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Woodford Patient Capital Trust plc

As at 30 June 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) £829.5m

Latest trust update

Patient Capital Trust update, June 2017

Mitchell Fraser-Jones 14 July 2017 3 min read

The Woodford Patient Capital Trust delivered a positive return in June, with the bulk of positive contributions coming from…

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 0.25 3.93 7.24 15.30 0.55
Ordinary share price 4.45 6.92 7.03 15.81 -2.60
Standardised performance (%)
  01/07/12
to 30/06/13
01/07/13
to 30/06/14
01/07/14
to 30/06/15
01/07/15
to 30/06/16
01/07/16
to 30/06/17
Net asset value - - - -14.32 15.30
Ordinary share price - - - -25.90 15.81

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 14.32
Purplebricks Financials 10.91
Oxford Nanopore (unquoted) Health Care 8.64
Immunocore A (unquoted) Health Care 7.35
Theravance Biopharma Health Care 5.90
Proton Partners International (unquoted) Health Care 4.12
Mereo Biopharma Health Care 4.06
Oxford Sciences Innovation (unquoted) Financials 3.30
Atom Bank (unquoted) Financials 2.82
Gigaclear (unquoted) Telecommunications 2.70
Total (of top 10)   64.12

View the full portfolio

Performance contribution – 1 year to 30 June 2017

Sector allocation
Industry Weight (%)
Health Care 66.72
Financials 32.00
Technology 7.12
Industrials 6.37
Telecommunications 2.70
Consumer Goods 1.87
Basic Materials 0.26
Cash and near cash -17.04
Total 100.00
Geographical allocation
Country Fund (%)
United Kingdom 86.54
United States 23.38
Norway 3.59
Ireland 2.00
Switzerland 0.98
Luxembourg 0.55
Listing status
Listing Weight (%)
Quoted 64.04
Unquoted 53.00

Prices and fees

Month-end prices As at 30 June 2017
  Price (p)
Market share price 97.40p
Net asset value (Ex Income) 100.55p
Net asset value (Cum Income) 100.55p

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.

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