Investment highlights

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Woodford Patient Capital Trust plc

Home > Funds > Woodford Patient Capital Trust plc > Investment highlights

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

Neil Woodford on what patient capital means to him

An outstanding investment team

  • 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
  • A proven investment approach that has consistently delivered outstanding long-term returns for investors
  • Supported by a dedicated and experienced specialist team who share his passion and conviction, and are aligned to the same goal of exceptional long-term performance

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

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 40 Dukes Place, London EC3A 7NH.

The Woodford Funds (Ireland) ICAV (the “Fund”) has appointed as Swiss Representative Oligo Swiss Fund Services SA, Av. Villamont 17, 1005 Lausanne, Switzerland, Tel: +41 21 311 17 77, email: info@oligofunds.ch. 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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