Thursday, December 03, 2015 10:25:04 PM
Star fund manager Neil Woodford has launched a defence of his punt on a US biotech firm that is estimated to have lost his investors £38million.
In a letter to investors in his £8billion Equity Income Fund and Patient Capital Trust, Woodford said it was too soon to say whether the £120million bet on Northwest Biotherapeutics had gone badly.
The firm is accused of financial irregularities and Woodford has appointed a former FBI agent to its board.
Woodford said: ‘With some early-stage investments not everything will go well. It is too early to pass judgment on Northwest, but we have hit a bump in the road that needs to be addressed.’"
Also, who listens to Tortuga or relies on him for investment advice? Everyone else has him on ignore.
safin
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