Hybrid estate agency Purplebricks is among companies in a new portfolio being launched on the stock market by star fund manager Neil Woodford, where he is targeting annual 10% returns.

The Woodford Patient Capital Trust is Woodford’s second fund, and is an investment trust focused on young growth companies.

Trading in the shares on the London Stock Exchange is due to start in mid April when Woodford hopes to raise £200m.

Three-quarters of shareholders’ money will be invested in early stage companies in the UK and US, including Purplebricks. The other quarter will buy shares in established blue chip companies.

Unusually, the investors will pay only a small annual admin fee and not the usual percentage-based management fee. They will otherwise pay a performance fee in a year when they receive a positive return over a certain amount, and that performance fee will be paid in the form of shares

Woodford says that Patient Capital will allow investment opportunities in overlooked companies.

Fifteen businesses are already in the Patient Capital Trust, but a further 12 are in the pipeline and the trust will eventually hold up to 100.

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