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17 results found for `prothena`
Showing page 1 of 2


Prothena: an update

Mitchell Fraser-Jones 23 April 2018 2 min read

We have just heard from Prothena that the Pronto trial has not met its primary endpoint.

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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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Equity Income Fund update, November 2017

Mitchell Fraser-Jones 21 December 2017 8 min read

November saw a modest decline in the UK stock market amid slightly higher levels of volatility than we have seen of late. A strong pound, which greeted the steady progress towards an agreement with the EU on Brexit, saw some weakness in the share prices of global-facing businesses…

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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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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…

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Equity Income Fund update, July 2017

Mitchell Fraser-Jones 22 August 2017 3 min read

As regular readers will know, our long-term approach to investment management is encapsulated in a patient capital investment style. We look beyond market volatility and focus on the long-term fundamentals of businesses. This is always the case but particularly so over the past few weeks…

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Patient Capital Trust update, July 2017

Mitchell Fraser-Jones 22 August 2017 3 min read

As Neil said in the recently published interim results, the portfolio is in excellent shape and is showing signs of incredible operational progress across many of its holdings…

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Equity Income Fund update, June 2017

Mitchell Fraser-Jones 14 July 2017 6 min read

Having enjoyed a strong run in the first five months of 2017, equity markets came under pressure in June.

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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…

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Equity Income Fund update, March 2017

Mitchell Fraser-Jones 21 April 2017 6 min read

In the middle of writing this month’s roundup, the Prime Minister has called a snap General Election. Before we get to the fund roundup, I took the opportunity to ask Neil for his view on this latest political development… “Theresa May’s decision to take the UK electorate to the polls again in June looks very

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What are the risks?

  • The value of investments and any income from them may go down as well as up, so you may get back less than you invested
  • Past performance cannot be relied upon as a guide to future performance
  • The ongoing charges figure is charged to capital, so the income of the funds may be higher but capital growth may be restricted or capital may be eroded
  • The funds may invest in other transferable securities, money market instruments, warrants, collective investment schemes and deposits – some of these security types could increase the funds’ volatility and increase the level of indirect charges to which the funds are exposed
  • The funds and 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 these investments and the income from them, to fluctuate
  • The LF Woodford Income Focus Fund will be invested in a concentrated portfolio of securities – the fund is not restricted by reference to any geographical region, sector or market capitalisation
  • The LF Woodford Equity Income Fund and the Woodford Patient Capital 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
  • The price of shares in the Woodford Patient Capital 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
  • 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
  • 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 – it can take years for young businesses to fulfil their potential, this investment requires patience

Important information

Before investing, you should read the Key Investor Information Document (KIID) for the fund – or Key Information Document (KID) for the trust – and the Prospectus which, along with our terms and conditions, can be obtained from the downloads page or from our registered office. If you have a financial adviser, you should seek their advice before investing. Woodford Investment Management Ltd is not authorised to provide investment advice.

The Woodford Patient Capital 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.

The Woodford Funds (Ireland) ICAV (the “Fund”) has appointed as Swiss Representative Oligo Swiss Fund Services SA, Av. Villamont 17, 1005 Lausanne, Switzerland. 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.


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.

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