Seneca tops up Woodford Patient Capital holding on sell-off

Selective and opportunistic

David Brenchley
clock • 4 min read

Seneca Investment Management's Richard Parfect has been buying into Woodford Patient Capital (WPCT) during the fallout from the gating of Woodford's open-ended fund and said the trust should levy an annual management fee.

The suspension of Woodford Equity Income fund last Monday (3 June) kicked off a difficult week for Neil Woodford, which ended with the loss of key backers of the under-fire stockpicker. Woodford Equity Income: How we got here The fallout impacted Woodford's closed-ended offering, which invests mainly in unlisted, early-stage UK companies, too. WPCT's share price ended Friday at 62p, 19% below the level it began the week. The discount to net asset value (NAV), meanwhile, widened to 25%, from 14%. Richard Parfect, fund manager at multi-asset investment house Seneca, told Investment W...

To continue reading this article...

Join Investment Week for free

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now

 

Already an Investment Week
member?

Login

More on Investment Trusts

Trustpilot