£3bn of investors’ money was frozen after serious concerns arose – including from TISE – over listings that the fund had on our stock exchange.
It meant that the Woodford Equity Income fund breached the 10% limit on the amount of unquoted stocks a fund can hold.
Portfolio Manager Neil Woodford’s position is reportedly likely to face the sack from his eponymous firm, despite a late attempt to get shareholders on side.
Woodford Patient Capital reported a net asset value of £654 million on June 30, representing a 26% fall since the start of the year, with further decline since.
“Shareholders have endured an extremely disappointing six-month period, for which I am very sorry,” he said. “While shareholders can be forgiven for thinking there are no positives, I continue to believe that the majority of the businesses we have invested in are making good progress, in line with our pre-agreed milestones.”
“The journey to positive outcomes has been longer and more painful than investors would have liked, or anticipated, but the returns to be gained by delivering on the progress, I believe, will ultimately reward the patient investor.”