Woodford Patient Capital Trust said today that its fund administrator had cut the value of its holding in cold fusion company Industrial Heat.
Link Fund Solutions downgraded Woodford’s stake in IH Holdings which the trust said was to reflect a “delay in operational progress”.
As a result, the company’s net asset value has been cut by approximately 5p per share.
Link is also revaluing another business upwards by approximately 0.7p per share after it secured funding.
The net effect is a reduction in net asset value of approximately 4.3p per share.
The trust’s share price fell 6.3 per cent today to 35.5p.
Fund manager Neil Woodford faced widespread scepticism regarding his investment into Industrial Heat, which has also been supported by film star Brad Pitt.
The company’s activities include researching cold fusion, which is a nuclear reaction at or near room temperature.
Woodford was ousted as manager of his flagship Woodford Equity Income Fund last month and also resigned as manager of the Woodford Patient Capital Trust.