Woodford's 'great confidence' as Patient Capital trust reports NAV decline

Emphasis on 'early-stage' investments

Neil Woodford, manager of the Woodford Patient Capital Trust, has said he views the future with "great confidence" as the board of the trust reported a decline in NAV in its first year.

In the annual report, the manager said he is "tremendously excited" about the future of the portfolio's investments, particularly in the unquoted end, but added he would prefer to be reporting positive performance. In the portfolio manager's review it said: "The company's net asset value ended the year at 97.38p per share on a cum income basis, a slight decline on the issue price of 100p per share. "Clearly, we would prefer to be reporting on a period of positive progress for the portfolio in net asset value terms, but it is still very early days for this long-term strategy and perfor...