LONDON (Alliance News) - Woodford Patient Capital Trust PLC on Tuesday said it has performed well since its inception in January, with its share price currently trading at a premium to its net asset value per share.
The FTSE 250-listed trust, which is run by former Invesco Perpetual fund manager Neil Woodford, said it has deployed three-quarters of the GBP800 million it has so far raised and expects to be fully-invested by the end of the year. The fund was created in January and was floated in London in April, raising GBP800 million after it upped its initial fundraising target due to strong demand.
Its net asset value per share at the end of June was 101.86 pence, while its share price ended the period at 113.5 pence.
"Since April's launch, we have been actively building the portfolio and it is already taking shape. Initially, our activity was focused towards building exposure to the mid and large capitalisation businesses that account for about a quarter of the portfolio," said Woodford.
"We are pleased with the shape of the portfolio and by the positive, albeit early, net asset value progression. More importantly, we are pleased with the operational progress being made by our investee companies and very excited by the long-term potential that they collectively represent," he added.
Shares in the trust were down 2.9% to 115.816 pence in early trade, one of the worst performers in the FTSE 250.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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