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 Shares Traded Last Trade
  +0.10p +0.14% 73.20p 3,839,473 16:29:38
Bid Price Offer Price High Price Low Price Open Price
72.80p 73.20p 73.60p 72.80p 73.10p
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 1.3 -0.7 -0.1 - 605.36

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Date Time Title Posts
17/3/201811:44::: WOODFORD PATIENT CAPITAL TRUST :::2,246
15/2/201810:12Woodford Patient Capital Trust191

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Woodford Patient Capital (WPCT) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2018-03-16 17:06:3173.2075,00054,900.00O
2018-03-16 16:50:0973.201,055772.26O
2018-03-16 16:37:3272.90500,000364,500.00O
2018-03-16 16:35:0573.20105,44477,185.01UT
2018-03-16 16:29:3873.2096.59AT
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Woodford Patient Capital (WPCT) Top Chat Posts

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 73.10p.
Woodford Patient Capital Trust has a 4 week average price of 72.70p and a 12 week average price of 72.70p.
The 1 year high share price is 106.50p while the 1 year low share price is currently 72.70p.
There are currently 827,000,000 shares in issue and the average daily traded volume is 2,249,131 shares. The market capitalisation of Woodford Patient Capital Trust is £605,364,000.
ltcm1: hpcg my suspicion is a lot of these posters work for Woodford unquoteds and are rightly desperate for Neil's donations to continue. You also said the WPCT price going forward shall be the final arbiter. However there is always the Woodford defence - the market does not understand us and is therefore wrong!!! In fact it may be a signal to buy MORE! For details see AA PFG Capita etc etc.
daffyjones: @topvest "Can someone name an unsuccessful investment that Woodford admitted he got it wrong and actually sold rather than being anchored to his original investment thesis?" Rolls Royce comes to mind. He was a long term holder, owning 2.3% of the company, but the share price fell from a high of £12.71 in January 2014 to just £5.13 in December 2015. Over those two years Woodford posted a number of his usual bullish statements claiming the market was wrong and he was right - e.g. in October 2014 when the price was still over £9 he stated "the market has clearly focused on the short-term disappointment of last week’s statement, we believe that in so doing, it is ignoring some meaningful long-term positives. The shares are now more attractively valued than they have been in some time". He eventually sold his entire stake in Rolls Royce right at the bottom, in December 2015, when the share price was just over £5, citing "material downgrades to profit and cash expectations, and to such an extent that it is now likely that the dividend will be cut in 2016. This has shaken my confidence in the investment case and so the position has been sold across all mandates." RR shares are now trading at £8.17, 60% higher than when Woodford sold up. He managed to time it so he sold at the very bottom.
cc2014: So, Woodford buys another 2m shares taking his holding to 24% and getting closer to 30%. By the nature of the RNS he must have been buying at least 0.5% of them yesterday so he's causing the short squeeze himself. I watched him do this on Sphere Medical until he reached 29.9% at which point he couldn't buy any more and the share price collapsed to less than 1p. His loss ranged from 90% to 99%, unless of course you perceive he's got a bargain as he's now taken it private and owns around 80%. He's been supporting the share price with his buying for a long time now on PFG. They better deliver some profits for him else the bondholders will want out as the expiry dates arrive.
cynicalbear2016: itcm1 - when Woodford has to get rid of a whole load of unquoted stock in second half of 2017, he swapped it with “similar”; quoted stock which is why EIF ended up with all of WPCT’s IP Group holding abs well as Eve Sleep and loads of others. And no that doesn’t mean that WPCTs holdings are better as it got the bum end of that deal. For a start it ended up with £50m worth of Benevolent AI at a valuation of over £1bn which is absolute nonsense. Read my stuff on share price more detail.
hpcg: bookbroker - If one is a long term large investor in large cap companies it is irrational not to lend at least some stock. Not only does it provide extra income, but also an exit mechanism should one want to. This isn't Woodford's problem at all. His problem is his stock picks in the first place. He is picking good dividend payers on low valuations by profit. He does not apparently look at debt and EV related metrics, return metrics, operational metrics, or cash related metrics. It is beyond naive in this day and age. p1nk - I don't think IFAs are likely to promote this trust, more use the Woodford name for certain types of retail client. It isn't just IFAs, Hargreaves Lansdown are very big on the named fund manager concept; see this promotional piece on their from page: httPs:// Woodford funds are still in their Wealth 150+ list despite 4th quartile performance. jonwig - Syncona looks like it could (stress on the could) be a massive short, based on the disconnect between the NAV and the share price. Dividend adjusted NAV direction and relative discount are the only two metrics to sensibly judge a trust. One way of using trusts is to buy when NAV is consistently increasing as that suggests the investment style is now in vogue and money flow is your friend. Lucky Mouse has some excellent work on his IT trust board (ticker IT). On that count the investor in SYNC are way less rational than WPCT investors. The NAV started falling in October, yet the share price carried on up. Unless there is hidden success not counted for in the NAV, for example an exciting phase II trial result in a portfolio company, it looks absolutely mad.
cc2014: Andy. Take a look at the PURP and PFG intra-day share charts for the last couple of days and you can see they aren't normal. Not normal even for these moves on day. PURP is obvious on the day the ability to short got withdrawn and why PFG rebounded surely can only be the same thing. PFG is sinking now again and it started just before 11. No link to the FTSE chart, no link to news I can see. Now, think about it from a hedge fund's point of view. You were short and just been force closed. You're not happy. It's cost you money. You still think it's a short, the trade is still good and you want revenge on Woodford. It takes you a day or two to mobilise another party to borrow from. You are emotionally involved now. Alternatively of course, it might not be Woodford lending the shares. It could simply be someone long who decided they didn't like the trade any longer and therefore they couldn't continue to lend the shares. Perhaps they see what the share price will do if he has to start selling through forced redemptions and wanted out first. Who knows but the share price movements are not normal
cc2014: Interesting post from a couple of posters on the PURP thread. City Index forced closed their shorts as the stock they'd borrowed got recalled. Take a look at both the PURP and PFG in the first couple of hours this morning as the rise does not in any way match the FTSE movement. I venture to suggest the shares were being borrowed from Woodford who's deciding lending out his own stock is depressing the share price. Or maybe he saw a way to get the share price up.
hpcg: chinahere - the modal proportion of each component is somewhat under 1%, but for ease lets call it 1%. If one of those companies spiked in value 10 fold the NAV of the trust would rise 9%. This trust is not how VC works. Silicon valley VC funds run with about 5 investments at any one time. More come through the books but failures are discarded quickly. All concentration is on the best performer. It is a highly concentrated approach. They aim for about a third wiping out, a third break even and a third better than doubling. WPCT is constructed somewhat similarly, with beta provided by Prothena and Purple Bricks. For those whom wet the bed about shorters, remember that an investment trust is a derivative. The value of a trust is linked to its NAV. Shorting the share of a trust does not short the underlying and thus does not in anyway alter the NAV. The worst that shorting can do is widen the discount between the share price and the underlying NAV. It says much of the pretend ignorance of the long only industry pump merchants which proliferate on message boards that they have to obfuscate shorting mechanics by conflating the movement of a share price with the operations of a business, or in this case the derivative value derived from the operations of many businesses. These same shills will then go on about Buffet's strategy of imagining the stock market to be closed for 5 years.
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.
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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