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Woodford Patient Capital Trust plc

As at 31 December 2016

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Trust nameWoodford Patient Capital Trust plc
Investment managerWoodford Investment Management Ltd
Investment objectiveTo 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 directorsSusan Searle (Chair)
Scott Brown
Steven Harris
Dame Pamela Louise Makin
Alan Hodson
Carolan Dobson
Total assets (GBP)£775.7m

Latest fund update

Patient Capital Trust update, December 2016

Mitchell Fraser-Jones 18 January 2017 4 min read

The Woodford Patient Capital Trust portfolio produced a modestly positive return in December.

Read more

Performance

Performance summary
 1 month3 monthsYear-to-date1 yearSince launch
(21st April 2015)
Net asset value1.461.52-4.36-4.15-7.05
Ordinary share price2.99-1.30-9.60-10.84-8.70
Standardised performance (%)
 01/01/12 to
31/12/12
01/01/13 to
31/12/13
01/01/14 to
31/12/14
01/01/15 to
31/12/15
01/01/16 to
31/12/16
Net asset value-----4.15
Ordinary share price-----10.84

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
NameIndustryWeight (%)
ProthenaHealth Care14.34
Oxford Nanopore (unquoted)Health Care7.69
Immunocore A (unquoted)Health Care5.60
Theravance BiopharmaHealth Care4.62
Proton Partners International (unquoted)Health Care4.41
Allied MindsFinancials4.03
Mereo BiopharmaHealth Care3.81
PurplebricksFinancials3.79
Oxford Sciences Innovation (unquoted)Financials3.53
4D PharmaHealth Care3.20
Total (of top 10) 55.02

View the full portfolio

Performance contribution

Sector allocation
IndustryWeight (%)
Health Care65.72
Financials26.08
Industrials8.37
Technology6.02
Telecommunications1.66
Consumer Goods0.70
Basic Materials0.36
Cash and near cash-8.91
Total100.00
Geographical allocation
CountryFund (%)
United Kingdom78.71%
United States22.74%
Norway3.26%
Ireland2.55%
Switzerland1.03%
Luxembourg0.62%
Maturity breakdown
Maturity stageWeight (%)
Mid/large cap23.73
Early growth34.08
Early stage51.10
Listing statusWeight (%)
Quoted61.29
Unquoted47.62

Prices and fees

Month-end prices As at 31 December 2016
 Price (p)
Market share price91.00p
Net asset value (Ex Income)93.76p
Net asset value (Cum Income)93.76p

View daily prices

Fees
Annual management feeNone
Performance fee15% of any excess returns over a 10% cumulative hurdle rate per annum, subject to a high watermark
Ongoing annual expenses0.1%

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