Renowned fund manager Neil Woodford was denied another payday today, as the annual results of his Patient Capital Trust revealed poor performance.
The trust, which is dedicated to long-term investments in a mix of high risk early stage companies and “high conviction” larger businesses, saw its net asset value per share slump by two per cent over 2017.
In order for Woodford to take a cheque home, he would have had to return more than 10 per cent.
“We are building some great businesses, and although this progress has not yet flowed through in terms of share price and net asset value performance, I continue to strongly believe that it will,” said Woodford in a note to investors.
The directors of the trust also did not receive any boost in the fees they earned, collectively receiving £99,000.
When raised in 2015, the trust was the largest ever such launch in the UK attracting £800m of investors’ cash. Now it has a market value of just over £600m.
Its shares are currently trading at 76p apiece – well below the trust’s stated end-of-March net asset value of 87.41p.
A number of Woodford’s investments have failed to perform, including most recently Prothena. The biotechnology company’s share price crashed yesterday as it revealed it had cancelled the trial of a new drug.
His equity income fund has also floundered, as £1.6bn was wiped off its market value in the first three months of 2018 alone following investors pulling out their cash.
- Missouri says health director didn't track Planned Parenthood patients' periods. But officials did have a spreadsheet
- How disreputable rehabs game Google to profit off patients
- Why U.S. Battery Startups Fail, and How to Fix It
- How Venture Capital Thwarts Innovation
- Would You Trust a Robot Surgeon to Operate on You?
- Of Doctors, Drugs, and Trust
- Syria reports missile attack; U.S. denies launching strike
- A brief timeline of how Slack took over the modern workplace in 8 years
- A Cloud You Can Trust
- Why does People's Trust Insurance keep suing its own policyholders?
- 10 Tech Companies for the Next 10 Years
- When Spectrum Auctions Fail
- Looking back on 60 years of Godzilla before he tears down the city again in 2014
- Comments for : Apple explains CPU throttling to Canadian government, denies planned obsolescence
- Apple explains CPU throttling to Canadian government, denies planned obsolescence
- Nursing homes can prevent infections through performance improvement collaboratives
- Comments for : Sony unlikely to unveil the Xperia Z4 at MWC 2015, goes back to a 1-year release cycle?
- The Surgeon Who Wants to Connect You to the Internet with a Brain Implant
- Cashing In On Medical Knowledge
- Betting On Power And Deep Learning
Woodford denied another payday as his Patient Capital Trust failed to perform for investors last year have 450 words, post on www.cityam.com at April 23, 2018. This is cached page on Talk Vietnam. If you want remove this page, please contact us.