Woodford Patient Capital (WPCT) is currently the most shorted investment trust in the FTSE 350, after hedge funds upped their bets against the closed-end vehicle run by beleaguered stockpicker Neil Woodford.
With faith in the fund manager having taken a hit since the open-ended Equity Income was suspended last week, WPCT's share price has plummeted, touching 59p on Monday. Having closed at 76.5p this time last week, the stock is down 23% in the past seven days. Its discount has widened to 28%. Woodford Equity Income: How we got here Short positions against the trust have now risen to 4.4% of the stock, up from 2% at the start of March, the FT noted via data provider HIS Markit. New York-based Leucadia Asset Management and Swiss bank Lombard Odier have taken the largest positions against W...
To continue reading this article...
Join Investment Week for free
Signup and gain exclusive members-only insights - all free of charge!
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes
