Woodford targets annual return of 10% plus with Patient Capital launch

Woodford Investment Management (WIM) is seeking to raise an initial £200m for the launch of the Woodford Patient Capital investment trust, a portfolio of 50-100 quoted and unquoted businesses.

Contrary to speculation that manager Neil Woodford’s second offering at WIM would focus wholly on biotechnology companies, the trust will invest broadly in firms with “outstanding” intellectual property, including those higher up the cap scale. Early-stage investments, which are eventually expected to constitute 75% of the portfolio, will centre on areas such as “disruptive” alternative finance as well as medical science firms. Aimed at investors with a five-year time horizon, the trust will charge no management fee, instead levying a performance fee that will be payable in ordinary s...