The board of the £752m Woodford Patient Capital Trust (WPCT) is proposing a number of changes to its investment objective, which would give manager Neil Woodford greater powers to keep pace with maturing companies in the portfolio.
The changes would allow the manager greater flexibility to use gearing and hold investments outside the UK, with fewer restrictions on the size of companies held and whether they are listed or unquoted. Currently, up to 60% of net asset value can be invested in unquoted companies but the board wants to increase this to 80%. The restriction for investment in non-UK companies to be limited to 30% of NAV at the time of investment will also be removed. The proposals come within its annual results for 2016, which show the trust's NAV per share fell over the period by 4.2% from 97.4p to 93....
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