Woodford Patient Capital Share Discussion Threads

[jonwig] 24/11/2018 07:50

This is the whole portfolio:



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From memory, the 80-20 commitment was at the start of the trust, when he was not fully-invested. I don't think it was meant to be permanent. The investments produce no dividends, as can be seen from the published daily NAVs: NAV ex-income is the same as NAV cum-income every time, I think.

You can check the debt position from the accounts. At 30/06, net assets £760.347m, bank overdraft £136.280m, so 17.9%. There's an additional deficit of £10.8m on foreign exchange hedging which may or may not become relevant if a dollar position blows up.
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As I've said before, no-one from SPs posts here, for the simple reason that articles have been written behind SPs paywall whose material has not been posted here. There's some notion here that everything would be fine with WPCT were it not for organised 'de-ramping' by SPs. This conspiracy theory flies in the face of all the evidence; it's beyond stupid.

[ltcm1] 24/11/2018 00:14

LOL.

Dividends are so last century Henchard.

[henchard] 23/11/2018 22:47

"it is 80% unquoted here and a 20% overdraft running at WPCT."

Are you sure? It doesn't sound like the strategy in the prospectus investors signed up for. Max 60% unquoted surely. And is the overdraft not more modest than that? A temporary dip into the red before the next wave of dividends from the FTSE 350 holdings comes in perhaps?

[ltcm1] 23/11/2018 22:00

Henchard it is 80% unquoted here and a 20% overdraft running at WPCT.

My thoughts are that Woodford has no expertise or talent in this field, his whole 'career' revolved round a number of heavily weighted macro calls on traditional big stocks.

At launch he made huge play on how he was following ALM since his days at Invesco took him to the idea of championing British Biotechs and disruptors. However ALM itself has decended into farce since, it's shares crashing from 600p to 40p today.

Woodford is himself a failed pilot, it sounds like the fund management was just a case of 'right place right time.' So it is perhaps not surprising his own funds have struggled to take off.

ALM has crashed and burned. My conclusion is it is a leading indicator for WPCT.

[lewis121] 23/11/2018 21:25

Henchard, a warm welcome to the board. So far the performance of these young growth stocks is more "die young, stay pretty". I jest of course; we are patient folk.
The prospectus didn't say it was going to be so biotech, ie roulette.

[topvest] 23/11/2018 21:17

Rubbish. I'm sure TW has better things to do with his time.

[topvest] 23/11/2018 20:43

Hmmm - investing in illiquid blue sky stocks, at high valuations, that eat cash and then employ significant leverage through external borrowings may have something to do with it!! The share price is actually performing very well given the rubbish in the portfolio.

[henchard] 23/11/2018 20:26

I was looking for an IT offering something a bit different and having read the prospectus of this one, the target breakdown looks quite appealing to me, with 25% mid and large caps, 25% early growth and 50% early stage.

I like the idea of exposure to young growth companies, while having 25% in FTSE 350 stocks sounds sensible as it will provide some stability and liquidity. The 60% limit on unquoted companies and aversion to deploying long-term gearing also sound like good risk management to me.

I see the shares are down from the prospectus price and have also been quite volatile. Any thoughts on why the strategy so far hasn't delivered on the target 10%+ per annum return?

[ltcm1] 23/11/2018 19:18

Any Questions is from Somerville tonight.

Some say Tom knew every bedpost in the college when he was a studying. As Michaelmas Presidente of the Lib Dems you could say all his Christmases came early that term. Tall, handsome, a charming voice and wonderful orator, he captivated ladies wherever he went like a young Bill Clinton.

So it is no surprise teenage jealousies are still being resolved on these pages.

LET IT GO!!!

[ltcm1] 23/11/2018 14:37

Good to hear for you PUG, I recall you writing some eminently sensible posts on the Stanley Gibbons thread a few months back.

I would urge you to stay grounded when viewing these pages, unless that is you believe in air breathing rockets, cold fusion and that Mr Woodford has cracked cancer.

Put it this way, if Elon Musk ran an investment fund he would pretty well have come up with WPCT.

Which could ofcourse be a jolly good thing. Or it could hit you in the wallet like an Antony Joshua right hander.

[ltcm1] 23/11/2018 12:46

Potential for a short???

[pugugly] 23/11/2018 11:04

ALM hitting new all time low but WPCT mentioned by Peel Hunt as potential in their Top Ideas review of Investment Companies

[saltraider] 23/11/2018 10:37

Winnifroth! You're such a card! Ho, ho, ho.

[ltcm1] 23/11/2018 10:34

Thanks Daffy.

Today's question:

If the Income funds blew up and were Woodford to make a tearful apology on film, would your investment in WPCT be unaffected???

Or would you think 'cripes this bloke's "LOST IT", he made a vast amount of duff investments in 2015 so his WPCT picks are most likely going to head down the gary glitter too.'

Please give your thoughts on this most intrieging of questions.

As Dr Frasier Crane says - "I'M listening".

[harijan] 22/11/2018 22:55

Neither Kier Group nor New River Reit is in the WPCT portfolio, of course. Dafty, as ever, was attempting to deceive or, more likely, is woefully ignorant of all Woodford matters.

This, of course, is the WPCT thread. It says so on the tin regardless of what the 2.5 trolls (the only ones on the thread, remember) might claim. WPCT is on an upward trend since the dafties started trashing it.

Tomfoolery, yes, but also Tommyrot and jonwiggery-pokery.

[saltraider] 22/11/2018 22:21

Sorry daffy ... which 'Woodford' is it that has a holding in NewRiver REIT, Kier Group, etc?

I'm only interested in WPCT.

Since you haven't taken the trouble to be more specific and are a well-known mischief maker (a.k.a. liar), my naturally cynical assumption is that WPCT isn't invested in either of these companies.

Please let me know if I am wrong.

[daffyjones] 22/11/2018 21:50

Interesting news out today that George Soros has taken out a multimillion pound short position on NewRiver REIT, as well as other British companies such as fellow Woodford holding Kier Group which are set to lose out after the Brexit Armageddon.

Soros correctly predicted the FANG crash over the last couple of months, selling out his entire stakes before the October crash. He also successfully shorted Carillion before they went bust.

Woodford owns 24% of NewRiver, whose share price has already fallen 32% this year.

So who's right. Soros or Woody? There's only one way to find out... FIGHT!

[solonic] 22/11/2018 14:26

Could it have been caused by tomfoolery?

[chuckol] 22/11/2018 12:14

Sounds as if it was genuine really bad luck that caused it, though, and not jonwiggery-pokery. LOL LOL

[jonwig] 22/11/2018 11:47

@ ltcm1 - yes, I read about that a day or two ago. The article fails to mention that the investors have lost everything and then some. Thanks to the derivatives structure they've a large bill to come (selling naked call options).

Comparison with NW would be most unfair.