Woodford Patient Capital Share Discussion Threads

[careful] 25/5/2018 12:16

I keep logging on here hoping to get some real info about my investment.
informed comments about the holdings etc.

never read any useful stuff, everyone banging on about a bloke called Winnie something or other, plus bitter comments about N.W. himself.

[harveydee] 25/5/2018 12:12

I note that wpct still haven't given notice of this year's agm, even though based on last year's it should be on June 12. I imagine they want as few shareholders as possible to attend this year. Notice on their website says:

"The 2017 AGM took place on 12 June. This page will be updated with details of the 2018 AGM nearer the time."

[jonwig] 25/5/2018 10:31

@ topvest, post 3076 - yes, WPCT on automatic exit together with three others roundabout.

FTSE 250 tracker funds (there are a few) will probably have sold already (if they're allowed to anticipate the event, that is).

Here's the list:

[ltcm1] 25/5/2018 09:44

We are entering the corridor of uncertainty with WPCT as the all time low beckons. Perhaps the NAV will widen as investors reassess the riskiness of this product.

Maybe we will get a papal broadcast if the price hits 70. Might even see Woody with a jumper and hands in pockets!

[chucko1] 24/5/2018 23:07

Mochyn, a direct question - please confirm if you believe that I am in any way some mouthpiece of TW.

[topvest] 24/5/2018 20:45

Demotion imminent...

"Neil Woodford's investment trust is set for relegation from Britain's mid-cap index, while the AA – which counts Woodford among its largest shareholders – is poised for a speedy return to the FTSE 250.

Sitting in 325th place yesterday evening, AA's stock market valuation has almost doubled to over £820m since hitting all-time lows in March.

Meanwhile, Woodford Patient Capital Trust's market value of £683m places it in 383rd position."

[chucko1] 24/5/2018 20:16

Oh, another thing which is not impressive is my ambiguity. In the previous post, I used the word “above”. It was intended to refer to previous posts from other contributors, not my first sentence.

I wouldn’t want anyone drawing false conclusions.

[chucko1] 24/5/2018 17:35

For what it’s worth, I remain long a smidge of WPCT and a larger amount of the Focus fund.

I am saying two things:

1. It is riskier than it has been before by some margin
2. A number of posters on this Board have not read my posts and taken them as a whole. But if they had and had reached the conclusions expressed above, it’s not impressive.

[1tcm1] 24/5/2018 16:59

Tom here.

Yes.

[diku] 24/5/2018 16:55

Is that insurance backed guarantee?..

[1tcm1] 24/5/2018 16:46

Another cracking strong close for WPCT. I've got a feeling in my bone that this will continue. Great ROCE, and the Farr ratio is improving every hour. It reminds me of ICI all those years ago, good value investment. Mind you two of Woodie's shareholdings in WPCT are not very good. Still £2 by XMAS. I guarantee it.

[kpo115] 24/5/2018 16:31

Winnie, you have nowhere near as good a track record as Woodford as a fund manager. You were utterly hopeless as everybody knows. Or would you like to prove us wrong? Give us a list of your triumphs?

[jl9] 24/5/2018 16:15

Just as I thought.

[chucko1] 24/5/2018 16:06

JL9, is that truly the extent of your intelligence?

[chucko1] 24/5/2018 16:02

ChuckoI, how come you crave my body?

[chuckol] 24/5/2018 15:56

Well, I wondered how long I could get away with it. Old JL9 of all people is the first to spot the deception. Where are all the Oxford crowd? You're all supposed to be cleverer than me.

I really really hate Woodford. I am a much better and more knowledgeable fund manager than him. They just didn't give me the chance. They wanted profits in the first 4 years. Nobody can deliver that.

[chucko1] 23/5/2018 13:19

solonic, it appears to be coming from multiple angles.

Of course, if you really think that all the critics of the “Unchallengable Woodford Concept” is only one unique source, then your powers of reason are far from developed.

I am not saying that £4bn or so of withdrawals from his Income fund proves anything in of itself, but that indicates a lot of separate angst about the direction of travel.

I am not trying to kid anyone at all - I am merely expressing a view from a long term fan of Woody’s. Take it at face value and if you are unable to do that, too bad.

[solonic] 23/5/2018 12:23

"All this other noise" is coming from one person only! You surely cannot believe that you are kidding anybody?

[chucko1] 23/5/2018 11:51

Yes, I still like quite a few of his holdings, but it’s the squeeze he’s been exposed to that concerns me. His pick in NRR, and its increased holding even as the fund diminishes in size is also one of my own and I own a slug of that.

But in WPCT, I share the view that other such funds may be more attractive, such as ATS or Unicorn UK Growth. Woody might argue that they are attempting to do something a little different, but the former do seem to just get on with the job rather than all this other noise.

[ltcm1] 23/5/2018 10:48

Benchmark was tipped by the IC this week and Purp is doing well. It isn't all doom and gloom by a long way for WPCT.

On the income side PFG was also tipped by IC. The housing market seems to be picking up so Woody's housing and commercial property picks might start to do well too.

[chucko1] 23/5/2018 09:45

To be fair, one of his small picks, Brave Bison, did advance 358% yesterday! This is in the income fund, and is something that he started with at Invesco.

On the matter of the borrowing of £170mm in his Equity Income fund, that represents roughly 2.5% of the fund. Given that he would seemingly wish to control the timing of share sales (cannot control the timing of the redemptions!) it makes sense to have such a facility.

For a typical fund with incidental redemptions, simply selling the shares on some proportionate basis would be the natural route. My issue is that Woody is that he is not entirely in control of his portfolio picks, and is dressing this up as a worthwhile exercise in picking the “best of the best”. Well, to a point, but when I look at the composition of the equity income fund (I prefer the Focus fund) I see holdings in the top 10 that I feel have no place, such as BenevolentAI, whatever its true value.

[chuckol] 23/5/2018 08:51

Well said, winnie/topvest. I'm with you 100% as ever!