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
  -0.40p -0.48% 83.60p 83.00p 83.60p 83.60p 83.10p 83.10p 398,361 09:08:32
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 1.3 -0.7 -0.1 - 691.37

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Date Time Title Posts
15/1/201821:31::: WOODFORD PATIENT CAPITAL TRUST :::1,539
21/11/201709:34Woodford Patient Capital Trust128

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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 84p.
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 1,520,229 shares. The market capitalisation of Woodford Patient Capital Trust is £691,372,000.
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.
andyj: And now 95p, latest NAV 94.5p. The discount is narrowing and becoming harder to justify unless the share price falls further.
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.
mazarin: For no apparent reason, I can think of things have slightly turned around here lately and an article this week end, comments on the relative poor performance of WPTC and other managed funds. Here's an extract: "......Over the summer months Woodford suffered one stock disaster after another, as shares in Provident Financial (PFG), AstraZeneca (AZN), Allied Mines (ALM) and AA (AA.) all fell sharply for various reasons. Some falls followed profits warnings and could have been anticipated, but others - such as the fall in the AA's share price triggered by the firm's executive chairman being sacked for gross misconduct - could not have been foreseen. Rather than hide, Woodford confronted his critics and issued an apology for his fund's poor performance. Reassuring investors, he said: "[While] the short-term performance is painful and difficult, it isn't a permanent loss of capital. And I can, and I believe I will, rebuild the performance and rebuild that capital that we've lost recently." Fund analysts have overwhelmingly backed Woodford, insisting that he has not become a bad fund manager overnight. Tom Becket, chief investment officer at wealth manager Psigma, points out that Woodford has tended to run 'hot and cold' over his career, but over the long run he has outperformed the FTSE All-Share index (ASX) by a considerable margin. He says: "When a fund manager is out of form, an investor's natural reaction is to sell, but they should really be doing the opposite, as peak negativity around a fund manager can be a sign that they are about to start outperforming again......." For the full article, see :
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
Woodford Patient Capital share price data is direct from the London Stock Exchange
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