Share Name Share Symbol Market Type Share ISIN Share Description
Woodford Patient Capital Trust LSE:WPCT London Ordinary Share GB00BVG1CF25 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.30p -0.36% 83.20p 82.70p 83.00p 83.30p 82.80p 83.30p 2,173,076 16:35:24
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 1.3 -0.7 -0.1 - 688.06

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Date Time Title Posts
19/1/201820:35Woodford Patient Capital Trust153
19/1/201813:54::: WOODFORD PATIENT CAPITAL TRUST :::1,542

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Woodford Patient Capital Daily Update: Woodford Patient Capital Trust is listed in the Equity Investment Instruments sector of the London Stock Exchange with ticker WPCT. The last closing price for Woodford Patient Capital was 83.50p.
Woodford Patient Capital Trust has a 4 week average price of 81.60p and a 12 week average price of 81.50p.
The 1 year high share price is 106.50p while the 1 year low share price is currently 81.50p.
There are currently 827,000,000 shares in issue and the average daily traded volume is 1,463,281 shares. The market capitalisation of Woodford Patient Capital Trust is £688,064,000.
minerve: kenmitch Can you please take your nonsense elsewhere? WPCT is a long-term investment and so the trust was never going to return significant share price performance in the first 5 years plus. You have no idea on the rationale Woodford is using to increase his positions in companies! He will know more about those companies than you do. It isn't a case of averaging down like you make it out to be, it is about maximising your opportunity. Some of those companies may require more seed capital which means naturally Woodford will be increasing his positions. Some ideas will not prosper, some will die. When this fund matures it will move into the higher quartile. The fact that you are comparing it now is utter stupidity! You obviously know nothing about start-ups, young company investment. I suggest that you start your own thread comparing apples, oranges, mangoes and tomatoes because they share the same wrappers.
kenmitch: harveydee. A problem with suggesting Investment Trusts to invest in now is that it is doing so after several excellent years and possibly near the top. That's why imo it was a mistake investors being patient with a terrible performer like Woodford Patient Capital. e.g Woodford Patient Capital was 15th out of 16 Trusts in the UK ALL COMPANIES sector when I last checked at MINUS 8% over the last 12 months compared with Manchester and London, the best performer up 61%!!!! Also among Global Investment Trusts (a big plus with many Trusts is that they provide the opportunity to invest all round the world) Independent Investment Trust issued their results today. They had a great year with NAV up 54% and share price up more than 80% as share went from discount to premium thanks to superb performance. I run an Investment Trust Portfolio on Mike Walters investment site and it is up 55% in just under 2 years since it was started and 27% annualised. And John Barron runs one in Ivestors Chronicle that has also had another very good year. UK smaller companies Trusts have had a great run, and a lot of UK focus Trusts have done very well. So now is probably a good time to look elsewhere for yet more upside. The following are not tips but are imo well worth checking out. i.e use Trustnet website and also the Trust's own websites. PHOENIX SPREE DEUTSCHLAND. 384p. PSDL. This one has had a great run but there could be a lot more to come. It invests almost entirely in Berlin property where prices are rising very fast from a very low level. MACAU PROPERTY TRUST. MOP £2 An obscure Trust trading around 25% discount to NAV. 2 big plus points are now very fast GDP growth (14% last year) and also a bridge linking Macau to Hong Kong is due to open this year. UTILICO EMERGING MARKETS UTILITIES TRUST.. UEM. 224p and at 10% NAV discount. This one is at top of current trading range so might dip a bit short term. This Trust invests in Emerging Markets Utilities. Utilities tend to hold up better in bear markets and anyway this Trust has a very good record. VINACAPITAL VIETNAM. VOF. 350p. Vietnam stock market and capitalism are newish and growing fast. Their market was exceptionally cheap and is still only on a mid teens PE even after a great year in 2017 and very good 2016 too. So there could well be further to go. (Again though such a shame to be stuck in a dud Trust like Patient Capital while so many Trusts were doing well). FIDELITY JAPANESE VALUES. FJV 157p and NAV 177p. Japan has also had a very good run but their market is still good value and many analysts for what that's worth are bullish on Japan. FJV is not the best performer in the smaller companies sector but is doing well now. The best performers are the Baillie Gifford Trusts but they are trading at a significant premium. BLACK ROCK WORLD MINING. BRWM. 421p and NAV 466p. The manager is very bullish about further gains for mining sector. Mining behemoths Rio Tinto, BHP Billiton and Glencore account for 25% of the BRWM portfolio. The share price has doubled from the lows but even so the dividend is around 5% and there could well be dividend increase this year as some of their main holdings doubled and even tripled their dividends last year while others renewed theirs. J P MORGAN RUSSIA. JRS. 545p and NAV 631p. Russian market is cheap but is now doing well. Some won't go near anything to do with Russia but that provides opportunities. Obvious political risk but against that some of the Trusts main oil holdings are still on single figure PE ratios. AND the dividend is nearly 5% too. STRATEGIC EQUITY. SEC. 235p and NAV 275p. For those only interested in UK Trusts! This Trust used to be a high flyer and trading at a premium but has been in a too long dull patch. It has a concentrated portfolio and the Managers work closely with the Companies the Trust holds. Note that some of these Trusts are trading at bigger NAV discount than Woodford Patient Capital despite much better performance.
mad foetus: For many years value investors have proclaimed that this will be their year and I am still waiting. Part of my scepticism is about how technology is changing the future. For much of the last decade I worked in a global bank, which consistently could not understand why its share price was not double what it was. On any sum of the parts calculations banks look dirt cheap. And yet, if you were designing a bank now, it wouldn't look anything like any of our existing banks. If Google, or Apple, or Amazon were to choose to start a bank, what percentage of the market would they take? How much more knowledge would they have of businesses and individuals that they could use in making credit decisions? If value means investing in banks, real world retailers, ageing pharma companies etc, their cheap rating may not just be a fad. But I would have thought WPCT was, if it is anything, a vehicle for growth investing.
stewart64: Regarding Prothena it was $33.65 when the fund was launched, Woodford's heavy buying may have initially bulled the share price. It now stands at $39.17 as it falls under attack from shorting.
ttg100: "Neil Woodford's struggling Woodford Patient Capital (WPCT) investment trust has started to look 'cheap' again, as a short-selling attack on its largest holding takes its toll on the share price. Shares in Woodford's trust have fallen nearly 13% since hedge fund Kerrisdale Capital revealed it was shorting, or betting against, Prothena (PRTA.O), the US biotech company that accounted for 15.6% of the fund at the end of last month. Prothena shares have lost a quarter of their value over that period, as news of Kerrisdale's campaign was followed by a delay to a trial of its flagship drug. While that has acted as a drag on Patient Capital's net asset value, which has fallen from 98.7p to 93p, the shares' fall has been more pronounced, as souring sentiment on the trust has widened the discount. Having traded at close to par before Kerrisdale launched its attack, the discount was approaching double figures at yesterday's close, at 9.6%. That's more than double the average discount of 4.4% over the last 12 months, giving the shares a Z-score of -2.1 and placing them in the list of 'cheap' investment trusts compiled by Numis Securities. Just to recap, a Z-score is a measure used by analysts to put a premium or discount on an investment trust into the context of its previous 12 months. Roughly speaking, an investment company or trust with a Z-score of -2 or below is ‘cheap’, while a score of 2 or more is viewed as expensive." From Investment Trust Insider - fio etc
jonwig: Minerve - you make some valid points. But (there's always a 'but'): • it's clearly not just posters on this board who read the fund wrongly - compare the early share price performance with the most recent (prem to disc); • by January 2016 (only 9 months from float) he wanted to raise more capital. In March he gave market uncertainty as the reason for not doing so. It's actually a lot more likely that the consultation with large shareholders doused him in cold water. That looks like hubris to me; • why so? - because by June 2016 the fund had 8% financial gearing and by June 2017, 17%. Couldn't raise equity, so took on debt. Market uncertainty be damned. • Finally, the written documentation is full of warnings and caveats, so legally he's done the right thing. However, in the fund's early days he courted an enormous amount of publicity in the financial press in which these warnings were glossed over. He sat on his reputation.
the air marshall: Pug, you've got a cheek. You and your buddy, I seem to remember, were lambasting WPCT for owning Provident Financial when it tanked (and which you didn't predict). Provident Financial is NOT a WPCT share nor has it ever been. riskversusreward has a record as long as your arm for doing the same thing with a long list of shares. Neither of you has apologised! As for Sphere, I never said that it wasn't in WPCT. What I do resent, however, is you and your fellow troll coming out as ruminative experts on Sphere, which anyway makes up only 0.01 of WPCT. Neither of you know anything important about the non-quoted shares and therefore your so-called arguments on those that form a large part of WPCT are completely spurious.
riverman77: I note that Purplebricks has been strong over past few days so maybe that's lifted sentiment. As you suggest, the rise in WPCT price is almost entirely due to a narrowing of the discount, so no meaningful nav growth to get excited about just yet.
jonwig: mazarin - how the NAV is arrived at is here, From post #1013: There are strict rules for valuing unquoted companies: Http:// Valuation guidelines, p11. I don't see the point of spending money on a daily NAV when so much of the portfolio is unquoted. As for how the share price is determined, it's quite simply supply and demand with trades going through market makers*. I suspect there will soon be selling by frustrated holders who bought in the 2015 gold rush and want rid. If I actually knew what moved share prices, I'd be rather richer than I am. *EDIT: it's actually traded on SETS too, though not many participants it seems.
dr biotech: I am pretty sure that he has all his money invested in either the WPCT or his equity funds. He is doing a live webcast as I type. NEIL WOODFORD says: Today 2:00 pm Kelvin (and others that have asked similar questions), The weakness of the WPCT share price and NAV since the start of 2016 has been the product of the pretty severe sell-off in shares across healthcare, biotech and early-stage quoted stocks, both here in the UK and in the US. Much of this, we believe to be driven by short-term positioning and rotational activity amongst the fund management community. We don’t believe that it is driven by a correction of over-valuation, nor by a deterioration in fundamentals. We remain very pleased with the underlying progress of the businesses in which we have invested in the trust. Indeed, in what has been a pretty short space of time since launch, our expectations for the underlying performance of many businesses in the portfolio have been exceeded. This is a long-term vehicle. We hope to deliver good performance in the short-term but believe we should be judged over the 3 to 5 year time scale we have talked about consistently since launch. Kind regards Neil
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