Fund manager Neil Woodford has picked out Purplebricks as the star of his Woodford Patient Capital Trust.

The trust, which backs a number of new businesses, launched in April last year after Woodford raised a record £800m from investors prepared to wait for their money to come good.

But the trust’s performance has lagged since.

Writing in the trust’s half-year report, Woodford said: “I understand that some investors will be disappointed with the performance so far, but it is still early days for a strategy that is looking to exploit very long-term opportunities.”

The main hits to the trust have come from some of its biotech investments.

But Woodford hailed Purplebricks whose shares have risen nearly 50% so far this year.

Woodford said the market has become “increasingly aware of its long-term potential and disruptive business model in the UK’s estate agency market”.

He went on: “We see the online estate agency model eventually overtaking the traditional model here in the UK.

“Purplebricks is uniquely well placed to capitalise on this structural shift in the estate agency market, which should deliver exceptional growth and excellent long-term returns to its shareholders.”

Purplebricks has yet to make a profit. Yesterday, its shares edged down 2.5% to finish at 136.50p – above its launch price last December of 100p and above Foxton’ shares which nudged down almost 1% to finish at 112.75p.

Foxtons – which is profit making – has a market cap of £310.1m, compared with Purplebricks’ market cap of £334.33m.