Remaining Woodford fund assets shrink 40% since last distribution revealed
The report also revealed that just six holdings of a total ten hold any value, with the remaining four companies representing no value in the fund.
According to Investment Week calculations, the fund has fallen two-fifths in value, excluding the payment of a £20m capital distribution to investors.
On 6 October 2022, Link Fund Solutions managing director Karl Midl wrote to investors informing them of the final capital distribution to date and revealed the fund's NAV stood at £79.9m on 30 September 2022.
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According to the fund's unaudited interim report for the half year to 30 September 2023, the fund's NAV now stands at just £36m, a reduction of 40% from £59.9m, the fund's 30 September 2022 NAV excluding the £20m distribution.
Between the announcement of the distribution and investors receiving their payment, the fund had already seen a NAV reduction of 16% to £50.3m, as a result of a further decline in the share price of Benevolent AI, a holding which «continues [to] disappoint», according to the latest report.
Since its listing on Euronext on 25 April 2022 at a price of €10 per share, the share price has collapsed and trades at just €0.54 per share, a fall of 94.6% in less than two years, according to Morningstar Direct.
The fund was subject to a condition of listing that prevented it from selling shares for a period of six months, at which point shares were trading at €4. Since the fund was able to sell shares, Benevolent AI has fallen 86.5%.
The report also revealed that just six holdings of a total ten hold any value, with the remaining four companies representing no value in the fund.
Among these are US basalt
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