June 10, 2019 / 6:36 AM / 7 days ago

Woodford's listed fund tries to reassure investors

LONDON, June 10 (Reuters) - The listed fund run by money manger Neil Woodford, Woodford Patient Capital Trust, tried on Monday to reassure investors that the fallout from the suspension of Woodford’s flagship equity fund has not affected its “operational performance”.

Shares in Woodford Patient Capital Trust fell by about a fifth last week after a separate, unlisted fund - LF Woodford Equity Income Fund - was suspended on Monday following a run of redemption requests.

Woodford Patient Capial Trust said it was pleased with the operational progress of its portfolio companies, which it believes continue to have the potential to deliver attractive returns.

“The operational performance of these businesses is not impacted by recent events,” it said in a statement.

The board was “closely monitoring” the situation and engaging with shareholders and advisers.

“The board wishes to emphasise the long-term approach of the company and will continue to keep shareholders updated as necessary,” it added.

Neil Woodford, one of Britain’s best known investors, has been cutting his stakes in at least 21 companies as he frees up cash to meet a rush of redemption requests that forced him to suspend his flagship fund. (Reporting by Huw Jones Editing by Rachel Armstrong)

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