Hedge funds are circling Neil Woodford's investment trust, along with several companies he invests in, as the fallout from the trading freeze on his largest fund is set to continue into a second week.

The Woodford Patient Capital Trust, a closed-ended vehicle that focuses on companies with long-term prospects, is the most bet-against investment trust in the FTSE 350 by some margin.

Analysts are also speculating about whether its 28 per cent discount to net asset value (NAV), a measure of an investor sell-off, would invite attention from activist hedge funds.

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