WPCT takes profits on Autolus post IPO share price rise
Woodford Patient Capital Trust (WPCT) appears to have taken some profits on its investment in the high-flying second generation CAR-T therapy company, Autolus Therapeutics, through a partial sale of its recently-boosted stake, according to an analysis of trust’s shareholdings in July reported this morning. This is despite the fact it had only acquired shares in the UK company’s Nasdaq IPO a month earlier.
According to the trust’s latest factsheet, WPCT’s shareholding in Autolus accounted for 8.38% of gross asset value (£877m) as of end July – so the stake must have a value of £73.5m – versus 13.14% of the then £906m GAV in June (or £119.1m). This c40% change in value can only be explained by a share sale, as Autolus’s stock has been broadly stable in the period. However, assuming it does represent a sale, it suggests the decision to acquire shares in the IPO was an astute one: WPCT would have bought shares at $17 and sold them a month later at c$25.
The latest portfolio update does highlight something about which WPCT’s investors should perhaps be aware, which is the relatively high proportion of assets that are currently accounted for by private companies. These may have valuations ascribed to them that may not be representative of what the companies could command as quoted investments, of course either on the upside or downside. Some 38% of GAV is accounted for by six unquoted investments within the top 10 alone and notably, 18% of GAV is accounted for by two: BenevolentAI and Oxford Nanopore. Both companies disclose little about their business and are known to have internal valuations in excess of $2bn. Benevolent AI’s valuation has increased by 21% in the past year and that of Proton Partners, another private company in the top 10 holding, by 74%.
The end July update does not yet reflect the IPO of healthcare AI firm Sensyne Health, in which WPCT holds a 19.9% stake. WPCT purchased 6.75m shares in the company’s IPO and now has a stake valued at £53.5m. This relatively early stage company has a market cap of almost £270m and an enterprise value of c£215m, although it is of course validated by the stockmarket.
WPCT’s holding in Sensyne Health should become a top 10 holding from next month. The top 10 shareholdings as of end July, with those of from the previous month for comparison, are shown in the table below.
| Investment | 30 June % of GAV | 31 July % of GAV |
| Benevolent AI (unquoted) | 9.51 | 9.82 |
| Autolus | 13.14 | 8.38 |
| Oxford Nanopore (unquoted) | 8.06 | 8.33 |
| Proton Partners International (unquoted) | 6.62 | 7.35 |
| Immunocore A (unquoted) | 5.32 | 5.50 |
| Atom Bank (unquoted) | 3.80 | 3.92 |
| Mereo Biopharma | 3.41 | 3.55 |
| Purplebricks | 3.94 | 3.51 |
| Prothena | 3.23 | 3.42 |
| Oxford Sciences Innovation (unquoted) | 3.05 | 3.15 |
| GAV (£m) | 906.3 | 877.1 |
| FX derivatives | -146.0 | -127.6 |
| NAV (£m) | 760.3 | 749.5 |