Neil Woodford eyes 10%-plus annual returns with investment trust launch

Contrary to speculation that manager Neil Woodford’s second offering at WIM would focus wholly on biotechnology companies, the trust will invest broadly in firms with “outstanding” intellectual property, including those higher up the cap scale. Early-stage investments, which are eventually expected to constitute 75% of the portfolio, will centre on areas including medical science and “disruptive” alternative finance firms. Aimed at investors with a five-year time horizon, the trust will charge no management fee, instead levying a performance fee that will be payable in ordinary shares...