Seneca IM re-enters Woodford Patient Capital amid market 'over-emotion'

Originally held the trust in 2015

clock • 2 min read

Seneca Investment Managers has re-invested in the Woodford Patient Capital trust through its Diversified Income and Diversified Growth funds, with the trust's current discount of 13.9% representing a "huge opportunity" for investors amid "over-emotion" about the recent underperformance of open-ended funds, according to manager Richard Parfect.

Seneca IM had originally held the now-embattled Woodford trust at IPO in 2015, before reducing its exposure in June and finally exiting entirely by the end of that year when shares were trading at around a 15% premium. Neil Woodford's range faced 2018 performance issues within its Equity Income fund, which saw holdings, including Provident Financial and AstraZeneca, suffer extreme dips, while the Patient Capital Trust also lagged the performance of the AIC UK All Companies sector average last year. The redemptions from both vehicles have been notable as a result. However, Parfect -...

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