Woodford Patient Capital, the £720 million investment trust led by Neil Woodford, has suffered a 14.8% fall in net asset value in its financial year to the end of June – a far cry from the long-term growth target of 10% a year the trust confirmed on listing in April 2015.

The trust, which invests primarily in early-stage companies, is managed by Woodford Investment Management. Last year it raised £60 million from the sale of large-cap companies such as AstraZeneca and Legal & General, reducing its exposure to FTSE 100 companies to zero, according to a spokesman.