The bottom-fishers smell an opportunity. Woodford Patient Capital (WPCT) was the most-bought investment trust on interactive investor’s web platform during June, as bargain-hunters sought to cash in on its plummeting rating. But will the opportunists make a killing – and should you join them? Or will Patient Capital’s new shareholders rue the day they ignored that old stockmarket adage about never trying to catch a falling knife?
Almost a month after his Woodford Equity Income fund was suspended, Neil Woodford has released a video that attempts to answer major questions about the future of the fund.
Asked when the fund will resume trading, Woodford gave no clear indication, noting that there was “no prescribed limit” for how long it can remain suspended.
The board of Woodford Patient Capital (WPCT), Neil Woodford’s investment trust investing predominantly in early-stage companies, has announced plans to reduce gearing levels and reduce the discount.
Following discussions with shareholders, the WPCT board plans to address a number of concerns, including gearing levels, the share price discount to net asset value (NAV) and “ongoing developments” at Woodford Investment Management.
In the wake of the Neil Woodford debacle, the Investment Association has proposed a new fund structure to provide investors access to illiquid assets.
Brokers’ buy lists are once again under the spotlight, following the controversy surrounding the lockdown of Neil Woodford’s flagship Woodford Equity Income fund at the beginning of June.
The Financial Conduct Authority (FCA) has confirmed that it has opened an investigation into the Woodford Equity Income fund.
In an email to financial advisers, Neil Woodford has apologised for suspending trading of the flagship Woodford Equity Income fund and accepted some responsibility for the fund’s poor performance.
James Anderson, manager of Scottish Mortgage investment trust, has joined the growing chorus of calls for Neil Woodford to cut management fees for investors stuck in his Woodford Equity Income fund, which suspended trading last week.
In the wake of the suspension of Woodford Equity Income, new rules could be introduced for open-ended funds that hold illiquid investments, according to Andrew Bailey, the head of the Financial Conduct Authority.
Following a wave of investors pulling out their money, Woodford Equity Income suspended trading, being unable to sell unlisted stocks fast enough to meet redemptions.
Neil Woodford has lost the support of two big supporters after his move to block investors from accessing their cash earlier this week.
In a move that has rocked the fund management industry, Woodford opted to close the doors of his main fund - Woodford Equity Income - in order to give himself “time and space” to raise money to fund investor redemptions.