Veteran investor Neil Woodford will not earn any fees on his Patient Capital investment trust, after holdings in healthcare and volatile stockmarkets have dragged down the value of its listed investments in the first year.
When the trust launched last April, the firm said it would only charge 0.1% to cover the bare minimum of costs, with no other recurring charges. However, it would take a performance fee when the fund delivers in excess of 10% per annum, subject to a high watermark. The trust, which is set to report its annual results next week, has had a tough first year, making a loss of 14.7% from 21 April 2015 (launch date) to 18 March 2016, according to FE. This is compared to the FTSE All Share's loss of 7.8% and the AIC IT UK All Companies sector average loss of 2.7%. Woodford IM: Our outlook...
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