Woodford Patient Capital appoints investment trust heavyweights to board

Neil Woodford

The Woodford Patient Capital trust has appointed Carolan Dobson and Alan Hodson as non-executive directors as it attempts to increase the level of investment trust experience on its board.

Woodford Patient Capital trust chair Susan Searle says: “They both have extensive and high level experience within the financial sector, and specifically within the investment trust sector, and will complement the existing non-executive directors of the company who hold a strong background in the development and growth of healthcare and technology businesses from early stage to maturity.”

Dobson is already the chair of the Brunner Investment trust, the JPMorgan European Smaller Companies trust, and the Aberdeen Smaller Companies Income trust.

Hodson is chair of the Blackrock Commodities Income Investment Trust.

The Woodford Patient Capital trust had a difficult June, with pharmaceutical company Circassia stock dropping 65 per cent following a failed trial for its cat allergy medication.

Circassa, which fund manager Neil Woodford continues to back, is the fourth largest holding in the Woodford Patient Capital trust, accounting for 4.1 per cent of the portfolio as of 31 May. It accounts for 0.8 per cent of the Woodford Equity Income fund.

The Patient Capital share price of the fund was 84.1p at the end of June, compared to 97.15p at the end of May, representing a 13.5 per cent fall.