Neil Woodford makes a slow start

Star fund manager Neil Woodford has admitted investors may be disappointed with the performance of his Woodford Patient Capital investment trust.

Star fund manager Neil Woodford has admitted investors may be disappointed with the performance of his Woodford Patient Capital investment trust, which listed in April last year. The trust has lost 11% from its net asset value (NAV) in the six months to June.

Disappointing investments included biopharmaceutical company Circassia (which is 21% owned by the trust), where late-stage trials of a cat-allergy vaccine showed the drug produced no better results than a placebo.

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