Kind Consumer Backed by Woodford Star Fund Manager
Woodford Patient Capital 90% invested
15 September 2015
Star manager Neil Woodford's Patient Capital Trust is now 90% fully invested.
The trust had 20% in early growth companies and 42.8% in early stage companies at the end of August, with the remainder in mid and large cap stocks. Woodford's cash position has fallen from 26% at the end of June to 9.7% at the end of August, as the manager puts assets to work.
Around 29% of the portfolio is in unquoted stocks, with a sizeable 60% allocation to healthcare stocks, followed by financials at 17.2% and industrials at 7.6%.
Clinical stage biotech stock Prothena is the largest holding in the trust at 4.9%, followed by an unquoted biotech company Immunocore, which was added in July, and US biotech company Verseon, which both have positions of 4.2% a piece. ReNeuron, a clinical-stage stem cell business, represented a new entrant into the trust's top 10 in August.
The star fund manager is also backing Kind Consumer, which develops medically authorised products for licensing into consumer and pharmaceutical markets, and Hvivo, a clinical study operator formerly known as Retroscreen Virology.
After a record £800 million launch in April, the trust has £845 million in assets. The trust is currently trading at 114.6p, representing a 12% premium to net asset value. Last month, Woodford's boutique issued 4 million additional shares to meet investor demand.