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Woodford listed fund shares drop after valuation cut

Woodford listed fund shares drop after valuation cut
FILE PHOTO: British fund manager Neil Woodford is seen in this undated handout image released July 18, 2019. Jonathan Atkins/Handout via REUTERS -
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LONDON (Reuters) – Shares in Woodford Patient Capital Trust <WPCT.L>, money manager Neil Woodford’s only listed fund, dropped as much as 7% at the open on Friday after the trust’s administrator cut the valuation of one of its holdings.

WPCT did not disclose any details about the holding, but said late on Thursday the adjustment would impact its net asset value by about 4 pence per share.

Link, the trust’s authorised corporate director, previously cut the valuation of WPCT’s stake in IH Holdings.

The trust, which has been under pressure after Woodford’s flagship equity income fund was frozen in June, recouped some of its opening losses to trade at 43 pence at 0707 GMT, down 3.6%.

(Reporting by Carolyn Cohn; Editing by Rachel Armstrong)

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