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In the press

Seneca tops up Woodford Patient Capital holding on sell-off

Biotech trusts top performance charts in February

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 trust takes 15% of any annual NAV return over a 10% hurdle rate. To date, though, that performance fee has not been met, so investors have paid nothing to the manager. The NAV, which stands at 89p today, would need to exceed 140p by the end of 2019 in order to trigger a payment.

“From our perspective, would we object to some sort of annual fee going forwards and some sort of performance fee based on realisations? It would seem sensible,” continued Parfect.

“[Investors have] had four years of free work and, given where it is now and the potential outcomes that we can see in some of the names, and our keenness to ensure that the trust is around for the long term, that would seem a reasonable thing to happen.”

It is unlikely, though. James Carthew, analyst at Quoted Data, noted that “shareholders might be upset enough to intervene” if it was proposed.

He added:”… read more here

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