A very, VERY patient bet on Britain’s star fund manager

TRUST WATCH Woodford Patient Capital Trust WHAT DOES IT DO?

Launched last year by renowned fund manager Neil Woodford, the trust aims to deliver growth over the long-term.

WHAT DOES THE MANAGER INVEST IN?

This fund gives Woodford space to focus on his passion for early-stage science and biotech firms.

Many of them are start-ups and not listed on the stock exchange, which means this a riskier choice. Top investments include online estate agent Purple Bricks and antibody developer Prothena.

WHAT DO THE EXPERTS THINK?

Ben Yearsley, director at Wealth Club, says: ‘The name says it all with this trust. It is for a very longterm investment with lots of small, unquoted, higher risk investments.

‘Some investors may feel disappointed with the lacklustre performance since the launch but unquoted investments take many years to come to fruition. Don’t expect fireworks. If you are investing you need to be prepared to stay put for the next decade to get the best results.’

WHAT DO THE EXPERTS LIKE?

With no fixed annual charge, the management fee is instead linked to a tough performance rate.

That means investors are currently getting a free ride. If they believe in Woodford’s ability and are prepared to wait then they could be well rewarded.

AND ARE THERE ANY DOWNSIDES?

Few investors will have the patience for this trust and will be more inclined to opt for Woodford’s tried and tested Equity Income fund.

The trust is down about 10pc since it launched, which is particularly bad news for those who paid a premium to invest.