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Woodford Patient Capital Trust plc

As at 31 August 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) £852.9m

Latest trust update

Patient Capital Trust update, August 2017

Mitchell Fraser-Jones 15 September 2017 5 min read

While August is typically a quiet month for the UK equity market, there were several developments from companies in the Woodford Patient Capital Trust…

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 -1.82 2.60 9.43 12.01 2.60
Ordinary share price -7.87 2.95 5.49 3.78 -4.00
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 16.20
Purplebricks Financials 11.80
Oxford Nanopore (unquoted) Health Care 8.47
Immunocore A (unquoted) Health Care 7.21
Theravance Biopharma Health Care 4.24
Proton Partners International (unquoted) Health Care 4.05
Mereo Biopharma Health Care 3.92
Oxford Sciences Innovation (unquoted) Financials 3.24
Atom Bank (unquoted) Financials 2.77
Gigaclear (unquoted) Telecommunications 2.64
Total (of top 10)   64.54

View the full portfolio

Performance contribution – 1 year to 30 June 2017

Sector allocation
Industry Weight (%)
Health Care 64.91
Financials 30.38
Technology 6.80
Industrials 6.66
Telecommunications 2.64
Consumer Goods 0.82
Basic Materials 0.26
Cash and near cash -12.47
Total 100.00
Geographical allocation
Country Fund (%)
United Kingdom 80.85
United States 24.22
Norway 3.78
Ireland 2.11
Switzerland 0.96
Luxembourg 0.55
Listing status
Listing Weight (%)
Quoted 56.67
Unquoted 55.80

Prices and fees

Month-end prices As at 31 August 2017
  Price (p)
Market share price 96.00p
Net asset value (Ex Income) 102.50p
Net asset value (Cum Income) 102.50p

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?

  • 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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