Share Name Share Symbol Market Type Share ISIN Share Description
Woodford Patient Capital Trust Plc 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
  1.75 5.65% 32.75 32.75 33.00 34.05 31.45 31.45 2,360,034 16:29:56
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 0.0 -3.8 -0.5 - 298

Woodford Patient Capital Share Discussion Threads

Showing 11501 to 11519 of 11675 messages
Chat Pages: 467  466  465  464  463  462  461  460  459  458  457  456  Older
DateSubjectAuthorDiscuss
08/11/2019
20:07
A top UK fund manager and former protégé of Neil Woodford has been forced to apologise to investors over his performance after a leading rating agency flagged similar concerns to those that brought down the fallen star investor. Mark Barnett, Invesco’s senior fund manager in the UK, was stung by the downgrade of his £6.1bn High Income and £2.7bn Income funds this week by consultants Morningstar. The funds, which include investments by thousands of UK savers and pension funds, were formerly managed by Mr Woodford before he left to set up his own business six years ago. https://www.ft.com/content/8dd74cca-022c-11ea-b7bc-f3fa4e77dd47
jonwig
08/11/2019
14:49
More a bye.
spectoacc
08/11/2019
14:44
this must be a buy
jimbo11
07/11/2019
13:56
Thanks @Solomon, yes, that seems to be all there is so far. Was very clear at the time when it was happening and a lot of posts about it (on the old thread now). Hoping he goes on to talk about who set the valuations, and how they were set, as that makes the difference between IIF and WEIF. WEIF would have looked much worse. The scandal, of course, is that Neil continued to claim he was investing as per the previous strategy - "Once in 30 year UK value opportunity" etc - whilst having a Top 10 consisting of the likes of BUR, Autolus, Benevolent, IH Immunopharma.
spectoacc
07/11/2019
13:50
@SpectoAcc - Comparing 2014 style with the eventual 2018 makeup of the portfolio told me a lot that I didn't know. I guess you are already well informed.
solomon
07/11/2019
13:40
Hour and 20 mins long! Anything in it we've not all already said? Edit - not too impressed so far, but will keep listening. Is trying to tell me what a great investor Neil used to be, rather than pointing out he generally underperformed but for two massive and successful calls - no tech in 99/00, and no banks in 08. ...And investors aren't "stuck" in the Patient Capital Fund -they can sell anytime they like.
spectoacc
07/11/2019
13:36
Very useful video from Stockopedia: hTTps://www.stockopedia.com/content/what-went-wrong-at-woodford-a-forensic-investigation-527136/
solomon
07/11/2019
12:01
BP cashflow is great, but renewables - are you sure? Would be like buying the tobaccos for next gen - growing, but miniscule part of the business. You'd pick the oils over Woody's sub-prime lenders mind.
spectoacc
07/11/2019
11:02
@ Spec - I know it's off-topic, but I'm seriously considering buying BP, for its investment in renewables. As usual, the protesters and the Labour Party are behind the curve. Not yet, as I want more clarity on what our next government will look like.
jonwig
07/11/2019
10:20
Mark Barnett seen two funds of his downgraded by morningstar - more Woodford fall out 'Concerns about the funds high exposure to smaller and illiquid companies have sparked the change as well an increasing number of stock selection issues which have caused analysts to have a lower level of conviction in the fund.'
1oughton
07/11/2019
09:37
BlackRock still dribbling out PFG, done well to offload IMO.
spectoacc
06/11/2019
19:01
timnet, The top 10 holdings can be found here: Https://static.woodfordfunds.net/prd/2019/09/wpct-trust-facts-woodford-funds-082019-1568793810.pdf What price to put on Rutherford Health for example? Some have suggested it should be a zero. (And I apologise but I was working off of old information - Oxford Nanopore is no longer the top holding, it's only the 4th.) JakNife
jaknife
06/11/2019
18:17
As with so many things Woodford, the buzz around Oxford Nano was that their only competitor was valued at $60BN, so on that basis it made the £1.5BN look trivial. How many of these cleverly weaved stories did we hear over the years from Woodford's empire??? World domination only seemed a tantalisingly short distance away, be it plastic pallets or washing machines, a cat allergy cure, capturing the Salmon fertilisation market, the estate agency market, the male pill, a new jet engine, cold fusion, an algorithm that would save billions on clinical trials, the list went on... He was like Paul Nicholls turning up mob handed for the Tingle Creek!!!
ltcm1
06/11/2019
18:15
My original question was: "Anyone know if there are any other significant revaluations still to be made by Link, and if so which ones?" The only direct responses have been: "But in terms of your question - ie other significant revaluations - they'll likely occur on WEIF's impending sale of the unlisteds/unicorns. Some suggestion that might be only another c.20% or so off." (SpectoAcc) and "The largest position is Oxford Nanopore - worth 8p on NAV. The most recent fund raise valued the business at £1.5bn. Yet it has sales of a mere £33m and most recently generated an EBIT loss of £63m. It has enough cash to last around about 12 months." (JakNife) Thank you for these comments. Anyone else care to add to this?
timnet
06/11/2019
16:42
Had an interesting "debate" with someone over on CityWire re "What if one of these co's WEIF is being forced to sell turns out to be worth billions". They've already been putting several of them in the NAV at billions :)) To be fair, Oxford Nano don't seem too bad a business, albeit another "Oxford industrial estate" one. But not at a made up 10 figs.
spectoacc
06/11/2019
16:41
Neigh, neigh, Dobbin.
harijan
06/11/2019
16:39
Industrial Heat wasn't even the largest illiquid holding in the WPCT portfolio. The largest position is Oxford Nanopore - worth 8p on NAV. The most recent fund raise valued the business at £1.5bn. Yet it has sales of a mere £33m and most recently generated an EBIT loss of £63m. It has enough cash to last around about 12 months. It's difficult to see how a valuation of £1.5bn is justified, if WPCT can sell it's stake at more than 10% of that implied valuation then I'm a horse!
jaknife
06/11/2019
16:03
@timnet - largely agree with @ltcm1 but there are a few listed holdings (Autolus for eg), and some that have a reasonable amount of value supported by other investors (eg Atom Bank). But most of the junk (listed it in a post somewhere above) is either valued by later funding rounds from other WIM entities, or finger-in-air nonsense from Link. The issue for WPCT isn't so much the Not Asset Value, as the debt. If that OD doesn't get rolled over - and even if it does, as it won't be rolled permanently - where will WPCT raise the money to pay it off? They've already sold much that has a realisable value (eg OSI, half AUTO). Also worth remembering Woody's investment record - beyond bad in WEIF, no reason to suspect there's winners in WPCT. But in terms of your question - ie other significant revaluations - they'll likely occur on WEIF's impending sale of the unlisteds/unicorns. Some suggestion that might be only another c.20% or so off. But don't think that makes WPCT good value - sticking to my final value of 0-20p. Amazing that Woody still has supporters on here, after all that's been predicted - and has happened.
spectoacc
06/11/2019
15:47
timnet the NAV is a pointless, meaningless number because it only ever represents hope value here. None of these companies pay dividends or even have any assets beyond their labs and company formation, which admittedly do have some value on the open market. The only basis for buying into this fund is you have done your numbers on future returns - but clearly that is all but impossible here. I think you have to believe in the science to invest, there isn't any traditional way of valuing what they are doing, much like with the dot-com companies.
ltcm1
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