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26 results found for `patient capital`
Showing page 1 of 3


Woodford Patient Capital Trust plc interim results 2018

Mitchell Fraser-Jones 20 September 2018 5 min read

Today marks the release of the Woodford Patient Capital Trust’s interim results for 2018.

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Major Milestone for Proton Partners

Paul Farrow 13 July 2018 3 min read

Proton Partners, which is held in the Patient Capital Trust and Equity Income Fund portfolios, has reached a significant milestone treating the first patient in the UK with a ground-breaking cancer treatment.

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Patient Capital Trust annual report 2017

Mitchell Fraser-Jones 24 April 2018 14 min read

Following the trial failure announcement from Prothena, today marks the release of the Woodford Patient Capital Trust annual report for 2017. Neil’s review reflects yesterday’s news but as you will read, it should not detract from the progress being demonstrated across much of the rest of the portfolio.

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Patient Capital Trust update, December 2017

Mitchell Fraser-Jones 19 January 2018 4 min read

News from the Woodford Patient Capital Trust portfolio in December, including updates on Mereo Biopharma, Xeros and ReNeuron…

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Patient Capital Trust update, November 2017

Mitchell Fraser-Jones 21 December 2017 5 min read

November proved a challenging month for the performance of the Woodford Patient Capital Trust, primarily as a result of share price weakness in the portfolio’s largest holding, Prothena.

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Patient Capital: a watershed moment

Mitchell Fraser-Jones 29 November 2017 4 min read

Last week’s Budget announcements represent, in our view, a watershed moment for young, British, knowledge-intensive businesses and they are profoundly important for Britain’s long-term economic future.

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Budget 2017: ‘shrewd and appropriate’

Neil Woodford 22 November 2017 4 min read

Having listened into today’s Budget from Chancellor Hammond, I thought I would share some quick initial thoughts with you…

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An update on Prothena

Neil Woodford 22 November 2017 7 min read

There is demand for an update on our view of Prothena, following recent coverage and last week’s R&D day. This isn’t a response to any particular note. Research is published on a range of stocks every day, covering a range of different views – we haven’t commented on them in the past, nor do we intend to start now. It is simply an update on where we are today, with a focus on the opportunity on NEOD001 in the rare disease, AL Amyloidosis.

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WPCT interim results 2017

Mitchell Fraser-Jones 4 August 2017 6 min read

Today marks the release of the Woodford Patient Capital Trust’s interim results for 2017.

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Woodford Patient Capital Trust annual report

Neil Woodford 21 April 2017 8 min read

Today marks the publication of the Woodford Patient Capital Trust annual report. You can download the full report here, but below is Neil’s review of the trust’s progress in 2016. Download as a PDF We began 2016 with the money raised at the launch of WPCT fully deployed – and so the period under review

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What are the risks?

  • 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. This means the price may be volatile in response to changes in demand
  • The trust may invest in overseas securities and be exposed to currencies other than pound sterling – as a result, exchange rate movements may cause the sterling value of investments to decrease or increase
  • The trust may invest in unquoted securities, which may be less liquid and more difficult to value, because they are generally not publicly traded – the lack of an open market may also make it more difficult to establish fair value
  • 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

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: 27 Old Gloucester Street, London, WC1N 3AX.

© 2019 Woodford Investment Management Ltd.
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