The administrator of Neil Woodford’s failed investment fund will give another PS20 million to investors, but any further payments are likely be affected by market conditions.
Link Fund Solutions stated that the fifth capital distribution will see a total of PS2.56 trillion distributed to investors. This was since the fund’s inception.
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The value of companies that were originally backed by the fund has been affected by rising interest rates and slower economic growth. The administrator reminded investors that assets that are not sold yet are less liquid assets, and that it was possible that some assets may not be sold by mid-2023.
Benevolent AI is a drug discovery company that was listed in Amsterdam in this year’s Amsterdam Stock Exchange. Benevolent AI accounts for a large portion of recent writedowns in the fund. After disappointing progress in new treatments, its shares dropped from EUR8 to EUR3.91. This resulted in the fund’s stake being reduced by PS31.2million.
Woodford was a stock-picker of great stature, but the collapse in 2019 of his fund left thousands of small investors without a home. Link disagrees with this view.