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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 0.26%
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 30 September 2019
Trust performance, net of all costs and charges -35.36%
Base investment £10,000
Amount at end of period £6,464
What your investment would have been worth if there were no fees £6,502
Breakdown of costs Amount per annum of NAV Amount on base investment
Ongoing charges figure 0.26% £26
Research costs 0.00% £0
Execution costs 0.12% £12
Transaction taxes 0.00% £0
Total cost of investing 0.38% £38

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 30/09/15
to 30/09/16
to 30/09/17
to 30/09/18
to 30/09/19
Net asset value - -1.14 5.02 0.29 -35.36
Ordinary share price - -11.14 2.20 -10.12 -47.61

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.

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: 27 Old Gloucester Street, London, WC1N 3AX.

© 2020 Woodford Investment Management Ltd.
All rights reserved.

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