Important Information

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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, unless 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 0.17%
Annual management fee None
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 December 2017
Trust performance, net of all costs and charges (NAV) -2.17%
Base investment £10,000
Amount at end of period £9,783
What your investment would have been worth if there were no fees £9,800
Breakdown of costs Amount per annum of NAV Amount on base investment
Ongoing charges figure 0.17% £17
Research costs 0.00% £0
Execution costs 0.00% £0
Transaction taxes 0.00% £0
Total cost of investing 0.17% £17

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

Standardised performance (%)
to 31/12/13
to 31/12/14
to 31/12/15
to 31/12/16
to 31/12/17
Net asset value - - - -3.53 -2.17
Ordinary share price - - - -9.90 -7.20

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?

  • 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
  • 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
  • The trust may invest in overseas securities and be exposed to currencies other than pound sterling
  • The trust may invest in unquoted securities, which may be less liquid and more difficult to realise than publicly traded securities

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.

The Woodford Funds (Ireland) ICAV (the “Fund”) has appointed as Swiss Representative Oligo Swiss Fund Services SA, Av. Villamont 17, 1005 Lausanne, Switzerland. The Fund’s Swiss paying agent is Neue Helvetische Bank AG. All fund documentation including, Prospectus, Key Investor Information Documents, Instrument of Incorporation and financial reports may be obtained free of charge from the Swiss Representative in Lausanne. The place of performance and jurisdiction for all shares distributed in or from Switzerland is at the registered office of the Swiss Representative. Fund prices can be found at www.fundinfo.com.

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