Woodford dumps second P2P fund

By Daniel Lanyon on 2nd May 2019

Alternative Credit

The fund manager has been hit by high redemptions in recent months following a protracted period of underperformance.

Woodford dumps second P2P fund
Image source: Photo by rawpixel.com from Pexels

Neil Woodford has exited his entire holding in the VPC Specialty Lending fund just one week after selling his entire £94m stake in the P2P Global Investments trust.

Woodford owned 16.43 per cent of VPC Specialty Lending, equating to £49m, but sold his stake early this week.

The fund manager has been beset in recent months by ongoing underperformance as well as redemptions, which may be behind his decision to jettison the two alternative lending-focused investment trusts.

He has been a long term holder of both portfolios, as well as a backer of fintech and non-bank lender.

Woodford retains stakes in the Honeycomb portfolio as well an unquoted stake in RateSetter.

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