Autolus jumps to top position in Woodford Patient Capital Trust

Woodford Patient Capital Trust (WPCT)’s stake in Autolus, the UK second generation CAR-T therapy company, rose by six places to top position in the portfolio in June, according to WPCT’s latest factsheet. The rise reflects Autolus’ recent IPO, which was priced at a valuation considerably above its prior carrying value as well as the subsequent rise in its share price in June.

Autolus accounts for 13.14% of WPCT’s gross asset value (£906.3m), up from 3.74% at the end of May. Gross asset value includes a contribution to reflect the fair value of open derivative contracts, which have been taken out to hedge the trust’s currency exposure. These have a value of c£146m in June and thus Autolus accounts for a higher proportion – 16% – of WPCT’s NAV of £760m, according to calculations by Marten & Co. Recent SEC filings suggest WPCT now holds 14.5% of Autolus (Woodford Funds collectively holds a 21.4% stake, with a further 6.9% held by the LF Woodford Equity Income Fund). Autolus is developing a number of products that may address issues  on safety, durability, and relapse with current generation of CAR-T products.

WPCT’s top 15 holdings, as of 30 June, are shown in the table below.