WOODFORD Investment Management sold out of the artificial hip and knee maker Smith & Nephew and German real estate firm Gagfah in January, according to the firm’s factsheet released yesterday.
The firm, run by the City’s high-profile fund manager Neil Woodford, built a near-£40m new bet in P2P Global Investments and also added small stakes in unlisted firms Crystal Amber and Novabiotics during last month.
The fund had invested 1.6 per cent in Gagfah and 1.2 per cent in Smith & Nephew of its £4.3bn in assets as of end-December, according to a factsheet released in January.
On Friday the firm said it intended to raise £200m via an initial public offering of Woodford Patient Capital Trust on the London Stock Exchange likely to be in April.
The new company will invest predominantly in mid and large-capitalisation listed UK companies, the fund said.
The fund will charge a performance-based fee rather than a standing fee, and its manager will be paid in shares of the fund itself “further aligning [their] interests with shareholders”.