Wise Funds offloads Woodford Patient Capital stake

Lessons learnt

Wise Funds said it has sold its holding in Woodford Patient Capital and apologised to investors in its TB Wise Multi-Asset Growth fund for the 1.8% of performance the investment cost since it was bought in March 2018.

Vincent Ropers, manager of the Wise fund, said it decided to liquidate its entire holding in WPCT on Tuesday (15 October) afternoon after the winding up of the Woodford Equity Income fund (WEIF) "significantly increased the risk in WPCT". Ropers said he was "disappointed to have needed to take this course of action". He added: "We remain convinced we were correct in our assessment of the holdings in the trust and Neil's ability to manage such assets. Our initial entry point was also a long time away from the hype surrounding the launch. "However, we underestimated the impact large ...