You are here: Home - Investing - Experienced Investor - News -

Woodford Patient Capital Trust debuts; first investments announced

Written by:
Neil Woodford’s highly anticipated Patient Capital Trust (PCT) debuted on the London Stock Exchange yesterday morning, in the largest ever investment trust launch in UK history.

Over seven million shares were traded in the first 90 minutes; by the close of trading the Trust’s share price had leaped by 2.25 per cent, putting the Trust on instant premium to net asset value. Today, the Trust has announced its first investment – AIM-listed diagnostics firm Sphere Medical holdings – and confirmed that around 30 other shares are being considered. PCT will invest £4m in Sphere, the equivalent of a 17.2 per cent stake and 23m shares.

“We have the best part of 30 ideas to go,” says Woodford in a video address on the Trust website. “We hope to execute on those relatively quickly, and we have other quoted ideas that we will populate the fund with too.”

Woodford went on to state he would remain tight-lipped about the other shares he is currently eyeing until they were finally decided. “We clearly want to keep our ideas quite close to our chest as we did when we launched the income fund in June last year. We will go quiet for a little while. We have a job to communicate exactly what the businesses are that we’re investing in and certainly with unquoted portfolio, which will be completely unknown to investors.”

“This is a publicly quoted company and we have to be very careful about selective disclosures,” Woodford continues, “we have some obligations as a regulated firm, so we think it is entirely appropriate not to be prematurely transparent about what we’re doing – but we will be transparent once the capital is deployed.”

“It’s an exciting day but the future is what this trust is about,” Woodford concludes. “We know we’ve got to deliver…the challenge is ahead of us.’

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Big flu jab price hikes this winter: Where’s cheapest if you can’t get a free vaccine?

Pharmacies, supermarkets and health retailers are starting to offer flu jabs ahead of the winter season, but t...

Is now the time to fix your energy deal?

Fixed energy tariffs all but disappeared during the energy crisis. But now they are back with an increasing nu...

Everything you need to know about the pension triple lock

Retirees are braced to receive another bumper state pension pay rise next year due to the triple lock mechanis...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

The best student bank accounts in 2023: Cash offers, tastecards and 0% overdrafts

A number of banks are luring in new student customers with cold hard cash this year – while others are compe...

DIY investors: 10 common mistakes to avoid

For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.

Mortgage down-valuations: Tips to avoid pulling out of a house sale

Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?

Money Tips of the Week