Important Information

We want to make investing with us simple and straightforward for all of our clients.

Please select your investor type from the options below.

Alternatively you can register or log in to an existing account.

Please note that by making your selection here you are agreeing to the Woodford Investment Management Ltd Privacy Statement and to our Terms and Conditions.

Woodford Patient Capital Trust plc

In accordance with our principles of simplicity and transparency, we offer an innovative fee structure that we believe is a first in our industry. It aligns fund manager and investor and reflects the conviction that we have in this uniquely attractive investment opportunity.

Woodford Investment Management will not receive a fee for managing this investment trust, however we will charge a performance fee if we deliver a cumulative annual net asset value (NAV) return in excess of 10%. The ongoing charges cover the general administrative costs associated with running the trust.

We are also committed to greater transparency on the total cost of investing, with all transaction costs now disclosed monthly on our website to help investors better understand the total, true cost of investing.

Ongoing charges 0.30%
Performance fee 15% of any excess NAV returns over a 10% cumulative hurdle rate per annum, subject to a high watermark
Woodford Patient Capital Trust plc over 1 year to 31 July 2019
Trust performance, net of all costs and charges -10.15%
Base investment £10,000
Amount at end of period £8,985
What your investment would have been worth if there were no fees £9,026
Breakdown of costs Amount per annum of NAV Amount on base investment
Ongoing charges figure 0.30% £30
Research costs 0.00% £0
Execution costs 0.11% £11
Transaction taxes 0.00% £0
Total cost of investing 0.41% £41

Source: Woodford, with costs calculated against average fund size.

Execution costs (e.g. broker commission), transaction taxes (e.g. stamp duty reserve tax) and spread figures are net of dilution adjustment.

Spread cost represents the cost of trade execution from the point of entry of a trade order to the final execution. Spread costs have been estimated using historic portfolio holdings. Consequently, they may differ from the actual spread costs of the fund which are affected by trading frequency and the stocks traded.

Please note, the data above has been defined and isolated in an effort to help you understand transactions costs which are not particularly visible to end investors. We have been reporting data in this format since 2016. The data is not calculated using the recently introduced Packaged Retail and Insurance-based Investment Products Regulation (PRIIPs) methodology, therefore cannot be used for PRIIPS or Market in Financial Instruments Directive II (MiFID) disclosures or reporting. Please request the European MiFID Template (EMT) or European PRIIPs Template (EPT) for full fee disclosure using the appropriate methodology here.

In line with the regulatory requirements outlined by MiFID II, Woodford is required to provide an annual review of the quality of our execution, along with details of the main execution venues utilised. Please find our 2017 report here.

Standardised performance (%)
to 30/06/15
to 30/06/16
to 30/06/17
to 30/06/18
to 30/06/19
Net asset value - -14.36 15.21 -8.52 -10.40
Ordinary share price - -25.90 15.81 -14.78 -32.53

Past performance cannot be relied upon as a guide to future performance.
Source: Financial Express on a total return basis, with net income reinvested.

Performance data source: Financial Express on a total return basis, with net income reinvested.

Past performance cannot be relied upon as a guide to future performance.

Performance fee calculation

Woodford Investment Management will receive a performance fee equal to 15% of any excess returns over a 10% hurdle rate per annum, subject to a high watermark. The performance fee will be calculated on the following basis:


PF is the performance fee
A is the adjusted NAV per share
B is the higher of
(i) the high watermark NAV per share
(ii) the hurdle
C is the time weighted average number of shares in issue

If A−B is a negative number, it shall be taken to equal zero.

The performance fee will be paid in newly-issued shares save for an amount payable in cash to contribute towards associated tax liabilities1.

How the performance fee works

The video below illustrates how the performance fee mechanics work. For simplicity’s sake, we have assumed that no dividends have been paid, so capital return always equals total return.

Please note: This is not a guide to performance. All numbers are for illustrative purposes only.


  1. 80% of any performance fee will be satisfied by the issue of new shares with the remaining 20% paid in cash to contribute towards any tax liability of the manager by reason of payment of the performance fee.

What are the risks?

  • Long-term outcomes are more binary – extremely attractive rewards for success but some businesses will inevitably fail to fulfil their potential and this may expose investors to the risk of capital losses
  • As it can take years for young businesses to fulfil their potential, this investment requires patience
  • The value of the trust as well as any income it pays will fluctuate which may partly be the result of exchange rate changes
  • The price of shares in the trust is determined by market supply and demand, and this may be different to the net asset value of the trust. This means the price may be volatile in response to changes in demand
  • The trust may invest in overseas securities and be exposed to currencies other than pound sterling – as a result, exchange rate movements may cause the sterling value of investments to decrease or increase
  • The trust may invest in unquoted securities, which may be less liquid and more difficult to value, because they are generally not publicly traded – the lack of an open market may also make it more difficult to establish fair value
  • Young businesses have a different risk profile to mature blue-chip companies – risks are much more stock-specific, which implies a lower correlation with equity markets and the wider economy

Important information

We do not give investment advice so you need to decide if an investment is suitable for you. If you are unsure whether to invest, you should contact a financial adviser. The trust currently intends to conduct its affairs so that its securities can be recommended by IFAs to ordinary retail investors in accordance with the FCA’s rules in relation to non-mainstream investment products and intends to continue to do so for the foreseeable future. The securities are excluded from the FCA’s restrictions which apply to non-mainstream investment products because they are shares in an investment trust.

Woodford Investment Management Ltd is authorised and regulated by the Financial Conduct Authority (firm reference number 745433). Incorporated in England and Wales, company number 10118169. Registered address 9400 Garsington Road, Oxford OX4 2HN.

Woodford Patient Capital Trust plc is incorporated in England and Wales, company number 09405653. Registered as an investment company under section 833 of the Companies Act 2006. Registered address Beaufort House, 51 New North Road, Exeter, EX4 4EP.

© 2019 Woodford Investment Management Ltd.
All rights reserved.

Are you sure?

By disagreeing you will no longer have access to our site and will be logged out.

Privacy Preference Center

Experience Tracking

Lets our analytics service track you across our different websites and enables data sharing among our different marketing tools.

AMCV_[Tracker ID]@AdobeOrg (Adobe), [Tracker ID]@AdobeOrg (Adobe)
Adobe Analytics (helps us provide you with more relevant experiences and content based on your likely interests). Cookies: demdex, dextp, dpm, DST, DSTJS
Twitter personalisation (by better understanding how devices are related, Twitter can use information from one device to help personalize the Twitter experience on another device). Cookies: personalization_id
Heap Analytics (provides metrics on user behaviour and actions throughout the site). Cookies: _gid, _hp2_id.[Tracker ID],_hp2_props.[Tracker ID], _ga, _mkto_trk, optimizelyBuckets, optimizelyEndUserId, optimizelySegments, raygun4js-userid, _attribution_referrer, _csrf
Adobe Analytics (provides you with more relevant experiences and marketing messages based on your likely interests). Cookies: _tmae ,ev_sync_dd,ev_sync_yh,everest_g_v2,gglck

Traffic Metrics

Allows Woodford to aggregate information on website usage and popular content

_ga, _gid
Google Analytics (tracks and reports website traffic and user behaviour): Cookie: CONSENT
New Relic (application and server performance monitoring – allows us to spot problems with our website code and improve them to keep things running smoothly). Cookie: JSESSIONID
Adobe Analytics (provides you with more relevant experiences and marketing messages based on your likely interests). Cookies: __qca,__smToken, _ga, _mkto_trk, _rtbmedia

Search History

Populates the 'recent searches' section of the website navigation.


Close your account?

Your account will be closed and all data will be permanently deleted and cannot be recovered. Are you sure?