Link Fund Solutions has notified the board of Woodford Patient Capital that it has written down the value of IH Holdings (Industrial Heat) by 5p per share.
Link said the writedown reflected a "delay in operational progress" at the company.
The revaluation has been partly offset by an upward revaluation to another holding, which Link did not name.
It said the business had previously been written down in September 2019 due to a "challenging fundraising environment" but that it has since secured funding which has led to a revaluation, in respect of which the NAV will increase by 0.7p per share.
The net effect of the revaluations is that the trust's NAV will reduce by 4.3p per share.
In a note, J.P. Morgan Cazenove estimated Industrial Heat has been written down by 83% and is now valued at less than £10m.
Last month, Schroders Investment Management announced it would be taking over the Woodford Patient Capital Trust by the end of the year, after Woodford Investment Management served notice of termination in relation to its role as portfolio manager in October.
J.P. Morgan Cazenove said: "Our view remains that there are likely to be further writedowns to come despite the wave of optimism last month that greeted Schroder's appointment as the new manager when Woodford's contract ends. As we wrote, Schroder does not possess a magic wand."
It added that the writedown also makes it more difficult for Schroders to reach its performance fee hurdle.
We estimate that Industrial Heat has been written down by 83% and is now valued at less than £10m, representing less than 2% of the written down NAV
Numis said: "It is disappointing for investors to see a further writedown, but not unexpected given the nature of the portfolio, particularly Industrial Heat which is an early stage company investigating new energy technologies, including cold fusion."
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