Results

This week’s big disaster for Neil Woodford: MorningStar puts the boot in to EIF

Published 1 day ago

So much for Woodford’s problems being the nasty press! Only this week, Neil Woodford was complaining bitterly about all these nasty hacks out to destroy his reputation at the Woodford Patient Capital Trust (WPCT) AGM which our very own Tom Winnifrith attended. But MorningStar is a different kettle of fish and its analyst has put up a new report on Woodford’s Equity Income Fund (EIF) which is, quite simply, devastating. In the light of the new report, I would suggest that even the most sycophantic IFA cannot recommend to its clients that they leave cash in this fund. Prepare for an even greater tsunami of redemptions.

Tom Winnifrith Bearcast: the Sheriff battles Neil Woodford at WPCT AGM

Published 4 days ago

Today's bearcast is a full report on the AGM of Neil Woodford's Woodford Patient Capital Trust (WPCT) which I'd score as a win for me against the great fund manager and his chairman Susan Searle. I did manage to get Cheryl Cole into the debate and I did ask Neil woodford to donate to rogue bloggers for Woodlarks, as you can do here,, but I also took the board to task on a number of other matters and managed to get Neil pretty riled. Happy days.

FT kept out of Woodford Patient Capital Trust AGM, Winnifrith glides right in UPDATE 2x

Published 4 days ago

The Woodford Patient Capital Trust AGM has opened by denying entrance to the press. Peter Smith, the venerable asset manager editor of the Financial Times has been sent off on his bicycle. The company has decreed that only registered shareholders may enter. Of course, Tom Winnifrith is a registered shareholder.

Benevolent AI - the ticking timebomb for Neil Woodford - the Scientific view of this joke

Published 4 days ago

The £2 billion valuation of Benevolent AI flatters the NAV of Woodford Patient Capital Trust (WPCT), whose AGM I shall be attending this morning,  and has - on its own - earned Neil Woodford c£2 million pa in management fees as a result of the EIF Holding. We have covered this Theranos in waiting many times HERE. But what is the scientific view?

A question I shall put, in person, tomorrow: Dear Mr Woodford – how about you give a bit of the £37m to Rogue Bloggers for Woodlarks

Published 5 days ago

At 10.30 AM tomorrow I shall be in the City of Lost Causes for the AGM of Neil Woodford’s investment trust dog Woodford Patient Capital Trust (WPCT) where, as the loyal owner of 10 shares, I have a few questions for Britain’s most conceited fund manager.

Atom Bank gives Neil Woodford another headache

Published 8 days ago

Disruptive tech banking play Atom Bank has dealt Neil Woodford another headache to add to his migraine-inducing in-tray. ShareProphets reported HERE that major Spanish investor BBVA, which had taken a large stake in Atom Bank, had missed the deadline to take up its option to buy the bank out and now, according to Sky News, Atom plans to raise more cash – cash Neil Woodford hasn’t got.

ShareProphets Translation Service: Hargreaves Lansdown – still backing Neil Woodford

Published 15 days ago

As discussed by Citywire, Hargreaves Lansdown’s clients have been voting with their feet on Neil Woodford, despite HL maintaining Woodford’s favoured status as part of its Wealth 50 and buying more for its own house funds. In fact, Citywire goes on to report that HL now holds so much Woodford Equity Income between its house funds and client accounts it is classed as a related party. On Thursday HL produced another Woodford-supportive note and the ShareProphets Translation Service gives its view (original in bold).

Tom Winnifrith Bearcast - explaining gross margins at Optibiotix

Published 18 days ago

I start with missing cat news - it is mixed. Then I look at Optibiotix (OPTI) answering reader questions on gross margins, Management Resource Solutions (MRS), Bidstack (BIDS) Metro Bank (MTRO), BCA Marketplace (BCA), Alien Metals (UFO), Bould Opportunities (BOU), and an apology on Woodford Patient Capital Trust (WPCT). Now, to the 80% of Bearcast listeners yet to do the decent thing, please donate HERE. We are now at 38% of our target so all donations welcome as young Steve Moore says he may join the rogue bloggers.

Tom Winnifrith Bearcast: Psst - does anyone want to buy a bucket shop?

Published 26 days ago

In today's bearcast I cover Optibiotix (OPTI), Vela (VELA), Woodford Patient Capital trust (WPCT), Ascent Resources (AST), Mosman Oil & Gas (MSMN), Management Resource Solutions (MRS), Bidstack (BIDS) and Optiva/Novum and a hot City rumour. Also I have a message for 90% of listeners - please be a hero today, my 21 mile training walk for this weekend has been planned so donate to Rogue Bloggers for Woodlarks HERE

Tom Winnifrith Bearcast: Why Julie Meyer was the odd one out & the mystery of Toople and what it did not say

Published 39 days ago

I start by talking you through yesterday's Odd One Out contest explaining the schoolboy error made by Nigel Somerville and others. I look at the Autolus news in relation to Woodford Patient Capital Trust (WPCT) where as a loyal shareholder I shall be attending the May 15 AGM in Oxford with a few questions for Neil "nomates" Woodford. I flag up a shocking little episode at Clear Leisure (CLP) which should make you worry about Octagonal (OCT) and Inspirit (INSP) given that their FD is disgraced Niliesh Jagatia  then discuss Management Resource Solutions (MRS) and finally, in detail, Toople (TOOP). Tomorrow I really will read out a Woodlarks heros roll call. Please join that list ahead of then HERE 

Tom Winnifrith Bearcast: Happy Birthday Dad, Ooh Er MRS & time to back Mr Farage

Published 45 days ago

Happy Birthday Dad. I hope that you enjoy your "medicinal" apple based gift. I am about ten days from moving house and have just completed a mail relocation form so I shall get my postal vote for the Euros forwarded. I dislike many of the creeps who surround Nigel Farage but his Brexit party has my vote in the bag and I explain why. I look at Management Resource Solutions (MRS) as another red flag emerges for this insolvent piece of crap. I cover Westminster Group (WSG) run by loathsome swine Tony Baldry, Audioboom (BOOM), Woodford Patient Capital Trust (WPCT) and his other dogs and Purplebricks (PURP) in a Joshua interrupted podcast.

Neil Woodford uber dog WPCT releases FY18 Results – what about the cash?

Published 45 days ago

This morning saw Woodford Patient Capital (WPCT) release its annual results for 2018. The key points seem impressive: an increase in NAV per share from 91.33p to 97.61p, more disruption tomorrow (along with the disruptive jam) and running costs are just 0.2% (only because the management bonus is triggered at 10% per year and so far NAV has declined). But they say follow the money ….. what about the cash?

A double whammy for Purplebricks as two sinners repenteth: the writing is on the wall

Published 45 days ago

Two high profile sinners repenteth and the writing is now very firmly on the wall for Purplebricks (PURP) as it starts a year when it will almost certainly run out of money. The sinners: broker Berenberg and Britains's most conceited fund manager Neil Woodford.

With a big hat-tip to Citywire, is this the biggest Woodford scandal yet?

Published 50 days ago

Citywire yesterday published an article which stated that Neil Woodford has listed four previously unlisted investments held by  Woodford Equity Income Fund on the International Stock Exchange in….er….Guernsey. Surely even Guernsey’s own residents would agree that this is not exactly the London Stock Exchange! But the odd thing is that Woodford himself seems to have been a tad reticent on the matter – I don’t see any headline proclaiming great success in gaining a listing in Guernsey from Neil Woodford! Why might that be? And that appears to be the nub of the issue.

Tom Winnifrith Bearcast: Some cracking news for Neil Woodford, I'm a shareholder now!

Published 53 days ago

The threat of a photo of Dan Levi's Y Fronts post sore bottom training walk remains, so please donate to Rogue Bloggers for Woodlarks HERE. In today's podcast I look at Condor Gold (CNR), the struggling explorer backed so heavily by my good friend Jim Mellon. It looks to be in real trouble. Then good news for Neil Woodford. As of today I am a loyal shareholder in his Patient Capital Trust (WPCT) and looking forward to the AGM greatly. I have a favour to ask of bearcast listeners living close to Oxford who fancy a day out in the City of Lost Causes in late May or early June.

Red Flags at Night - Neil Woodford special

Published 58 days ago

I still see the occasional after-hours RNS which, were I a shareholder in the company concerned, would make my blood boil. Yesterday a release from AIM-listed Woodford Dog Netscientific (NSCI) at 4.42pm on a Friday evening ticked all the boxes.

EXPLOSIVE: Neil Woodford and the $2 billion spoof – Part 3: The truth always comes out in the end

Published 67 days ago

I couldn’t resist coming out of retirement today as I note that Benevolent AI published its group accounts today and my thoughts in the first two parts of this series back in May last year (HERE and HERE) have proven to be pretty much on the mark. This company, and in particular the $2 billion valuation, is an absolute spoof and Woodford is totally complicit in that - and making a fortune as a result. A good old-fashioned birching is too good for him.

Kier-blimey! Today’s Woodford disaster is Kier (again)

Published 70 days ago

Oh dear, oh dear, oh dear. Just when Neil Woodford might have thought it couldn’t get any worse (at least for a day or two), up pops fully-listed Kier Group (KIE) – whose rights issue refinancing saw the humiliation of being bailed out by the underwriters last December -  which seems to have found an extra £50  million of debt since its trading statement of just seven weeks ago……and capped  that with the announcement of a £25 million provision with regard to a redevelopment project at Broadmoor Hospital. As I write, the shares are at session lows of 412p  a drop of 85p, or 17%. Neil sure can pick’em.

Woodford dumping Provident Financial – by choice or under FCA instruction?

Published 74 days ago

Amid all the hoo-haa over Neil Woodford’s transfer of unlisted dogs from his equity income fund (EIF) in return for Woodford Patient Capital Trust (WPCT) paper, it seems he has been again pressing the sell button. Of particular interest is the sale of 1.5 million shares in Provident Financial (PFG), shares over which only a few days earlier he had offered a letter of intent to accept the all-paper offer from Non-Standard Finance (NSF). What a spiv!!...

Tom Winnifrith Bearcast: Susan Searle of WPCT J'accuse & Great Scott: Revolution Bars is enough to turn a man to drink

Published 80 days ago

I suggest listening to my Neil Woodford scandal bonus bearcast first HERE but I have another bone to pick with Susan Searle, the chairman of Woodford Patient Capital Trust (WPCT) on how she has screwed investirs today. Then I look nat Red Emperor (RMP), 88 Energy (88E), Pantheon Resources (PANR) and at Cabot Energy (CAB). Finally a look at the latest woes at Revolution Bars (RBG) - you really would have thought that Britain's thirstiest share blogger would have nailed this as his specialist subject but it appears not. If you enjoyed this podcast please support the EIGHT rogue bloggers for Woodlarks with a small donation HERE

Neil Woodford keeps the FCA plates spinning a little longer

Published 80 days ago

It is almost possible to feel sorry for Neil Woodford. Al three of his funds are overdrawn, performance has been dire and those nasty people at ShareProphets keep on poking fun at Britain’s most successful fund manager. And to cap it all it looks as though the FCA has been on his back too. And today dear old Neil has started a big swap of unquoted Woodford Dog paper for…..er….Woodford Dog paper in the form of WPCT.

Tom Winnifrith Bonus Bearcast - today's shocking news from Neil Woodford keeps the FCA at bay ...for a while

Published 80 days ago

Today we have news of a shocking transfer of unquoted crap from Woodford's flagship Equity Income Fund to Woodford Patient Capital Trust (WPCT). It may keep the FCA at bay on one point for a while but it is a joke that only serves to create fresh problems. And the RNS is misleading to boot on the issue of cash. Or lack of it. As I noted yesterday, the FCA would not tolerate this nonsense from any other fund manager but its pressure is forcing Nomates to act in an increasingly desperate manner. If you enjoyed this podcast please support the EIGHT rogue bloggers for Woodlarks with a small donation HERE

UPDATED: Neil Woodford, Proton’s NEX flop of an IPO, the scam on unit-holders – this stinks

Published 84 days ago

Eight days ago Neil Woodford’s PR spinners told their gophers in the lacky corrupt deadwood press, aka Peter Evans and Sabah Meddings of the Sunday Times to write a big puff piece about how Neil Woodford’ backed Proton Partners was planning to raise £50 million and list on the NEX lobster pot. It has not taken long for that fake news to be exposed, as no investors other than Woodford himself have been prepared to back this IPO – something revealed in the prospectus out today.

Woodford – latest numbers show borrowing disaster in the making as chickens come home to roost

Published 85 days ago

Woodford Investment Management has published its latest monthly numbers to the end of January from its Equity Income, Income Focus and Patient Capital Trust. At first glance it does not look too bad, but a more detailed examination shows that debt remains a central issue, as does redemptions, and Woodford Patient Capital Trust (WPCT) seems on the edge of imploding.

Tom Winnifrith Bearcast: An AIM CEO guide to misleading about the need for a placing

Published 113 days ago

I start with a detailed look at Neil Woodford's debt crisis at his Patient Capital Trust (WPCT) as exposed by Nigel earlier and explain what happens next. Then prompted by my Blue Jay (JAY) article I look, using various case stiudies, at how a CEO on AIM gives you a clear steer that he is not going to do a placing when he is going to do exactly that.

BREAKING: Neil Woodford – cash crisis at WPCT as Neil busts his borrowing limit

Published 113 days ago

An appertion came to me last night: it was the ghost of Cynical Bear, calculator in hand, telling me that the level of borrowing at WPCT has become a major problem for Neil-knows-best Woodford. And indeed it is: as at the end of December Gross Assets (ie before bank borrowings) stood at £969 million, according to Woodford. With net assets of 97.61p per share and 827 million shares that works out at net assets of £807 million and that means borrowing of a whopping £162 million, or 19.6% of NAV. Yikes!

Tomorrow’s Neil Woodford disaster today – Verseon

Published 116 days ago

A note from the celebrated Cynical Bear last night got me looking into one of the very first investments made by Neil Woodford for the Woodford Patient Capital Trust (WPCT) – that of AIM-listed Verseon (VSN). Dum dum-dy dum, dum dum-dy dum, you’ll see the Red Flags flying here……Surely this shows all that is wrong with Woodford!

Who do you think you are KIDding, Mr Woodford?

Published 133 days ago

The new KID, or Key Information Document, for Woodford Patient Capital Trust (WPCT) arrived in my inbox this morning. This is an FCA regulated document, and supposedly gives you an idea of the potential returns under various scenarios. It also tells us that it is categorised as number 4 on the risk indicator (up from 3 last time). So let’s see what we might make if we hold the fund for the minimum recommended term.

Woodford – a small detail shows what a disaster is going on: are we almost at end game for Neil?

Published 150 days ago

Woodford Patient Capital Trust  (WPCT)or his flagship Equity Income Fund? It is hard to know where to start for we have disastrous news from both today. How close are we to end game for Neil Woodford, a man happy to be described as Britain's Buffett.

Tuesday’s disaster for Neil Woodford – Amo Pharma accounts out (late) – Woody on the hook for £6m more?

Published 167 days ago

In October 2016 Neil Woodford’s Patient Capital Trust (WPCT) spunked £12.281 million with an investment into unquoted cash guzzler Amo Pharma. Amo has belatedly filed its calendar 2017 accounts and it looks grim. Suffice to say Britain’s most conceited fund manager is the sole institutional backer.

Xeros Technology – Cynical Bear was right about this Neil Woodford Dog!

Published 174 days ago

Another day, another Woodford disaster story hits the headlines – this time in the form of AIM-listed Xeros Technology (XSG), which Cynical Bear had postulated would be this year’s RM2 disaster. Well, it’s run out of money again and guess who’s footing the bill (with other people’s money)?

Immunocore: surprise, surprise –call me Mystic Meg…..

Published 176 days ago

And so having seen the announcement that Immunocore had signed a deal with deal with Genetech worth $100 million, having reported the good news for Neil Woodford who could breathe a sigh of relief that he could keep his  wallet (full of other people’s money) I commented Still, I’m sure the $100 million will come in useful – might we now see publication of Immunocore’s FY17 results at Companies House? After all, it should have got its results in for FY17 by the end of September. One has to wonder whether the cash will be needed to get a Going Concern all-clear from the auditor

RM2 – All hail Cynical Bear as Woodford bails it out yet again (until April)

Published 176 days ago

On Friday afternoon, as the city returned from lunch ready to wrap up for the weekend, AIM-listed RM2 (RM2) announced a share capital restructuring, placing and notice of EGM. Roll back the clock to 14 September when, in the wake of yet another set of dire results, Cynical Bear told us  it’s time to place your bets as to whether Mr Woodford is going to throw another $17 million in to the pot. Suffice to say he is now Cynical Mystic Meg…..

Purplebricks – purple faces at Woodford

Published 176 days ago

ShareProphets has been very wary of AIM-listed Purplebricks (PURP) ever since its IPO at the end of 2015. The business model looks questionable, given the state of the UK and global housing markets, and there has been plenty of controversy over its business practices of suppressing criticism. Add to that the persistent offloading of stock by insiders and one really wonders how well this disruptor will perform. But Neil Woodford has been buying like the shares are going out of fashion…which they are!

Immunocore announces good news - Neil Woodford can breathe a sigh of relief, for now

Published 181 days ago

Privately held Immunocore, which forms part of the Neil Woodford estate, has announced some good news: it has signed a deal with Genetech, part of Roche Group, for the development of Immunocore’s IMC-C103C drug aimed at targeting the MAGE-A4 protein (Melanoma-Associated Antigen A4). The really good news is that Genetech is to hand over $100 million in upfront and near-term milestone payments, and upon establishing proof-of-concept there is an option to co-develop the treatment or license the treatment to Genetech for royalty and milestone payments. Needless to say, Woodford Patient Capital Trust (WPCT) rushed out a statement too...

Tom Winnifrith Bearcast: Je parle le Franglais avec les Grenouilles!

Published 192 days ago

In today's podcast I look again at yellow journalism re Woodford Patient Capital Trust (WPCT) as covered HERE and the MySquar (MYSQ) fraud. The corrupt deadwood press is part of the problem not the solution. I cover the latest news from MySquar in case I don't have time for a dedicated article. Today is a Joshua day but I hope to write as he takes a nap. I  also look at Mirriad (MIRI), Mosman Oil & Gas (MSMN) anmd Haydale Graphene (HAYD) whose news today means that Nigel Somerville will have enjoyed ouzo on his breakflast cornflakes.

Woodford Patient Capital lasts just 11 days in FTSE 250 – PR campaign neutered after feck up

Published 192 days ago

The PR machine of Neil Woodford got its pliant servants at the Daily Mail and elsewhere in the corrupt deadwood press to make great play about how the Woodford Patient Capital Trust (WPCT) was about to go into the FTSE 250 Index so meaning that Index funds would have to buy the shares so the share price would go up. Uh Oh! Late last night came an announcement from the LSE:

The Daily Mail repeats the Neil Woodford lie as it tries to save him yet again

Published 195 days ago

Over the past two years one salient feature of the Neil Woodford car crash is that every couple of months the Daily Mail or Mail on Sunday, which were the biggest cheer-leaders for Nomates when he set up Woodford Investment Management, runs an article saying “it’s bad but will get better, average down.” The trouble is that the Mail thesis is based on one big lie.  At the weekend it was veteran Personal Finance hack Jeff Prestridge who landed an exclusive interview, i.e a blow job for Neil.

Neil Woodford - where, oh where are the Immunocore accounts for FY17?

Published 197 days ago

Woodford Patient Capital Trust (WPCT) held, as at 30 September, 4.95% of its gross funds in unlisted healthcare stock Immumocore. I say gross funds because WPCT has taken on rather a lot of debt over the last while – presumably because Woodford ran out of cash and still had too many hungry mouths to feed. If the entire portfolio goes a load higher then of course being leveraged is a good thing. Unfortunately, it is a bad thing if the portfolio keeps of falling in value.

Woodford Patient Capital Trust: The Big Short (September update) – The FT finally picks up on the impending Neil Woodford implosion

Published 206 days ago

Slightly belated update on the end-September portfolio listings this month but the ‘good’ news is that I am no longer fighting this battle alone and a small, parochial rag called The Financial Times has started to pick up on the issues, although they don’t get all the story, natch!

Woodford – where are the Immunocore accounts for FY17? Is a perfect storm almost upon us?

Published 221 days ago

Accounts for private companies such as Immunocore Limited are supposed to be filed at Companies House within nine months and thus, at October 11 2018 I wonder where the accounts for FY17 are for billion dollar unicorn Immunocore. I note on the Woodford Investment website that as at 31 August 2018 this investment accounted for 5.33% of WPCT and 0.75% of the Woodford Equity Income Fund (although I can’t see any income here!) And Woodford’s exposure here isn’t limited to just that, because the Dublin-based Malin Corporation (of which Woodford is the largest shareholder) is also on the shareholder register.

Woodford Patient Capital Trust and Industrial Heat – this hilarity has made my day

Published 241 days ago

Just when you don’t think that the goings-on at Woodford Patient Capital Trust (WPCT) can get any more surprising, an RNS comes out of nowhere to make everything right in the world, relating to the unloved holding Industrial Heat. It seems that Neil Woodford can bend the laws of physics after all!

WPCT Interims: Some good news but a few questions

Published 242 days ago

Following my piece this morning on Woodford (HERE), I note that Woodford Patient Capital Trust (WPCT) published its interims at the rather odd time of 9.45am today which ruins my competition to some extent. Anyway, there is some good news in there that I am happy to report but it still begs a few questions that I am also happy to ask in my general nit-picking way.

Woodford Patient Capital Trust: The Big Short (August update) – Neil Woodford needs a break….and fast

Published 242 days ago

With the end-August portfolio listings coming out yesterday, it is time to update the story and it is not looking any rosier. In fact, quite the reverse. I think matters may be coming to a head here and I reckon Woodford needs a lucky break for once and pretty damn quickly.

RM2 International: Interims as bad as expected, I reckon Woodford is tempted…

Published 248 days ago

Following the poor trading update last week from RM2 International (RM2) that I covered HERE, its interims were issued this morning and are largely as expected but still worth a quick look and it’s time to place your bets as to whether Mr Woodford is going to throw another $17 million in to the pot.

Xeros Technology Group: More cash please, Mr Woodford

Published 249 days ago

Nice of Tom to set me up for this one today with his preview yesterday (HERE) and, to no-one’s surprise whatsoever, Xeros Technology Group (XSG) published its interims this morning showing continued significant cash-burn and a need for another chunk of dosh from Mr Neil Woodford and his pals.

WPCT and BenevolentAI – The spoof continues with results out showing, um, very little

Published 253 days ago

To emphasise the point about the contrasting investment strategies of Neil Woodford and Terry Smith that I covered earlier today, I thought it appropriate to cover the health-tech AI spoof, BenevolentAI, that has just filed its results for the year to 31 December 2017 at Companies House (HERE). I am still struggling to find any evidence of anything other than a reasonably good concept here.....and it’s meant to be worth $2 billion!

Neil Woodford vs Terry Smith: Compare and contrast – you decide

Published 253 days ago

It is hard not to compare these two behemoths of the UK fund management industry. Neil Woodford has (still) a great long-term track record but the recent respective performances of their flagship funds are chalk and cheese and now Terry Smith is looking to encroach on Woodford’s territory further with a small company investment trust too.

RM2 International: A dreadful trading update – what a shock!

Published 255 days ago

Woodford’s month from hell has got off to a strong start with an immediate dog’s dinner of a revenue/profit warning from uber-dog RM2 International (RM2) this morning. Let’s take a closer look and count up all the negatives.

WPCT: This is going to be a difficult month for Neil Woodford – let’s play I-Spy

Published 257 days ago

I smiled at yesterday’s announcement from Woodford Patient Capital Trust (WPCT) summarising the “summer of milestones” achieved across the portfolio as I imagine that is just buttering up the audience before the bevy of bad news hits. From my point of view, September is going to be a hellish month for Mr Woodford so welcome to ‘I-Spy Woodford’s September Hell’

Woodford Patient Capital Trust: The Big Short (July update) – Is the Equity Income Fund bending the rules again?

Published 271 days ago

There is good news for Woodford Patient Capital Trust (WPCT) in the end-July portfolio listings that came out yesterday, ironically due to a bit of help from the Woodford’s flagship fund, the Equity Income Fund. More interestingly, I think I have finally worked out how the Equity Income Fund is getting round its 10% unquoted stock limits which makes shocking reading if correct.

Sensyne Health: A great IPO for Woodford but is it a Purplebricks or RM2 International from here?

Published 274 days ago

Turning to my third, and the most recent, quoted constituent of Woodford Patient Capital Trust (WPCT) this weekend, I thought I should give a warm welcome to Sensyne Health (SENS) that joined AIM on Friday at a very nice valuation indeed. It’s good to see that the words ‘healthtech’ and ‘AI’ are able to suck in as much dumb money from the markets these days as the word ‘blockchain’!

Thin Film Electronics: A classic Woodford cash-burner, probably his best!

Published 274 days ago

Continuing my leisurely weekend stroll through the cash-guzzling listed stocks in Woodford Patient Capital Trust (WPCT), I’ll look at his second Norwegian dog, Thin Film Electronics, as its half year results came out yesterday.

Idex: Worst quarter in a decade – guess how much it’s worth?

Published 275 days ago

Neil Woodford doesn’t have many quoted stocks in Woodford Patient Capital Trust (WPCT) but I thought I’d look at three classic picks this weekend, two of which I’ve touched on before, the third being a brand new entrant. I’ll start by catching up with the two Norwegian quoted companies in the portfolio – first up, Idex.

Atom Bank: Is this the worst stock in Woodford’s portfolio?

Published 288 days ago

I appreciate that the heading seems like a bold claim with such stiff competition but with Atom Bank putting out its results or the year to 31 March 2018 this week, I do think it is a serious contender.

FastForward Innovations – Oh dear, Jim Mellon and Lorne Abony have been taking lessons from Mr Woodford!

Published 288 days ago

Tom covered much of the nonsense surrounding the FastForward Innovations’ (FFWD) placing last week (HERE) but I wanted to look at how Jim Mellon and Lorne Abony got themselves into that particular mess as they seem to have taken a couple of plays straight out of “star fund manager” Neil Woodford’s book.

Woodford Patient Capital Trust: The Big Short (June update - WPCT) – Um, Neil, what do we do now?

Published 300 days ago

Having looked at Woodford’s Equity Income Fund earlier, I will now turn to Woodford Patient Capital Trust (WPCT) which as ever, even though the goalposts keep moving, is up against its limits and with the portfolio remaining awash with cash guzzlers, I’m struggling to understand how Neil Woodford gets out of the mess.

Woodford Patient Capital Trust: The Big Short (June update - Equity Income Fund) – Legal & General jettisoned in bid to keep hot air balloon afloat

Published 300 days ago

With the end-June portfolio listings coming out yesterday, I thought I would update with a couple of pieces looking at each of the two major funds. First up, I’ll look at the flagship fund, the Equity Income Fund, where continuing redemptions necessitate exiting one of the better stocks completely leaving a greater proportion of dross behind.

Oh dear, why is everyone leaving Woodford’s Immunocore? Has the “unicorn hunter” struck again?

Published 306 days ago

I’ve touched on Immunocore a few times in passing as it one of the largest holdings in Woodford Patient Capital Trust (WPCT) as well as being the largest investment made by Dublin-listed Malin Corporation, of which Woodford is the largest shareholder, obvs! Well, it looks like it’s not a particularly happy ship and I wonder whether a (further) devaluation is required?

Would you Adam & Eve it – today’s nightmare for Neil Woodford

Published 322 days ago

As it happens I am in the process of buying a number of new mattresses for the house I have rebuilt in Greece. And it seems a remarkably simple process buying what is a commodity product. When my friend Nigel Wray says his mattress company Simba is revolutionising the market I cough and change the subject. But he is not the only one who thinks that mattresses need “disrupting”.  Natch, Neil Woodford, the UK's most conceited fund manager, also thinks that, like washing machines mattresses, are ripe for a revolution.  He owns just under 30% of Eve Sleep (EVE) shares of which are now in free fall.

Woodford’s unheralded cash-guzzlers Part 1: More cash please, Neil

Published 327 days ago

It’s undoubtedly been a good week for Neil Woodford, with the Autolus IPO getting off to a flying start and I also sense the Stobart tussle is moving in his direction too. Nevertheless, as I’m still in a grump about his shoddy debt non-disclosure last week, I thought I’d have a look through the Woodford Patient Capital Trust (WPCT) portfolio to see what else I could find as he’s always banging on about unicorns hiding in there somewhere.

Woodford Patient Capital Trust: The Big Short (May update) – Shocking non-disclosure as debt now out of control

Published 331 days ago

Yesterday afternoon, Neil Woodford released his end-May portfolio updates and associated fund factsheets which highlighted the challenges facing Woodford Patient Capital Trust (WPCT) in the coming months as its debt position is now almost untenable, not that Woodford has disclosed as such.

Tom Winnifrith Bearcast: the fraudster's best friend in journalism, Ben Harrington, does his master's bidding again

Published 332 days ago

In today's podcast I cover in detail Telit (TCM) and also look at MySquar (MYSQ) partially in light of today's stunning news HERE. I look at Audioboom (BOOM), Frontera (FRR), Woodford Patient Capital Trust (WPCT), Prime People (PRP) and 88 Energy (88E). Tomorrow I will be bored to death by Lucian Miers, he will drone on about West Ham for 6 hours as we complete a 19 mile training walk from Bristol along the Avon to a few miles past Bath. I am building up to my 32 mile walk for Woodlarks with Brokerman Dan on 28 July. Think of my suffering tomorrow and please donate a small sum HERE.

Woodford and Autolus – Some much needed good news…..in the short term at least

Published 344 days ago

As I’m always quick to criticise, I thought it only right to congratulate Mr Woodford when the rare pieces of good news turn up and Autolus’s news yesterday is undoubtedly good news although I’m still going to make a couple of observations re Woodford Patient Capital Trust (WPCT).

WPCT – Not more investment policy rule bending, Neil, surely?

Published 347 days ago

I’ve always thought it odd when investment vehicles merely take stakes in other investment funds as one ends up with duplication of fees. There is usually an investment policy limit on such stakes, not that Mr Woodford appears to be taking the limit at Woodford Patient Capital Trust (WPCT) that seriously. Why would he - rules are for the great unwashed aren’t they?

Woodford Patient Capital Trust – Anyone fancy a low-risk 10% per annum return?

Published 351 days ago

I’ve been meaning to write about the outrageous risk profile assigned to Woodford Patient Capital Trust (WPCT) for a while as it is patent nonsense and dangerous. I wonder whether there could be a mis-selling claim waiting to happen here.

Woodford and the $2 billion spoof – Part 2: How many reasons do you want?

Published 358 days ago

The first part of this mini-series highlighted oddities relating to the recent $2 billion valuation of Benevolent AI, Woodford’s largest unquoted holding. To complement that piece, I thought I would undertake a bottom-up analysis to understand whether it could be worth such a sum. All I found was more spoofery. It’s a bit of a long read but surely you’ve got nothing better to do on Bank Holiday Monday!

Mereo Biopharma – Is this the worst PrimaryBid offering ever?

Published 360 days ago

I had to laugh last night when I saw PrimaryBid’s pre-Bank Holiday offer to the likes of you and me -  Mereo Biopharma (MPH) - as although there’s some stiff competition, I think this must the worst  deal offered up to-date and, in fact, worse than the other offer of a lifetime that I’m currently working out how to avoid, namely dinner at the in-laws during the Champions League final!

Woodford and the $2 billion spoof – Part 1: More odd-looking funding

Published 362 days ago

In my view, Woodford’s dealings with what is now his largest unquoted holding across his funds, Benevolent AI, is his kryptonite and will be his undoing and I’m doing a couple of articles outlining why I think the current $2 billion valuation is an absolute spoof and why I believe Neil Woodford is complicit in said spoofery.

Woodford Patient Capital Trust: The Big Short (April update) – Equity Income Fund ups its debt level to £170m!

Published 363 days ago

Yesterday afternoon, Neil Woodford released his end-April portfolio updates so thought I’d provide a bit of commentary prior to a couple of headache inducing articles (for Neil) later on in the week. Not a huge amount of change; however, it’s good to see an open-ended fund getting stuck into the use of debt in such a cavalier way!

WPCT: A review of the laughable results and three important questions for the Chairman

Published 379 days ago

Woodford Patient Capital Trust (WPCT) recently came out with its disappointing 2017 results and thought I’d highlight a few amusing aspects to try to cheer up shareholders here and ask a few serious questions of the Chairman, Susan Searle.

Woodford Patient Capital Trust: The Big Short (March updates) – WTF happened to the “hard” 10% unquoted limit at the Equity Income Fund?

Published 389 days ago

There’s been a lot to comment on relating to Woodford Capital Patient Trust (WPCT) recently but with the March portfolio updates for all of Woodford’s funds finally being published on Monday, I thought I should get my updates out as Woodford appears to have been a bit preoccupied to do so with a minor biotech blip and the like.

Woodford Patient Capital Trust: GOTCHA – Investment Policy WAS changed: an absolute scandal!

Published 391 days ago

Following on from my piece on Sunday in which I suspected that Woodford had covertly changed the Investment Policy for Woodford Patient Capital Trust (WPCT), it was confirmed this morning in its full year results. This is an absolute disgrace and shareholders should get on to their lawyers.

BREAKING: WPCT: Prothena blows up – yet another Woodford biotech debacle

Published 392 days ago

Just as the tide seemed to be turning in favour of a couple of Woodford’s holdings, he suffered an absolute body blow this afternoon with his largest quoted holding, Prothena (NSDQ: PRTA), which comprised 9.12% of WPCT as at end-March, as it announced that it was discontinuing the development of its main drug  and the share price collapsed as a result.

WPCT – Has Neil Woodford changed the Investment Policy without telling anyone??

Published 393 days ago

Following on from Tom’s excellent presentation at the UK Investor Show yesterday I thought it only right to continue in my questioning of the “star fund manager” especially as it looks to me as if the Investment Policy for Woodford Patient Capital Trust (WPCT) has been subtly changed (to the detriment of shareholders of course) but Woodford doesn’t seem to have told anyone!

SHOCKING: Woodford and Benevolent AI – Has Neil really been forced to give away his shares for free??

Published 403 days ago

I’ve been wondering for a while how Neil Woodford was going to deal with the impending crisis at his flagship Equity Income Fund in relation to the hard, unquoted stock limit of 10% and with all his Get Out of Jail cards used up. Filings at Companies House seem to indicate that he was left with one last option – giving his shares back to the company at nominal value!

The Woodford Easter Quiz – Odd One Out: The Result

Published 413 days ago

Thanks for the few entries to the Woodford Easter Quiz. Although a couple of people got the odd one out and for the right reason, as I expected, only one person got it right and named all sixteen companies correctly so well done KayeSeraSera (again). A chocolate gift will be winging its way to you, probably in time for Christmas! Full results below.

All is not lost, don’t despair - I expect Sosandar and Woodford to spring back to life

Published 414 days ago

As today is the day to celebrate resurrection, I thought it fitting to comment on a couple of stocks, namely Sosandar (SOS) and Woodford Patient Capital Trust (WPCT). Despite a difficult first quarter for the pair of them, I expect them to laugh death in the face and crack on from here bigger and better than ever.

DEADLINE MIDNIGHT TONIGHT: Competition Time: The Woodford Easter Quiz – Odd One Out

Published 414 days ago

It being a major religious festival, I thought it appropriate to serve up another Woodford-related quiz. Simple on the face of it, just tell me which of the sixteen graphs below is the odd one out and why - a full answer is required other than the obvious. A chocolate gift to anyone who can go one better than that and name all sixteen companies. To assist on one of them, the graph is pre-share consolidation earlier this year.

Woodford Patient Capital Trust: Surely this is a breach of Investment Policy?

Published 420 days ago

Further to my update piece last week, I’ve managed to take a closer look at the end-February portfolio of Woodford Patient Capital Trust (WPCT) and I just can’t make the numbers work. I can only assume that Woodford has breached his investment policy; let me explain.

Woodford Patient Capital Trust: The Big Short (Feb updates: WPCT) – Family silver being sold and the future looks bleak

Published 423 days ago

Almost three years after launch, Woodford has achieved what would have seemed impossible at the launch of Woodford Patient Capital Trust (WPCT) back in April 2015 in that he has managed to compile a portfolio of 85 holdings without one obviously profitable company among them. Having sold the star of the portfolio in the month namely A J Bell, to keep the lights on and fund a few other future dogs, he’s now left with a whole array of cash-guzzling, largely illiquid dogs – what’s not to like.

Woodford Patient Capital Trust: The Big Short (Feb updates: Equity Income Fund) – Astrazeneca jettisoned but balloon still sinking

Published 423 days ago

Well it only took until 22 March for the end-February portfolios to be updated for the various Woodford funds but quite a lot to cover so it’s a two-parter this month. I’m going to start by looking at Woodford’s valiant efforts in keeping his flagship fund, the Equity Income Fund, afloat. It’s not an easy task dealing with continual redemptions and he has had to ditch an old favourite to do so.

The Good News from Oxford Nanopore that exposes the valuation scandal at Woodford

Published 426 days ago

I do hope that the FCA and the "Independent" directors at Woodford Patient Capital Trust (WPCT) look into this matter with some urgency as we appear to have evidence today, thanks to Oxford Nanopore, that Neil Woodford funds have been stating their NAV in an unnacceptably aggressive manner. And that is the most generous spin on what has gone on.

Woodford’s Cheltenham Festival Quiz – The Result

Published 435 days ago

Thanks for all the entries – I’m pleased to be able to say “entries” this time - to my Woodford Cheltenham Festival (HERE). I’m calling it a day early as the result is clear. Read on for the winner and the choice of Cheltenham runners on which I am placing the winner’s free bet.

RM2 International: More good news – one more month’s stay of execution!

Published 437 days ago

It’s amazing what can be done when one’s back is against the wall. For the third month running, the guys at RM2 International (RM2) have found some cash from behind the sofa and can put some money in the meter. Its RNS this morning is its most upbeat in a while although I'm not sure it will alter the long-term outcome.

Atom Bank: Huge funding round – a good result for Woodford for once

Published 438 days ago

I do try to be balanced from time to time and despite all his troubles, there’s been a few green shoots for Neil Woodford in relation to Woodford Patient Capital Trust (WPCT) in recent weeks, most notably with a substantial round at Atom Bank…….although much more funding is still required.

Arix Bioscience: Will the Chinese save Woodford’s bacon?

Published 445 days ago

In my conclusion to The Big Short series on Woodford Patient Capital Trust (WPCT), I wondered where new pools of capital could come from to keep these biotech valuations afloat now that Woodford has run out of money and I considered capital from China as a potential life-saver. Two pieces of news this week make me consider this further, one in relation to another long-term short pick of mine in the biotech fund space, namely Arix Bioscience (ARIX).

Vernalis: Another Woodford horror-show – a classic example of what happens when the money runs out!

Published 445 days ago

Vernalis (VER) raised the white flag in its RNS yesterday morning and it is no great surprise to see Woodford and Invesco dominating the shareholder base. I hate to think how much Neil Woodford has spent on this dog over the years, but I’m going to see if I can work it out.

Neil Woodford gets blow-job write up in Daily Mail - shameful journalism but look at the reader comments!

Published 449 days ago

"Why Woodford has NOT lost his magic touch... despite UK's star stock picker seeing a series of huge bets going wrong spectacularly". So screams the headline on a leading article by Paul Thomas in the Daily Mail. I suppose it depends on how you define magic? If you mean it is making things ( like other people's money) disappear then indeed, Nomates is still the King. Why was this article written?

Woodford Patient Capital Trust: The Big Short (Jan updates) – Someone’s got to do it!

Published 450 days ago

As Neil Woodford is such a believer in transparency, he has pulled his monthly updates altogether so these monthly updates now take on a greater importance to provide much needed information to the long-suffering investors in the three funds. Can’t imagine why Woodford stopped them?

Neil Woodford’s Cheltenham Festival Prize Quiz

Published 452 days ago

Loyal readers will know that I, like Mr Woodford, love a quiz and with my favourite week of the year fast approaching, I thought I’d run a (simpler) quiz with a Cheltenham-related prize. There’s only two questions, so I’m hoping for more than one entrant this time!

Idex - yet another Woofdog Norwegian money pit! Is Neil actually Montgomery Brewster in disguise?

Published 456 days ago

I would urge anyone interested in these Woodford stock stories to read the sister Norwegian piece relating to Thin Film Electronics first as the similarities are astounding but it is worth covering Idex in its full glory. Yet another horror show.

Itaconix – a bit more to add on this classic Woodford dog case study

Published 458 days ago

I appreciate that Steve covered the highlights HERE but it is worth providing a bit more information on yet another yapping Woodford pug as the tale is all too familiar and one that will no doubt be repeated again and again in the future.

UPDATED: Neil Woodford - the big question panicking NEDS must ask him about Woodford Patient Capital Trust

Published 462 days ago

UPDATED: Over the weekend I revealed a potential nuclear landmine that could well blow up the Woodford Patient Capital Trust (WPCT).The bad news for the asleep at the wheel nmot so independent NEDS at the Trust is that I have found two more landmines which have been averted but are there more?

EXCLUSIVE: Insight into the Woodford investment diligence process

Published 463 days ago

After much digging and talking to those in the know I have managed to piece together how Neil Woodford and his team assess potential investments and have actually managed to access a transcript of a recent investment meeting that makes very “interesting” reading!

Woodford’s Whack-A-Mole is getting out of control – could be game over pretty quickly

Published 464 days ago

CityAM announced earlier this week that Woodford’s Equity Income Fund had lost a billion quid in funds since the start of the year down to £7.2 billion. This has huge consequences for all his funds and I’m not sure he has enough arms to suppress all the troublesome blind burrowing mammals raising their heads above ground. For the avoidance of doubt, I am referring to metaphorical moles at this point rather than Woodford’s investment diligence team. Let me explain.

Tom Winnifrith Bearcast: Reach4Entertainment shares are a buy but I do not believe a word of today's trading statement & its PR men should be shot at dawn

Published 467 days ago

I start with why this bearcast is late. I got back very late from London where I was watching my daughter play Harold Wilson in Made in Dagenham and she was brilliant. So too was the musical. Well done Olaf although you are wrong about the gender pay gap! I look at the market bounce and the shit that is leading it. I look in  real detail at the trading statement at Reach4Entertainment (R4E) where I am a shareholder, at Woodford dog RM2 (RM2) which is going on a one way trip to the vets in a fortnight and also at Woodford Patient Capital Trust (WPCT). Post bearcast it announced its NAV at 85.93p which means gearing must surely be through the 20% barrier. I also look at Optibiotix (OPTI) and the warrant exercise issue.

Poodle journalist on The Times does as PR spinners beg and puts buy case for Woodford Patient Capital

Published 467 days ago

You will have read our detailed coverage of Neil Woodford's woes and especially those of his uber dog listed investment company Woodford Patient Capital Trust (WPCT). Our sell advice has saved our readers thousands of pounds. But we believe in balance and so below is the advice of The Times Tempus column which is to buy. It is poorly researched - compare its coverage of Atom Bank with ours HERE) for instance and reads as if it was dictated by a PR person as is so often the case with the stinking carcass that is the deadwood press. Here goes...

The WPCT scandal – Shareholders should contact the Board and the FCA immediately

Published 468 days ago

I’m not normally one for emotive comment but my “Big Short” thesis at Woodford Patient Capital Trust (WPCT) is playing out almost exactly as I anticipated, albeit more quickly than I imagined, and it is an absolute scandal, make no mistake. All shareholders should be seeking redress and recompense immediately. Let me explain.

Woodford Patient Capital Trust Plc – the adverse impact of leverage on performance

Published 468 days ago

As we await today's NAV from, deep in the merde, Woodford Patient Capital Trust (WPCT) as well as possible confirmation its unquoted holdings have surged through the 80% limit as well as potentially news on how close hitis to breaching the bank limit of 20% gearing, it is worth reminding ourselves of one reason why it is in this mess - its high risk approach to leverage. 

Breaking: Prothena & Purplebricks crashing - is Woodford Fund now in breach of borrowing/unquoted limits? RNS needed ASAP!

Published 469 days ago

As predicted here at the weekend Nasdaq listed Irish biotech Prothena (US:PRTA) is suffering a bloodbath today following the shock after hours resignation of its CMO on Friday. Shares in Purplebricks (PURP) are also crashing and that leaves the Woodford Patient Capital Trust (WPCT) in serious trouble - has it breached its banking limits yet?

Tom Winnifrith Bearcast: A Tired Philadelphia Eagles fan - why did I bother waking up?

Published 469 days ago

For reasons mainly to do with girls (well two of them) I have always been a Philadelphia Eagles fan. The last time they won a championship, Hurst, Peters and Moore were playing for West Ham - the two teams have a lot in common. Anyhow I stayed up late and for once fortune is not always hiding. Why did I get up? The market is a sea of red and I discuss that. I look at IQE (IQE) after chatting to Matt Earl, at Woodford Patient Capital Trust (WPCT), Inspirit (INSP) and at Shield Therapeutics (STX). Nomates Neil Woodford has not replied to my polite invitation of yesterday

Atom Bank: Yet another Woodford cash-guzzler – more funding required

Published 477 days ago

Pointed in its direction by Robert Dwek in the comments on my last Woodford piece, I thought I would write an article on the hugely capital intensive Woodford portfolio holding, Atom Bank, a start-up bank. A bit of a long read but I found it quite intellectually interesting looking at the challenges facing a start-up bank and it also throws up one of the first major funding issues for Woodford caused by the predicament he has recently got himself into.

Malin Corp: Yet another Woodford cash-guzzler – part of the incestuous biotech investor family

Published 477 days ago

Thought I may as well stick to a theme today and look at another Woodford investment which, surprise, surprise, undertook a placing on Friday, Dublin-listed, Malin Corp. This is yet another fund that invests in the same sort of early-stage biotech plays as Woodford Patient Capital Trust (WPCT). I will touch on why it looks overvalued to me and leave you with a piece of analysis to highlight the odd incestuous world of these biotech investors not that I’m making any accusations of course.

Bear Raiders Kerrisdale rips into hapless Neil Woodford on twitter

Published 478 days ago

Hapless Neil Woodford has poured out his heart to the poodle press, Citywire, bleating about how wicked bears Kerrisdale have been beastly about one of the largest - and most obviously overvalued - of the pack of dog investments in his Woodford Patient Capital Trust (WPCT). The bears have bitten back!

Woodford Patient Capital Trust and Benevolent AI (again) – a bit more to the shoddy tale

Published 480 days ago

I don’t apologise for banging this drum a bit more in the context of Woodford Patient Capital Trust (WPCT) as the transactions relating to Benevolent AI just look so wrong and WPCT shareholders should be fuming and raising hell. I also have a few more facts to share and two additional interesting pieces of information – one new, one old.

Woodford Patient Capital Trust: The Big Short (Dec updates) – Things are getting ever tighter

Published 486 days ago

As I anticipated in my RM2 International (RM2) piece yesterday, the December monthly updates finally came out yesterday afternoon and I thought it appropriate to provide monthly updates on The Big Short in conjunction with those each month so here goes. Quick summary: it’s not getting any easier for Woodford.

RM2 International: Good news – Neil Woodford’s dog has been given three weeks more to live!

Published 486 days ago

Look, I’m trying to be nice. We were last told that it could be tits up for RM2 International (RM2) by the end of January and today we heard that it has found enough cash down the back of the sofa to last until the third week of February. Good news! The reality is that this is a cash guzzling uber-dog and highlights the predicament that Britain's most conceited fund manager Neil Woodford has got himself into.

Woodford’s so good he can bend the laws of physics – The Industrial Heat debacle

Published 491 days ago

I love Warren Buffett’s quote that you only find out who has been swimming naked when the tide goes out and after Woodford’s annus horribilis in 2017, it certainly seems to be easier and easier to find examples of his commando-style investing (thanks also to the pointer from ‘alcira16247’). Next witness for the prosecution, M’Lud, is Industrial Heat, a business that is trying to invent a “cold fusion” machine, an area of physics that most sane scientists appear to think is something out of a science-fiction novel. Not Woodford though.

Another Woodford money pit – Thin Film Electronics

Published 498 days ago

I wouldn’t normally cover stocks listed on the Oslo exchange but Thin Film Electronics was mentioned in the comments of a recent Woodford piece and I also noted it was the Share Punt of the Week in the Daily Mail on Friday, so if it is good enough for them to recommend a Woodford-backed cash guzzler to its brain dead readers, it is appropriate for me to provide another side to that story, especially as the cash burn here is off the scale.

Woodford’s Income Focus Fund – Just keep digging, Neil, keep digging

Published 500 days ago

I’ve been smiling this week at the comments on Woodford’s website as the moderators are desperately sticking to the party line regardless of what is happening in reality or what Woodford himself is briefing to investors privately. Let me explain in the context of his Income Focus Fund.

Neil Woodford - now about the missing dividends and another thing

Published 502 days ago

I gather that Neil Woodford's office has been busy dealing with questions relating to our most excellent series of articles and podcasts over Christmas. I have been made aware of its responses which are detailed but still leave me feeling incredibly unsettled on two major factors.

Woodford Patient Capital Trust: The Big Short (Appendix 2) – A look at the detail of the strange Benevolent AI transactions

Published 506 days ago

I alluded to the swapping of the Benevolent AI stock between the two Woodford funds in my early chapters of The Big Short looking at Woodford Patient Capital Trust (WPCT) but there are so many odd aspects to the saga going back a few years that it merits an Appendix to itself as it raises a number of serious additional questions for the Board in my view.

Woodford Patient Capital: The Big Short (Appendix 1) – The (not so) “independent” Board of Directors

Published 509 days ago

I made reference in my concluding part of “The Big Short” on Woodford Patient Capital Trust (WPCT) about a potential Appendix or two to deal with some of the detail, so here’s the first providing more information on the WPCT Board Directors which, as Tom has pointed out during his Christmas Eve Bearcast, are not particularly independent at all and there is a significant conflict of interest issue.

Competition Time: The Alternative Woodford Christmas Quiz – The Answers

Published 511 days ago

Well, it didn’t get quite the response I was hoping for but it did get one excellent response from Kayserasera who was pretty much spot on with his answers and wins the charity donation and bubbles – congrats! The answers are below.

Woodford Patient Capital Trust: The Big Short (Chapter 5): Conclusion – the perfect short?

Published 511 days ago

I’m going to draw together my analysis on Woodford Patient Capital Trust (WPCT) in one piece now so that if you’ve actually been enjoying Christmas rather than reading Shareprophets, you can start here and work backwards. I will also add a few words of caution that I picked up from the book “The Big Short” itself.

Tom Winnifrith Bearcast: On the phone today to a woman in floods of tears this Christmas Eve

Published 512 days ago

In this bearcast I look at the role of NEDs and their failings in a bull market. that is a general point I then discuss the NEDs at Woodford Patient Capital Trust (WPCT) and how they MUST be replaced at once. The COI are surely too great. I then discuss a woman reduced to tears by charlatan and snake oil salesman Darren Winters this Christmas Eve.This story will horrify you. I then discuss Christmas. Whatever you do, however you spend the day I hope that it is in some way joyous. That magical moment at Midnight Mass as you sing "Yea, Lord, we greet Thee, born this happy morning" and you realise it is Christmas Day is now only hours away.

Woodford Patient Capital Trust: The Big Short (Bonus Chapter 4) – SHOCKING: The Income Focus Fund has been roped in now!

Published 512 days ago

Er….hi, just me again! This Chapter of “The Big Short” looking at Woodford Patient Capital Trust (WPCT) wasn’t in the original draft manuscript sent to my editor but as something truly astounding was pointed out to me in the comments of my piece yesterday, I thought I’d better add to the opus. Hat tip to Robert Dwek for spotting it.

Woodford Patient Capital Trust: The Big Short (Chapter 3) – Concerns over its aggressive valuation policy

Published 512 days ago

Having looked at the unquoted risk and the level of debt and connected liquidity issues within the Woodford Patient Capital Trust (WPCT), it is time to look at the tricky topic of valuation policy as it looks to me as if Woodford is taking a particularly aggressive approach, albeit a flexible one, to the valuation of the unquoted stocks (almost all the fund!) that casts further doubts on the underlying NAV.

Woodford Patient Capital Trust: The Big Short (Chapter 2) – The debt and liquidity crisis

Published 513 days ago

Continuing  my festive series on The Big Short, Woodford Patient Capital Trust (WPCT), having highlighted yesterday the huge unquoted risk within the portfolio and having to clean up after its big brother, the Equity Income Fund, I wanted to turn next to concerns I have over its debt levels which leads on to liquidity issues.

Woodford Patient Capital Trust: The Big Short (Chapter 1) – Huge unquoted risk and a shocking conflict of interest

Published 514 days ago

I started my festive series on The Big Short, namely Woodford Patient Capital Trust (WPCT) earlier by providing some wider context about some of the challenges Woodford faces particularly with his flagship fund, the Equity Income Fund, but let’s get into the details of WPCT itself. I’ll start with the ever increasing size of its unquoted portfolio and what appears to me to be a massive conflict of interest.

Woodford Patient Capital Trust: The Big Short (Foreword) – The wider context: Woodford’s problems with the Equity Income Fund

Published 514 days ago

My Christmas Quiz may have been too clever by half (one entry so far at the time of writing!) but I found it helpful in any event as the research I undertook made me realise that there is massive short potential across the biotech echo chamber participants with Woodford Patient Capital Trust (WPCT) being the best example for a couple of specific reasons. Accordingly, I’m doing a few pieces over the festive period outlining my analysis and raising some serious questions along the way for Woodford to answer. To start though one must provide some wider Woodford context particularly in relation to his flagship fund – the Equity Income Fund.

Competition Time: The Alternative Woodford Christmas Quiz

Published 520 days ago

First things first, I recommend that you should all have a go at the proper Woodford Christmas Quiz because, regardless of his investment performance this year, he can pen a good quiz (and there’s prizes too). Once you’ve done that have a crack at my alternative version celebrating his investment year.

RM2 International: Yep – it was another bad week ahead for Woodford

Published 534 days ago

A week ago, I noted that news was due from the disruptive pallet manufacturer, RM2 International (RM2) and doubted that it was going to be positive. Well, it finally came out yesterday and I wasn’t disappointed although assume Neil Woodford and the long suffering shareholders of this and his Patient Capital Trust (WPCT) probably were.

RM2 International: Another bad week ahead for Woodford?

Published 539 days ago

If I was Neil Woodford I would wake up each Monday morning thinking, for the love of god, please can this be the week with some good news to come out of the Woodford Patient Capital Trust (WPCT) portfolio. Unfortunately, I don’t think it will be this week as it looks like crunch time is approaching for the “disruptive” pallet-maker, RM2 International (RM2).

More problems for Neil "Nomates" Woodford as Kerrisdale savages biggest holding in WPCT

Published 557 days ago

US bear raider Kerrisdale has launched a savage attack on the largest holding in the Woodford Patient Capital Trust (WPCT) the closed end fund managed by Nomates. The nature of the WPCT means that if Kerrisdale is even half right, Nomates is in big trouble.

Tom Winnifrith Bearcast - what is the difference between Warren Buffett and Neil "nomates" Woodford?

Published 588 days ago

Answers on a postcard. But for starters, one Hathaway, One had a way but lost it. I start with a detailed look at the Woodford Patient Capital Trust (WPCT) then run some numbers by you on LPE's and Purplebricks (PURP). I mention UK Oil & Gas (UKOG) en passant, Jersey Oil & Gas (JOG), Columbus Energy (CERP), Mirada (MIRA) and finally Conroy Gold & Natural Resources (CGNR)

Sphere Medical – Yet another Woodford debacle: it’s all becoming a bit too common

Published 636 days ago

When Neil Woodford launched his Patient Capital Trust (WCPT) to much fanfare in 2015, everyone waited expectantly to see how he would start spending the £800 million war chest and so one had high hopes in April 2015 with the announcement of the first investment for the fund, namely a £4 million investment in an exciting quoted biotech play, Sphere Medial Holdings (SPHR). As an announcement last night showed, it has been as successful (or not) as one of his other uber-dogs RM2 International (RM2).

Does Neil Woodford really deserve a halo - is Circassia the biggest dog in his funds?

Published 640 days ago

If you read the bent, freebie is our middle name, personal financie columnists in the deadwood press, fund manager Neil Woodford walks on water. I disagree and have noted before, that, maybe, after three dismal years, others are starting to see the light.  But, with assistance from a leading broker, how about we have a real look at the Woodford Patient Capital Trust (WPCT) but also at the sort of dogs Neil ifalls in love with.

Is Neil Woodford's Halo slipping?

Published 1209 days ago

Following on from Steve Moore's piece on Halosource (HAL) yesterday, I wanted to highlight a couple of further points, in particular commenting on the predicament in which it leaves the investment guru, Neil Woodford.

Zak Mir's Great Request Show: Real Good Food, Tungsten Corporation, Woodford Patient Capital Trust

Published 1398 days ago

If you want me to analyse a stock for you just drop me a line at [email protected] - Today I look at Real Good Food (RGD), Tungsten Corporation (TUNG), Woodford Patient Capital Trust (WPCT).

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