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13 results found for `WPCT`
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Insights

September roundup

Mitchell Fraser-Jones 2 October 2018 10 min read

A review of key events in September 2018, a month in which most major regional stock markets posted modest gains, recovering their poise following a late summer sell-off. Concerns about the health of emerging economies abated somewhat during the month, helped by a slightly weaker US dollar. Nevertheless, with inflationary pressures building in the US, there is an increasing risk that US interest rates could rise faster and further than is currently expected…

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Insights

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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Insights

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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Insights

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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Insights

Patient Capital Trust interim results

Mitchell Fraser-Jones 4 August 2016 12 min read

It’s been a tough start to the year for financial markets and for the Woodford Patient Capital Trust portfolio in particular, but considerable progress has been made across much of the portfolio.

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Insights

Patient Capital Trust update, September 2015

Mitchell Fraser-Jones 13 October 2015 3 min read

The trust’s net asset value declined in September, in another weak and volatile month for equity markets. As had been the case in August, the portfolio’s US stocks were amongst the weakest performers, as sentiment towards US biotech remained sour.

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Insights

Patient Capital Trust update, July 2015

Mitchell Fraser-Jones 14 August 2015 4 min read

The process of building the portfolio continued in July, while performance also continued to progress positively, with the trust’s net asset value increasing modestly during the month.

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Insights

Woodford Patient Capital Trust – manager’s report

Neil Woodford 11 August 2015 6 min read

Today marks the release of the maiden set of financial results for Woodford Patient Capital Trust. This is our Manager’s Report covering the period from the Trust’s launch to 30 June 2015.

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Blog

Upsizing Patient Capital

Craig Newman 8 April 2015 2 min read

Over the past few days it has become clear that the concept of investing patient capital in early-stage and early-growth businesses has captured investors’ imagination – so much so that we may exceed £500m during the offer period.

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Blog

Where are the British business behemoths?

Mitchell Fraser-Jones 1 April 2015 1 min read

With just two weeks to go before the launch of Woodford Patient Capital Trust, Neil discusses the lack of British business behemoths and explains why “on-the-floor” valuations can mitigate the risks of investing in early-stage and early-growth businesses.

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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 annual management charge 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 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 Beaufort House, 51 New North Road, Exeter, EX4 4EP.

© 2019 Woodford Investment Management Ltd.
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