Investors are now turning their backs on a Woodford-managed publicly traded fund that has a majority of its assets in unlisted securities. The Woodford Patient Capital Trust was quoted at a record discount to net asset value on Tuesday, a sign of waning faith in the manager’s investment decision-making, while BlackRock Inc. sold more than 24 million shares to bring its exposure to the lowest-ever level, according to a filing Wednesday.
Woodford’s fans, mostly individuals who entrusted their life savings to his firm, questioned his record on Twitter. “We are worried sick. We can’t afford to lose anything," said one. Detractors, on the other hand, enjoyed a told-you-so moment.
“Woodford is a legend in the City and may yet survive this," said Alan Shala, head of corporate acquisitions at M&A boutique Chelsea Corporate. But the “good days are most probably over."
This article was provided by Bloomberg News.