{"id":74545,"date":"2018-04-25T02:25:37","date_gmt":"2018-04-25T02:25:37","guid":{"rendered":"https:\/\/www.bnreport.com\/woodford-denied-another-payday-as-patient-capital-trust-fails-to-perform\/"},"modified":"2018-04-25T02:25:37","modified_gmt":"2018-04-25T02:25:37","slug":"woodford-denied-another-payday-as-patient-capital-trust-fails-to-perform","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/woodford-denied-another-payday-as-patient-capital-trust-fails-to-perform\/","title":{"rendered":"Woodford denied another payday as Patient Capital Trust fails to perform"},"content":{"rendered":"<p><img decoding=\"async\" src=\"http:\/\/www.cityam.com\/assets\/uploads\/main-image\/full_width_article_body_image\/2018\/04\/009-neil-woodford-cutout-5a7b982395422-5adf74ea6a323.jpg\"\/><\/p>\n<p>Renowned fund manager <a href=\"http:\/\/www.cityam.com\/people\/neil-woodford\" rel=\"noreferrer\" target=\"_blank\">Neil Woodford<\/a> was denied another payday today, as the annual results of his Patient Capital Trust revealed poor performance.<\/p>\n<p>The trust, which is dedicated to long-term investments in a mix of high risk early stage companies and \u201chigh conviction\u201d larger businesses, saw its net asset value per share slump by two per cent over 2017.<\/p>\n<p>In order for Woodford to take a cheque home, he would have had to return more than 10 per cent.<\/p>\n<p><strong>Read more:<\/strong><a href=\"http:\/\/www.cityam.com\/281328\/neil-woodfords-sharing-gbp300m-windfall-after-providents\" rel=\"noreferrer\" target=\"_blank\">Neil Woodford&#039;s sharing a \u00a3300m windfall after Provident&#039;s surprise share price leap<\/a><\/p>\n<p>\u201cWe 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,\u201d said Woodford in a note to investors.<\/p>\n<p>The directors of the trust also did not receive any boost in the fees they earned, collectively receiving \u00a399,000.<\/p>\n<p>When raised in 2015, the trust was the largest ever such launch in the UK attracting \u00a3800m of investors cash. Now it has a market value of just over \u00a3600m.<\/p>\n<p>Its shares are currently trading at 76p apiece \u2013 well below the trust&#039;s stated end-of-March net asset value of 87.41p.<\/p>\n<p>A number of Woodford&#039;s investments have failed to perform, including most recently Prothena. The biotechnology company&#039;s share price crashed yesterday as it revealed it had <a href=\"http:\/\/www.cityam.com\/284546\/woodford-backed-companys-share-price-bombs-70-per-cent\" rel=\"noreferrer\" target=\"_blank\">cancelled the trial of a new drug<\/a>.<\/p>\n<p>His equity income fund has also floundered, as <a href=\"http:\/\/www.cityam.com\/283307\/woodford-flagship-flounders-fund-shrinks-fifth-assets-fall\" rel=\"noreferrer\" target=\"_blank\">\u00a31.6bn was wiped off its market value in the first three months of 2018 alone<\/a> following investors pulling out their cash.<\/p>\n<p><strong>Read more:<\/strong><a href=\"http:\/\/www.cityam.com\/281382\/neil-woodford-throws-his-weight-behind-provident-and-he-had\" rel=\"noreferrer\" target=\"_blank\">Neil Woodford throws his weight behind Provident\u2026 and he had to<\/a><\/p>\n<p><strong><a href=\"https:\/\/blockads.fivefilters.org\/\" rel=\"noreferrer\" target=\"_blank\"><\/a><\/strong> <a href=\"https:\/\/blockads.fivefilters.org\/acceptable.html\" rel=\"noreferrer\" target=\"_blank\"><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Renowned fund manager Neil Woodford was denied another payda..<\/p>\n","protected":false},"author":1,"featured_media":74546,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[202],"tags":[],"class_list":["post-74545","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.9 - 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