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Woodford Patient Capital Trust plc

As at 31 October 2017

Trust manager Neil Woodford
Trust name Woodford Patient Capital Trust plc
Investment manager Woodford Investment Management Ltd
Investment objective The Company's investment objective is to achieve long-term capital growth through investing in a diversified portfolio with a focus on UK companies, both quoted and unquoted. As these companies evolve, the geographical profile of the portfolio may also change to become more global in nature for reasons such as an overseas listing or as the result of changes to the capital value of a non-UK company.

The Company will aim to deliver a return in excess of 10 per cent per annum over the longer term1.

View investment policy
Independent board directors Susan Searle (Chair)
Scott Brown
Steven Harris
Dame Pamela Louise Makin
Alan Hodson
Carolan Dobson
Total assets (GBP) £808.4m

Latest trust update

Patient Capital Trust update, October 2017

Mitchell Fraser-Jones 17 November 2017 4 min read

In October, we continued to see meaningful operational progress across a number of holdings, with encouraging news coming from the likes of Idex, ReNeuron and Mereo BioPharma…

Read more

Performance

Source: Financial Express, Woodford

Performance summary
  1 month 3 months Year-to-date 1 year Since launch
(21/04/2015)
Net asset value -3.40 -6.92 3.74 6.18 -2.73
Ordinary share price -6.24 -14.20 -1.76 0.85 -10.60
Standardised performance (%)
  01/10/12
to 30/09/13
01/10/13
to 30/09/14
01/10/14
to 30/09/15
01/10/15
to 30/09/16
01/10/16
to 30/09/17
Net asset value - - - -1.14 5.02
Ordinary share price - - - -11.14 2.20

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

Portfolio analysis

Top 10 holdings
Name Industry Weight (%)
Prothena Health Care 15.63
Oxford Nanopore (unquoted) Health Care 8.94
Purplebricks Financials 8.01
Immunocore A (unquoted) Health Care 7.23
Benevolent AI (unquoted) Technology 6.04
Autolus (unquoted) Health Care 5.53
Mereo Biopharma Health Care 4.50
Proton Partners International (unquoted) Health Care 4.27
Theravance Biopharma Health Care 3.84
Oxford Sciences Innovation (unquoted) Financials 3.41
Total (of top 10)   67.40

View the full portfolio

Performance contribution

Source: Financial Express, Woodford, as at 30 September 2017

Sector allocation
Industry Weight (%)
Health Care 68.29
Financials 26.75
Technology 12.04
Industrials 6.55
Telecommunications 2.79
Consumer Goods 0.86
Basic Materials 0.29
Cash and near cash -17.57
Total 100.00
Geographical allocation
Country Fund (%)
United Kingdom 87.69
United States 23.74
Norway 2.58
Ireland 1.79
Switzerland 0.95
Luxembourg 0.82
Listing status
Listing Weight (%)
Quoted 49.35
Unquoted 68.22

Prices and fees

Month-end prices As at 31 October 2017
  Price (p)
Market share price 89.40p
Net asset value (Ex Income) 97.27p
Net asset value (Cum Income) 97.27p

View daily prices

Fees
Annual management fee None
Performance fee 15% of any excess returns over a 10% cumulative hurdle rate per annum, subject to a high watermark
Ongoing annual expenses 0.18%

Footnotes

  1. This is a target only, not a profit forecast, and there can be no assurance that it will be met.

What are the risks?

  • The value of the fund and any income from it may go down as well as up, so you may get back less than you invested
  • Past performance cannot be relied upon as a guide to future performance
  • The annual management charge is charged to capital, so the income of the fund may be higher but capital growth may be restricted or capital may be eroded
  • The fund may invest in other transferable securities, money market instruments, warrants, collective investment schemes and deposits
  • The fund may invest in overseas securities and be exposed to currencies other than pound sterling
  • The fund may invest in unquoted securities, which may be less liquid and more difficult to realise than publicly traded securities

Important information

Before investing, you should read the Key Investor Information Document (KIID) for the fund, and the Prospectus which, along with our terms and conditions, can be obtained from the downloads page or from our registered office. If you have a financial adviser, you should seek their advice before investing. Woodford Investment Management Ltd is not authorised to provide investment advice.

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, 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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