Woodford Patient Capital Trust

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Craig Newman 6 February 2015 Est. reading: 2 min read

Home > Words > Blog > Woodford Patient Capital Trust

We are delighted to announce our intention to launch Woodford Patient Capital Trust plc. We have been clear for some time about our ambition to launch an investment vehicle which would give Neil Woodford the opportunity to build greater exposure to early-stage and early-growth companies across various sectors. Woodford Patient Capital Trust plc will be that vehicle.

We are passionate about investing in early-stage and early-growth companies. This is an unloved part of the market which offers significant untapped opportunities that are much less influenced by wider market sentiment. Very few investors are willing to embrace the long-term ‘patient capital’ approach required in this area to deliver successful outcomes. Watch our video below to hear Neil talking about what patient capital means to him.

We aim to publish the prospectus for the launch of Woodford Patient Capital Trust plc in late February, with admission to the London Stock Exchange planned for mid-April 2015.

Here are what we consider to be the investment highlights of this new vehicle:

  • Unique portfolio – the portfolio will represent a mix of our highest conviction blue-chip ideas together with exposure to early-stage and early-growth companies
  • Unconstrained approach – an unconstrained investment approach aiming to identify the best, untapped growth opportunities to deliver attractive long-term returns
  • Innovative fee structure – we will not receive a management fee and will only be awarded a fee based on performance
  • Attractive target returns – we will aim to deliver a return in excess of 10 per cent. per annum1 over the longer term

Please read the press release for further details and register to receive updates as further information becomes available.

Register to receive updates Read the press release

Footnotes

  1. This is a target only and not a profit forecast and there can be no assurance that it will be met

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Conversations

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  1. Neil, will you therefore be joining Dragons Den and sit along side Peter Jones who I expect you know also went to our old school when we were there. Keep up the innovative approach. Alan Savin (also ex Desborough School).

    1. Basking in reflected glory, Alan?

  2. I would like to know whether this new fund will invest in early stage companies outside the UK
    Thanks, AA

    1. Reading the prospectus might offer some insight.

    2. Hi Alain,
      Now that the prospectus is published, we can confirm that investment in non-UK companies will be possible but will be limited to 30% of net asset value at the time of investment. Further details on the investment policy can be found in the prospectus (pages 27-29).

  3. felicity robertson 06 Feb 2015 at 9:42 am

    I would also like to know if the new fund will invest in early stage companies outside the UK and if so (obviously) a rough idea of percentages envisaged.
    Thankyou FR

    1. Hi Felicity,
      Now that the prospectus is published, we can confirm that investment in non-UK companies will be possible but will be limited to 30% of net asset value at the time of investment. Further details on the investment policy can be found in the prospectus (pages 27-29).

  4. Michael Bardell 06 Feb 2015 at 10:29 am

    As an existing investor in the Woodford Equity Income Fund (the Fund) and a prospective investor in the Woodford Patient Capital Trust (the Trust), I note that certain of the securities that may be held in the Trust are already held in the Fund. Will the Fund divest itself of such investments in favour of the Trust (or otherwise) or will investors in both the Fund and the Trust have a higher concentration risk in relation to those securities?

    1. Hi Michael,
      It is indeed possible that certain securities will be held by both the CF Woodford Equity Income Fund and the Woodford Patient Capital Trust plc. We will allocate in a consistent manner across mandates as outlined in the conflicts of interest section of the prospectus (page 42).

  5. If as I understand many or some of the Companies invested in will be unlisted on any Exchange, how will the Fund’s value be assessed?.

    1. Hi Anthony,
      We have an unquoted securities valuation policy to provide an objective, consistent and transparent basis for estimating the fair value of unquoted equity securities. This is detailed in the prospectus (pages 31-32).

  6. Many thanks for your interest and your comments. We have further details to announce towards the end of February. To stay informed, you can register here: https://woodfordfunds.com/wpct-register/

  7. Hopefully will be available in an Isa…

    1. Paul FarrowModerator 09 Feb 2015 at 12:29 pm

      There will be an Offer and Placing of ordinary shares in the Woodford Patient Capital Trust. Shares made available in the Offer should be qualifying investments for an ISA. Further details will be available when the prospectus is published later this month. To stay informed, you can register here: https://woodfordfunds.com/wpct-register/

  8. Hi,
    Thanks for the email outling the new Woodford Patient Capital Trust.
    Will you, as with the existing Income Fund, be itemising on a regular basis, all the current stock held within the Woodford Patient Capital Trust?
    Regards,
    Colin Hamshaw

    1. Hi Colin – yes, that is our intention.

  9. Silly question but where will we be able to invest? I emailed your contact line but that only referred me back to the “register for details’ page.

    1. Jon AdairModerator 07 Feb 2015 at 3:37 pm

      We have further details to announce (including how you will be able to invest) towards the end of February. To stay informed, you can register here: https://woodfordfunds.com/wpct-register/

    2. Hi Tony,
      You can find out more about how to invest here

  10. susancr.d.cruickshank 09 Feb 2015 at 11:00 am

    Will this fund be available for ISAs?

    1. Paul FarrowModerator 09 Feb 2015 at 12:30 pm

      There will be an Offer and Placing of ordinary shares in the Woodford Patient Capital Trust. Shares made available in the Offer should be qualifying investments for an ISA. Further details will be available when the prospectus is published later this month. To stay informed, you can register here: https://woodfordfunds.com/wpct-register/

    2. Hi Susan,
      Yes, it will be available for ISAs through several platforms and intermediaries but you should check with your financial adviser and/or platform before investing.

  11. Will you be investing only in listed companies or also private companies with an ambition to list? Most of the interesting alternative finance companies out there are not listed at present.

    1. Hi Mark,
      The trust will invest in a mix of quoted and unquoted investment opportunities. Please see the investment policy section of the prospectus for further details (pages 27-28).

  12. How about issuing an ETF with the same investment philosophy?

  13. Will investors in TWF have any priority for application to the Trust? I have followed you with great interest and as a result in addition to being an investor in the Fund have bought into ALM, IVO, IPO and RVG .

    1. Jon AdairModerator 11 Feb 2015 at 6:55 pm

      We have further details to announce (including how you will be able to invest) towards the end of February. To stay informed, you can register here: https://woodfordfunds.com/wpct-register/

    2. Hi Dave,
      Thank you for your interest and support but there will be no priority for existing investors. You can find out more about how to invest here.

  14. Does this investment qualify as an eis?

    1. Hi Robert,
      No, the Woodford Patient Capital Trust plc does not qualify as an Enterprise Investment Scheme (EIS).
      Kind regards
      Mitch

  15. excited lets do this

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