Neil Woodford’s (pictured) investment trust has suffered another hit to its net asset value (NAV) as three more of its holdings are marked down.
The board of Woodford Patient Capital Trust confirmed a trio of stocks, which it did not name, had been re-valued following a valuation conducted by the authorised corporate director Link and IHS Markit.
This resulted in a 3.1p hit to the trust’s NAV.
Woodford Patient Capital’s shares fell 7% to 42.05p in the first hour of trading on Thursday but had edged back up to 43p by mid-morning. Its share price has nearly halved this year following the blowback from the suspension of the Woodford Equity Income fund.
“These valuation adjustments reflect the challenging fundraising environment for these businesses which may impact their ability to or the level at which they may be able to raise capital in the near-term,” the fund board said in the RNS announcement.
Woodford Patient Capital is due to publish its interim results for the six months to 30 June 2019 next Monday.
The £409m trust has seen several of its holdings re-valued in recent months.
Benevolent AI was revealed to be the mystery holding that was written down by Link two weeks ago that resulted in a 4p hit to NAV after an investment from sovereign wealth fund Temasek cut the company’s valuation in half. Analysts had been speculating that any number of companies, including Oxford Nanopore, Atom Bank, and Immunocore, could have been the culprit.
Cold fusion company Industrial Heat also knocked 3.4p off the trust’s NAV when it was written down in August.
Woodford Patient Capital is down 45.07% year-to-date against the FTSE All Share’s 12.75% gains.
