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Woodford Patient Capital Trust plc

As at 30 April 2017

Trust manager Neil Woodford
Trust name Woodford Patient Capital Trust plc
Investment manager Woodford Investment Management Ltd
Investment objective To achieve long-term capital growth through investing in a portfolio consisting predominantly of UK companies, both quoted and unquoted. The Company will aim to deliver a return in excess of 10% per annum over the longer term. (Note: this is a target only and not a profit forecast and there can be no assurance that it will be met.)
Independent board directors Susan Searle (Chair)
Scott Brown
Steven Harris
Dame Pamela Louise Makin
Alan Hodson
Carolan Dobson
Total assets (GBP) £799.1m

Latest trust update

Patient Capital Trust update, April 2017

Mitchell Fraser-Jones 15 May 2017 4 min read

The Woodford Patient Capital Trust delivered a positive return during April, with the largest contribution to performance coming from the unquoted part of the portfolio.

Read more

Performance since launch

Performance summary
  1 month 3 months Year-to-date 1 year Since launch
(21/04/2015)
Net asset value 0.16 2.53 3.35 4.96 -3.10
Ordinary share price 0.66 0.33 0.77 8.16 -8.30
Standardised performance (%)
  01/04/12
to 31/03/13
01/04/13
to 31/03/14
01/04/14
to 31/03/15
01/04/15
to 31/03/16
01/04/16
to 31/03/17
Net asset value - - - - 6.51
Ordinary share price - - - - -3.03

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

Portfolio analysis

Top 10 holdings
Name Industry Weight (%)
Prothena Health Care 14.61
Oxford Nanopore (unquoted) Health Care 8.95
Purplebricks Financials 7.70
Theravance Biopharma Health Care 6.13
Immunocore A (unquoted) Health Care 5.43
Proton Partners International (unquoted) Health Care 4.28
Mereo Biopharma Health Care 4.17
Oxford Sciences Innovation (unquoted) Financials 3.42
Atom Bank (unquoted) Financials 2.93
Idex Technology 2.76
Total (of top 10)   60.38

View the full portfolio

Performance contribution – 1 year to 31 March 2017

Sector allocation
Industry Weight (%)
Health Care 67.84
Financials 28.94
Industrials 7.26
Technology 7.18
Telecommunications 2.37
Consumer Goods 1.39
Basic Materials 0.29
Cash and near cash -15.27
Total 100.00
Geographical allocation
Country Fund (%)
United Kingdom 84.37
United States 24.05
Norway 3.63
Ireland 1.67
Switzerland 0.98
Luxembourg 0.57
Maturity breakdown
Maturity stage Weight (%)
Mid/large cap 20.82
Early growth 43.97
Early stage 50.48
Listing status Weight (%)
Quoted 63.05
Unquoted 52.22

Prices and fees

Month-end prices As at 30 April 2017
  Price (p)
Market share price 91.70p
Net asset value (Ex Income) 96.90p
Net asset value (Cum Income) 96.90p

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 0.17%

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