The Schroders Capital Global Innovation Trust (SCGIT), formerly managed by Neil Woodford when it was known as the Patient Capital Investment Trust, is facing a shareholder vote on liquidation after continuing to underperform, according to The Times.
Shares have fallen 68.8% since Schroders took over management in December 2019, slightly worse than the 66.4 per cent decline during Woodford’s tenure.
The fund, which initially raised £800 million in 2015, has lost 89.5% of its value since launch. Retail investors were initially drawn to Woodford’s reputation but saw losses mount after his investment empire collapsed in 2019.
Since taking control, Schroders has worked to reduce debt and move away from legacy holdings, which it says account for 90% of the portfolio’s decline, The Times report said.
However, investor confidence remains low after valuation errors and the failure of companies such as Reaction Engines. Schroders has collected £8.2 million in fees, which it defends as market-competitive.