Seneca tops up Woodford Patient Capital holding on sell-off

Selective and opportunistic

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...