Woodford Patient Capital Trust

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Championing growth and supporting the best of British

Home > Funds > Woodford Patient Capital Trust plc

A uniquely attractive investment

  • Portfolio exposure to a mix of exciting, disruptive early-stage and early-growth companies, together with some of Woodford’s high conviction mid and large capitalisation ideas
  • Buying stakes in businesses with outstanding intellectual property and helping them fulfil their growth potential through the deployment of long-term patient capital
  • Aiming to identify the best, untapped growth opportunities and deliver exceptional long-term returns
  • An innovative fee structure, aligning manager and investor

The opportunity

  • Despite some of the best universities and finest intellectual property, the UK’s record of converting this into commercial success is poor
  • This is primarily due to a lack of appropriate capital investment – which creates a compelling investment opportunity
  • A long-term ‘patient capital’ approach can deliver extremely successful outcomes and help businesses fulfil their potential, while also helping to develop the UK’s ‘knowledge economy’ and support the much-needed economic rebalancing
  • Unrivalled and untapped growth opportunities offer potential for outstanding long-term returns

An investment team that shares a single goal

  • The fund is managed by Neil Woodford, widely regarded as one of the finest investors of his generation and with more than a decade’s experience of deploying long-term patient capital to young businesses
  • Neil is supported by a dedicated team that shares his approach and commitment to the goal of exceptional long-term performance for our clients
  • Three experienced fund managers work with Neil – each with a different skill set for depth of cross-market coverage
  • Three specialist analysts support the fund managers, providing them with valuable analysis and support on specific investment opportunities

Understanding early-stage risks

  • Young businesses have a very different risk profile to more mature companies – risks are much more stock-specific, which implies a lower correlation with equity markets in general and the wider economy
  • This may offer diversification benefits
  • It also means long-term outcomes are more binary – extremely attractive rewards for success but also risk of capital loss (as some businesses will inevitably fail to fulfil their potential)
  • We aim to mitigate this risk through rigorous analysis of the opportunity, an unwavering focus on valuation and diversification across a larger number of smaller positions

Who might the trust be suitable for?

  • A wide variety of UK adult investors able to invest a lump sum or make regular payments
  • Self-directed investors capable of evaluating the risks and merits of the trust (in particular the specific risks associated with investment in early-stage companies)
  • Advised investors with varied levels of interest, knowledge, confidence and experience
  • Looking for long-term (5 years+) investment growth
  • Not seeking regular income from this investment
  • Comfortable accepting that the value of investments in the trust can go down as well as up, that capital may be at risk and that performance varies over time (and share price is dependent on normal market forces of supply and demand rather than just the trust’s underlying NAV) and returns are not guaranteed

Who is this trust not suitable for?

  • Any investor who does not have sufficient resources to bear any loss resulting from the investment
  • Investors who are not prepared to take any risk with their money or put their capital at risk
  • Self-directed investors who are not able to evaluate the risks and merits of the fund
  • Any investor looking for guaranteed income or total return
  • Investors who are not prepared to accept short-term volatility as there will be periods when the fund falls in value

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