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Woodford backs Patient Capital Trust to deliver further growth

Star manager Neil Woodford has backed his Patient Capital Trust to deliver further growth and ride out the ups and downs of the unquoted companies that feature heavily in the portfolio.

In the trust’s annual report for 2018, released today, Woodford says that the company’s net asset value increased 6.9 per cent to 97.61p from 91.33p, and running costs remain at around 0.2 per cent.

The trust aims to deliver a ten per cent return over the longer term, and Woodford notes that many of the unquoted holdings in the trust have contributed strongly to growth, and that some of the more mature holdings are reaching the stage where a stock market listing could be appropriate.

Woodford says: “Irrespective of their stage of development, we are doing everything we can to ensure positive outcomes for the companies in which the trust has invested. In turn, we are doing everything we can to ensure positive outcomes for the shareholders of this company.

Woodford’s top holdings in the Patient Capital Trust

“There will always be things that don’t go to plan within a portfolio like this, but with an appropriate balance of patience, support and determination, there is a path forward. Collectively, this represents a path towards long-term value creation, and it is a path upon which the trust is progressing positively.”

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  1. He can hardly say anything else, can he?

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