YOUR PORTFOLIO
GOOD
COME
WHO W
G
iven his name and past
reputation, it was no
surprise that when Neil
Woodford’s new firm
took its first foray into
the investment trust world, the
launch received an enormous
amount of attention. Having upped
its initial fund-raising target from
£200m to £500m, the Woodford
Patient Capital Trust ended up
raising £800m during an
oversubscribed initial public
offering in April last year, making it
the largest ever launch in
investment trust history.
Some 12 months on and
looking at some of the recent
headlines, you would be forgiven
for thinking the Woodford
Patient Capital Trust has endured
a catastrophic first year. In its
results for the reporting period
from launch in April to 31
December, its net asset value
fell 2.6 per cent to 97.38p, which
prompted the waiving of any
management fees in the first year.
UNCERTAINTY
Having peaked at a 15 per cent
premium to NAV in August
2015, falls in both global mar