LONDON (Alliance News) - Woodford Patient Capital Trust PLC on Tuesday said it was more optimistic on the outlook for investments than before and said it will pay a dividend for 2015.
The FTSE 250-listed trust, which floated in London in April 2015, will pay a 0.16 pence per share dividend for the full year.
The fund's net asset value per share declined 2.6% to 97.38p from the fund's inception on January 26 to the end of December, but Woodford Patient Capital said its portfolio was now fully invested and the investment opportunities it found were "better, deeper and richer than initially thought".
"We have invested in some incredible businesses with massively disruptive technologies and high-growth potential. Some of these businesses may take a long time to fulfil their potential, but the stock market is not well-endowed with patience, particularly in volatile conditions," said Neil Woodford, the head of investment for Woodford Investment Management LLP, the manager of the fund.
"Periodically, this manifests itself in share price weakness, especially in businesses with no earnings or dividends and relatively limited market liquidity, but therein lies the opportunity for patient capital to exploit. The portfolio is in excellent shape and we continue to view the future with great confidence," he added.
Woodford Patient Capital Trust shares were flat at 88.50 pence on Tuesday morning.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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