (NSCLC), […]
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16 Aug 2018 2 min read
WPCT avoids losses on Woodford backed Abzena
WPCT avoids losses on Woodford-backed Abzena Woodford Investment Management will have to take a second painful hit on one of its major biotech investments in less than a week, after the UK-based drug discovery services company Abzena agreed to a low-ball private equity takeout today after seeing a sustained share price decline. This deal follows the […]
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14 Aug 2018 2 min read
WPCT set to record £33m gain on Sensyne Health
WPCT set to record £33m gain on Sensyne Health IPO Woodford Patient Capital Trust (WPCT) looks set to record a £33m gain and a 45x return on its original shareholding in the UK healthcare AI firm Sensyne Health, as a result of the company’s IPO on the London stock exchange. Sensyne, which was founded and […]
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10 Aug 2018 1 min read
Woodford finally closes chapter on failed Vernalis investment
Woodford finally closes chapter on failed Vernalis investment Neil Woodford’s eponymous Patient Capital Trust (WPCT) will have to look forward to receiving just £1.8m for the 30.6m shareholding – acquired in 2015 for £18.5m – in Vernalis, the UK biotech whose failed endeavour to break into the US cough/cold market led to it being put up […]
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07 Aug 2018 2 min read
Investment Trust Insider on Syncona
Investment Trust Insider on Syncona James Carthew: the problem with Syncona’s big premium Regular readers of this column will have realised that I often have as much of a problem with investment trusts trading on very high premiums as I do with trusts trading on very wide discounts. I explained a couple of weeks ago […]
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03 Aug 2018 1 min read
Tekla Healthcare top specialist fund performer in July
Tekla Healthcare top specialist fund performer in July Tekla Healthcare Opportunities, a US closed end fund that invests largely in US large cap pharma and biotech, saw the best investment performance of the 14 specialist biotech specialist investors monitored by Marten & Co, in terms of its sterling-adjusted NAV performance for the month of July. Switzerland’s BB […]
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2 min read
Arix remains highly geared to Autolus value
Arix remains highly geared to Autolus value Arix Bioscience’s 8% investment in Autolus Therapeutics (Nasdaq: AUTL), the recently floated second-generation CAR-T company, now accounts for more than half of the value of its investments, some 25% of its NAV and almost 30% of its stockmarket value, according to calculations by Marten & Co. Arix is by far […]
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24 Jul 2018 1 min read
Autolus jumps to top of Woodford Patient Capital
Autolus jumps to top position in Woodford Patient Capital Trust Woodford Patient Capital Trust (WPCT)’s stake in Autolus, the UK second generation CAR-T therapy company, rose by six places to top position in the portfolio in June, according to WPCT’s latest factsheet. The rise reflects Autolus’ recent IPO, which was priced at a valuation considerably above […]
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05 Jul 2018 2 min read
Autolus IPO boosts WPCT to top of specialist trust league in June
Autolus IPO boosts WPCT to top of specialist trust league in June The Nasdaq float of Autolus, one its top ten investee companies, boosted Woodford Patient Capital Trust (WPCT) to top position in the performance league table of biotech/healthcare specialist investment trusts for the month of June, both in terms of price and NAV total return. […]
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25 Jun 2018 2 min read
Arix, Syncona and WPCT bank gains after Autolus “pops” on Nasdaq IPO
Arix, Syncona and WPCT bank gains after Autolus “pops” on Nasdaq IPO Arix Bioscience (ARIX), Syncona (SYNC) and Woodford Patient Capital Trust (WPCT) should be able to record some sizeable NAV gains this month, as previously highlighted in earlier Quoteddata.com articles, on the back of a revaluation to market value of their respective holdings in the common portfolio […]
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21 Jun 2018 2 min read
US biotech IPO market faces key test after record five pricings
US biotech IPO market faces key test after record five pricings The currently buoyant US market for biotech new issues faces a key test, after a record five companies priced Nasdaq offerings in a single day. The success of those listings in the immediate after-market is likely to be important gauge of the overall health […]
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20 Jun 2018 3 min read
WPCT still at bottom of bio specialist trust league in May
WPCT still at bottom of bio specialist trust league in May Neil Woodford’s eponymous Patient Capital Trust (WPCT) has once again ranked at the bottom of the performance league table of biotech/healthcare specialist investment trusts maintained by Marten & Co in the month of May, both in terms of price and NAV total return. This is […]
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14 Jun 2018 1 min read
Arix, Syncona and WPCT look set to reap gains on pending Autolus IPO
Arix, Syncona and WPCT look set to reap gains on pending Autolus Nasdaq IPO Three LSE-listed health/biotech venture capital investment firms – Arix Bioscience (ARIX), Syncona (SYNC) and Woodford Patient Capital Trust (WPCT) – should see a nice boost to their NAV if Autolus, the UK-based CAR-T cell company completes its proposed Nasdaq IPO. Autolus is a portfolio company for […]
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22 May 2018 2 min read
WPCT sees £43m drop in value of Prothena stake
WPCT sees £43m drop in value of Prothena stake value Woodford Patient Capital Trust (WPCT) lost £43m on its investment in Prothena last month, following the failure of the company’s NEOD001 for AL amyloidosis, according to an analysis of its portfolio by Marten & Co. Having for some time last year been WPCT’s largest investment, […]
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10 May 2018 2 min read
Prothena drags WPCT to bottom of performance league table in April
Prothena drags WPCT to bottom of performance league table in April The fall in the value of its large investment in Prothena on negative results from two late-stage trials last month had a predictable effect on Woodford Patient Capital (WPCT)’s performance among the biotech-specialist closed end funds this year, although its relative underperformance extends over […]
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23 Apr 2018 3 min read
Prothena blow-up leaves Woodford Patient Capital reeling
Prothena blow-up leaves Woodford Patient Capital reeling Neil Woodford’s controversial and high-profile investment in Prothena (NASDAQ:PRTA) and its development programme for AL Amyloidosis has failed, costing the Woodford Patient Capital Investment Trust (WPCT) an estimated £50m based on the average $40/share acquisition cost of its large shareholding. Prothena’s US-listed stock has fallen by 68% this […]
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20 Apr 2018 3 min read
WPCT investors nervously await key Prothena data readout
WPCT investors nervously await key Prothena data readout Investors in Woodford Patient Capital Trust (WPCT) should watch for a key data readout from US-listed but Ireland-based Prothena (NASDAQ:PRTA) expected anytime in the next few weeks, which could potentially add up to 5% to the value of the trust in event of a positive result but reduce […]
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03 Apr 2018 4 min read
WPCT gets surprise boost up trust leaguetable from Prothena deal
WPCT gets surprise boost up trust leaguetable from Prothena deal An unexpected recovery in Woodford Patient Capital Trust (WPCT)’s share price last month on the back of the collaboration signed between investee Prothena (NASDAQ:PRTA) and Celgene (NASDAQ:CELG), has made the struggling investment trust the surprise top performer among the sector specialist funds in March, albeit amid […]
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21 Mar 2018 3 min read
WPCT gets boost from Prothena-Celgene deal
WPCT gets boost from Prothena-Celgene deal Shares in Woodford Patient Capital Trust (WPCT) have risen by almost 10% this morning to 78p on news of a partnership announced after US markets closed last night between its largest investee company, Prothena (NASDAQ:PRTA) and Celgene (NASDAQ:CELG). The partnership will develop new therapies for neurodegenerative disease, including Alzheimer’s, and […]
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20 Mar 2018 3 min read
WPCT should see benefit from Oxford Nanopore fundraising
WPCT should see benefit on Oxford Nanopore fundraising Neil Woodford-managed Woodford Patient Capital Trust (WPCT) has finally generated something positive for its long suffering investors, with the fund likely to be able to take a roughly £8m fair value gain on its holding in Oxford Nanopore, following a new £100m fundraising by its UK-based investee […]
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06 Mar 2018 2 min read
UK Life science VC investors cheer planned IPO of Autolus
UK Life science VC investors cheer planned IPO of Autolus Three high-profile UK life science investors – Syncona (SYNC), Arix Bioscience (ARIX) and Woodford Patient Capital Trust (WPCT) – could benefit from the possible US IPO of the engineered T-cell therapy company, Autolus, following that company’s disclosure yesterday of a filing of a confidential draft F1 submission. All three investors hold […]
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02 Mar 2018 3 min read
Swiss trusts top performers among bio sector specialists in Feb
Swiss trusts top performers among bio sector specialists in Feb – Switzerland’s HBM Healthcare Investments (HBMN.S) and BB Biotech (BBB.S) were the best performing biotech/pharma specialist investment trusts in February and indeed were the only ones of the 13 monitored by Marten & Co to have recorded any increase in NAV (in sterling terms) in the month. However, […]
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22 Feb 2018 3 min read
WPCT sees small decline in Jan NAV but greater share price fall
WPCT sees small decline in Jan NAV but greater share price fall Struggling Neil Woodford-managed Woodford Patient Capital Trust (WPCT) reported a small, ~0.6% decline in NAV in January, but has since seen a larger 11% decline in share price this month as investors have become increasingly concerned about its poor long-term performance and outlook. The decline […]
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09 Feb 2018 3 min read
Swiss biotech trusts resilient after recent sell-off
Swiss biotech trusts resilient after recent sell-off – Swiss-listed biotech investment trusts, HBM Healthcare Investments (HBMN.S) and BB Biotech (BBB.S), have fared by far the best among all the sector specialist closed-end collective vehicles in the wake of the global market sell-off in recent days. All 13 trusts in the group monitored by Marten & Co have seen a fall […]
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23 Jan 2018 3 min read
HBM Healthcare tops biotech trust league in 2017
HBM Healthcare tops biotech trust league in 2017 Swiss-listed HBM Healthcare Investments (HBMN.S) can claim to have been the best performing biotech-specialist closed-end fund in 2017, according to an analysis by Marten & Co. The CHF1.1bn trust run by Swiss healthcare investment specialist HBM saw its share price rise from CHF99 to CHF134 last year […]
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22 Dec 2017 2 min read
Prothena drag on Woodford Patient Capital
Prothena drag on Woodford Patient Capital A 45% fall in the value of its large shareholding in Prothena since the end of the third quarter seems to have been the main factor behind a decline in the value of Woodford Patient Capital Trust (WPCT) over the same period, according to the trust’s latest monthly update. WPCT’s shares have […]
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18 Dec 2017 1 min read
Investment Trust Insider on Biotech
Investment Trust Insider on Biotech – inspired by the launch of our biotech news service on QuotedData, I wrote something for Citywire that looks at some of the exciting stories that have been published just in the last couple of weeks. James Carthew: biotech boom boosts generalist trusts This week I am returning to the […]
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2 min read
US analysts target Woodford Patient Capital investees
US analysts target key Woodford Patient Capital investees The Neil Woodford-managed biotech/tech investment trust, Woodford Patient Capital Trust (WPCT), is finding itself under increasing pressure, with analysts at two separate US firms calling into question its two largest investments, Prothena (15.6% of NAV at 30 September ) and Oxford Nanopore (8.9%). Ireland-based but Nasdaq-listed Prothena […]
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12 Dec 2017 1 min read
UK CAR-T firm Autolus provides update at ASH conference
UK CAR-T firm Autolus provides update at ASH conference Autolus, which is a closely-watched chimeric antigen receptor T-cell therapy firm backed by three of the UK’s most prominent biotech investors, obtained an important validation of its technology recently with the publication of data on its dual targeting technology at the American Society of Hematology (ASH) conference over […]
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12 Sep 2017 1 min read
Investment Trust Insider on The People’s Trust
The People’s Trust, Daniel Godfrey’s long-trailed investment trust, launched its initial public offer (IPO) on Friday. It is aiming to raise £125 million. The fund intends to produce ‘better returns for you and a better impact on society’. There won’t be a huge dividend, a yield of about 1.8% is forecast, and this may curb […]
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31 Jul 2017 4 min read
Better year for Growth pool in F&C Managed Portfolio
Better year for Growth pool in F&C Managed Portfolio – F&C Managed Portfolio has published results for the year ended 31 May 2017. The NAV total return (i.e. adding dividends paid to capital performance) was 24.5% for the Income shares and 26.4% for the Growth shares. This compares with the 24.5% total return for the All-Share […]
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21 Apr 2017 3 min read
More patience required for Woodford Patient Capital shareholders
Woodford Patient Capital says that 2016 was a challenging year, with its net asset value declining modestly from 97.37p to 93.24p. Meanwhile, the share price moved from a 3.7 per cent premium to net asset value at the end of 2015, to a slight discount of -2.4 per cent at the end of the period, […]
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15 Nov 2016 1 min read
Woodford investment trust gets Trump boost
The Woodford Patient Capital trust has enjoyed a 4 per cent boost to its NAV following the election of Donald Trump to the White House. The Woodford fund was among the top-10 investment trusts on the day after the US election, with many of the best performing being focussed on biotech. read more here
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14 Nov 2016 1 min read
Why Neil Woodford is celebrating a Trump victory
I don’t know whether fund management legend Neil Woodford was in favour of Trump or Clinton, or wished a plague on both their houses, and nor do I care (writes Harvey Jones of Motley Fool). However, Donald Trump’s shock victory has given Mr Woodford something to celebrate, by applying much-needed balm to his Achilles’ heel. read more […]
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08 Nov 2016 1 min read
Woodford trust falls into worst performers list in October
The £733m Woodford Patient Capital trust appeared in the top ten worst performing funds in NAV terms in October according to the latest research from investment company analysts QuotedData. The trust, ran by star manager Neil Woodford, was down 5.1% for the month, making it the fifth worst performing fund in NAV terms in the […]
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06 Oct 2016 1 min read
If it is good enough for Neil Woodford… peer-to-peer trusts can yield up to 10% – but are they worth the risk?
In today’s low interest rate world, investment trusts are struggling to match the income payouts they have maintained in recent years. Read more: http://www.thisismoney.co.uk/money/diyinvesting/article-3813416/Peer-peer-investment-trusts-offer-yields-10-worth-risk.html#ixzz4MJTrYHYS
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04 Aug 2016 6 min read
Woodford Patient Capital beefs up board after disappointing H1
Woodford Patient Capital says its portfolio declined in value by 10.8 per cent over the first half of 2016 and the company’s shares ended the period at a modest discount of 3.1 per cent. Two new non-executive directors have been brought onto the Board following consultation with shareholders. The new non-executive directors have specific investment trust experience. […]
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05 Jul 2016 1 min read
Crystal Amber asks for sale of Northgate
On 4 July 2016, it was disclosed that Crystal Amber Fund Limited had acquired a disclosable interest of 3 per cent of the issued share capital of Northgate. In September 2012, Crystal Amber invested in Northgate and following successful engagement, exited the position in April 2015. Since then, Northgate’s share price has fallen by approximately 50%. […]
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21 Jun 2016 1 min read
Woodford comments on Circassia
In its latest blog, Woodford Patient Capital has commented on the dramatic fall in the price of its largest investment, Circassia. You can read the blog in full here. “[Circassia] has this morning announced the failure of its high-profile phase III study into its cat allergy vaccine. This is undoubtedly a disappointing development. We had high […]
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22 Mar 2016 3 min read
Woodford Patient Capital suspends fund raising
Woodford Patient Capital has published its first set of results covering the period from incorporation through its launch in April last year and finishing on 31 December 2015. The net asset value of Woodford Patient Capital Trust ended the period at 97.38p per share (cum income), slightly below the issue price of 100p per share. […]
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13 Jan 2016 1 min read
Woodford Patient Capital is considering raising further capital
Woodford Patient Capital Trust, managed by Neil Woodford (pictured), has provided an update to investors which advises that the trust has now deployed the proceeds from its IPO (the trust listed on the LSE in April 2015 raising £800m) and that it has a substantial ongoing pipeline of investment opportunities. The company says that, with […]
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03 Dec 2015 1 min read
Woodford Patient Capital’s Purplebricks to list on AIM
Online estate agency, Purplebricks, has announced that it has conditionally raised £58.1m before expenses from an institutional placing for its upcoming float on AIM. The company, which is expected to list on 17 December, is expected to have an opening market capitalisation of £240.3m. Woodford Patient Capital Trust, managed by Neil Woodford (pictured) has an investment […]
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24 Nov 2015 3 min read
BACIT backed Woodford fund
BACIT Limited has announced interim results for the six months ended 30 September 2015. The return on net assets for the period was -3.28% which compares to -7.19% for the FTSE All-Share Index and -6.78% for the HFRI Fund of Funds Strategic Index. Looking at the portfolio: Equity Funds (24.9% at 30 September 2015 vs. […]
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11 Aug 2015 3 min read
Woodford Patient Capital unveils its portfolio
Woodford Patient Capital has published its first set of figures – interims covering the period from its launch until the end of June 2015. The net asset value at the end of the period was 101.86p and the share price 113.5p – putting it on a premium of 11.4%. The Board is planning to issue […]
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22 Jul 2015 1 min read
Discount trends, big names big prices
http://www.moneyobserver.com/news/21-07-2015/discount-trends-big-names-big-prices Investment trusts with big name managers saw their share prices soar over the second quarter as investors sought out the best active management.
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20 Jul 2015 1 min read
Investment trusts see largest ever new issue
QuotedData reports that the investment trust sector expanded by about GBP2.4 billion over the second quarter of 2015, taking in close to GBP2.9 billion and handing back just over GBP450 million. The firm comments that many of the funds raising money are not designed to throw off high levels of income, suggesting that investors are […]
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18 Jan 2021 2 min read
Investment trust insider on Schroder’s UK cheerleaders
Investment trust insider on Schroder’s UK cheerleaders – James Carthew: Schroders steers old Woodford trust towards British opportunity Schroder UK Public Private Trust (SUPP) may have turned a corner last week after a bid for one of the companies in its portfolio looks set to free up substantial cash for the beleaguered former Woodford Patient Capital […]
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16 Nov 2020 2 min read
Should more trusts follow Scottish Mortgage into unquoteds
Should more trusts follow Scottish Mortgage into unquoteds? Investors Chronicle, Investment Trusts, November 12 2020 By Mary McDougall Private equity investment trusts have existed for decades. And more recently a number of trusts that focus on listed companies have also started allocating more of their assets to unquoted companies… As increasing numbers of companies stay private for longer, particularly in the technology sector, being […]
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28 Sep 2020 2 min read
How three investment-trust revamps are faring
How three investment-trust revamps are faring by Jennifer Hill from interactive investor | 24th September 2020 10:01 Although it is early days, we have analysed how three investment-trust revamps are faring, and have asked analysts how optimistic they feel about the outlook. Schroder UK Public Private Trust When Neil Woodford launched Woodford Patient Capital in April 2015 to invest primarily in unquoted companies […]
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02 Dec 2019 2 min read
Illiquid assets in open and closed funds
Illiquid assets in open and closed funds – Avoid fund fractures with regular stress tests Hannah Smith, Money Observer, December 2019 Investors trapped in the beleaguered Woodford Equity Income fund were hoping that the shuttered fund might reopen in December and they could get their money back. But instead of a Christmas miracle, they’re getting a […]
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24 Oct 2019 1 min read
Trust experts welcome Schroder to WPCT
Trust experts welcome Schroders win of WPCT mandate – Questions remain unanswered Investment company analysts have welcomed the appointment of Schroders as investment manager of Woodford Patient Capital Trust (WPCT) but await further clarity on the experience of the team and how the existing portfolio will be managed to avoid the fire-sale of assets. ….Meanwhile James […]
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22 Oct 2019 2 min read
WPCT board slammed for failure to act independently
WPCT board slammed for ‘failure to act independently’ in ‘sorry Woodford saga’ David Brenchley, Investment Week, 21 October 2019 Shareholders should be given the chance to have a say on the future of the Woodford Patient Capital trust (WPCT) through a continuation vote, as the board was slammed for failing to act more independently of […]
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2 min read
Analysts consider fate of WPCT
Shareholders in Woodford Patient Capital trust (WPCT) should be prepared for their investment to suffer the same fate as those unitholders of the Woodford Equity Income fund (WEIF), according to analysts. David Brenchley, Investment Week, 15 October 2019 Link Fund Solutions announced on Tuesday (15 October) WEIF would be wound up, with the management of the […]
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01 Oct 2019 2 min read
Calls for Woodford to be dropped from Patient Capital
Axe Woodford now! Pressure mounting on board of Patient Capital to get rid of embattled manager Trust bosses under pressure to replace Woodford as crisis continues Woodford’s Patient Capital publishes its half-year results on Monday By JILL TREANOR FOR THE DAILY MAIL PUBLISHED: 21:50, 27 September 2019 | UPDATED: 09:53, 28 September 2019 Neil Woodford is facing fresh calls to […]
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2 min read
Woodford write down leaves investors asking questions
Woodford Patient Capital Trust shares slump again as it’s forced to write down the value of three holdings – but it won’t reveal which ones Link has cut the valuation of three unspecified WPCT holdings today WPCT’s shares fell over 7% earlier and are currently down over 3% Commentator says it’s ‘bizarre’ that WPCT will not […]
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13 Sep 2019 1 min read
QuotedData’s James Carthew comments on Woodford NAV slash
Woodford Patient Capital Trust (WPCT) suffered a second writedown in the valuation of one of its holdings in three weeks, it was announced on Thursday (12 September). In a note to the market, WPCT confirmed that Link Fund Solutions, its authorised corporate director which is charged with valuing the portfolio of unlisted stocks, had reduced […]
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30 Jul 2019 2 min read
Analysts criticise Woodford secret sale
Neil Woodford has been criticised by investment trust analysts for the late disclosure of the sale of a majority of his stake in Woodford Patient Capital Trust (WPCT), with a trio of brokers speculating the portfolio could be wound up. Charles Cade, analyst at Numis Securities, said he was “surprised that Neil Woodford needed to […]
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01 Jul 2019 2 min read
Is Woodford Patient Capital revamp enough to lure back buyers?
Is Woodford Patient Capital revamp enough to lure back buyers? …The board of WPCT moved to address the concerns of key shareholders on Friday (28 June) by announcing a raft of measures in response to the ongoing crisis at Woodford Investment Management. …Most welcomed these changes, but some believe a complete revamp is required. Ben […]
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25 Jun 2019 2 min read
Trust buyers split on Woodford Patient Capital
Trust buyers split on Woodford Patient Capital Trust buyers continuing to back Neil Woodford’s investment process are eyeing Woodford Patient Capital’s share price for an attractive entry point, following its severe decline in the aftermath of the gating of the firm’s Equity Income fund. However, critics have warned the share price may never recover from […]
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11 Jun 2019 1 min read
Seneca tops up Woodford Patient Capital holding on sell-off
QuotedData’s James Carthew was quoted in this article on Woodford Patient Capital ….”Currently, the trust only has an ongoing charge of 0.19%, which accounts for general administrative costs, and a performance fee. The fee structure was hailed as innovative at launch, and was seen as serving the interests of investors as well as managers. The […]