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

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

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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