Seneca tops up Woodford Patient Capital holding on sell-off

Selective and opportunistic

David Brenchley
Richard Parfect of Seneca Investment Management

Richard Parfect of Seneca Investment Management

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...

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