Manager Neil Woodford has said he is pleased the progress made by companies in his £859m Patient Capital investment trust has started to be reflected in valuations, but said performance is "insubstantial in the context of what is to come".
After a difficult start for the trust, which launched in April 2015 and invests in quoted and unquoted companies, the board reported a stronger set of results for the first six months of 2017. The trust's share price rose by 7% and its net asset value (NAV) by 8% over the period, compared to falls of 9.9% and 4.2% respectively for the whole of 2016. During the first six months of the year, the company traded at an average 5% discount to its NAV, although this has now narrowed to 0.62% according to Winterflood. Woodford's trust aims to deliver a return in excess of 10% per annum ove...
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