Woodford shares hit record low

SHARES in Neil Woodford’s investment trust have hit a low in yet another blow to the once-feted fund manager and his followers.

Woodford Patient Capital Trust fell a further 4.1pc, or 1.7p, to 39.7p – taking losses since the peak four years ago to more than 66pc.

The stock market-listed trust, which raised £800m from investors when it opened in April 2015, has been caught up in the crisis engulfing the once-renowned fund manager’s empire.

In June, the 59-year-old stopped savers withdrawing money from his flagship Equity Income fund, denying them access to their nest eggs.

However, Woodford Investment Management has continued to charge them fees, collecting £8.3m so far – or £65,000 a day. The fund is expected to remain closed until the end of the year.

Woodford has been criticised by MPs, regulators and investors for the crisis at Equity Income. But savers with shares in Patient Capital have also lost out.

The shares are down 50pc this year as investors lose faith in Woodford and his strategy.

Last week he apologised to the trust’s shareholders, saying he was ‘very sorry’ for the performance. But with shares trading at a 36pc discount to the underlying value of the assets held by the trust, the Patient Capital board is under pressure to fire Woodford.

The trust, chaired by Susan Searle, repeated last week that the board was talking to other potential managers because of his poor performance.

Meanwhile, the value of Woodford’s Income Focus fund, the smaller sister to his suspended Equity Income fund, has more than halved since the beginning of June.

It is worth just £246.5m, down from £494.3m, as several of its holdings have performed badly and worried investors have pulled out savings.

Analysts said the trust’s shares were at an all-time low as ‘people have clearly lost faith’.