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Blog

2017: the year in review

Mitchell Fraser-Jones 21 December 2017 7 min read

In football, ‘a game of two halves’ is a saying sometimes used by managers to characterise a match in which their team has endured contrasting fortunes. Although the worlds of football and fund management do not often overlap, the saying does quite accurately reflect the fortunes of the Woodford Equity Income Fund since it launched in 2014.

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Insights

Income Focus Fund update, November 2017

Mitchell Fraser-Jones 21 December 2017 5 min read

A modest decline in the UK stock market in November, failed to meaningfully change the momentum grip on markets that has been in place for much of the last two years now. The valuation stretch in markets is now close to breaking point, in our view…

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Insights

Equity Income Fund update, November 2017

Mitchell Fraser-Jones 21 December 2017 8 min read

November saw a modest decline in the UK stock market amid slightly higher levels of volatility than we have seen of late. A strong pound, which greeted the steady progress towards an agreement with the EU on Brexit, saw some weakness in the share prices of global-facing businesses…

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Blog

Triffin’s dilemma

Neil Woodford 8 July 2016 4 min read

In 1960, the Belgian American economist Robert Triffin argued that the Fed could either run policy that was right for the US or it could run policy appropriate for the rest of the world. He was proved right – ‘Triffin’s dilemma’ had identified a dynamic that would ultimately lead to the collapse of the Bretton Woods fixed exchange rate system in the early 1970s. Find out why Neil believes ‘Triffin’s dilemma’ is alive and well in modern financial markets.

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Blog

Hope vs experience

Gerard Minack 2 March 2016 10 min read

Investors have seen behind the curtain and realise central bankers are not wizards.

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Insights

Fighting the last war

David McWilliams 23 February 2016 12 min read

We are a collection of memories and experiences that can morph into fears, hopes and blind misconceptions. Yet central bankers have spent most of their lives fighting that old enemy, inflation.

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Blog

Where ornithology meets monetary policy

Neil Woodford 30 December 2015 3 min read

Doves and hawks coexist on committees such as the Bank of England’s Monetary Policy Committee (MPC), often drawing radically different conclusions about the same economic conditions and, ultimately, policy will tend to reflect a compromise of the more extreme views.

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Blog

Currency wars

Mitchell Fraser-Jones 16 December 2015 2 min read

The Federal Reserve has just announced the first increase in US interest rates in nearly ten years.

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Insights

Are businesses under-investing?

Gerard Minack 1 July 2015 4 min read

Policymakers everywhere want companies to invest more. But there is little evidence that corporates are under-investing – there are few capacity constraints, and return on equity has been steady or falling for most companies – except premium US corporates. Investors, ironically, have re-rated equities despite these falling returns.

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Blog

Investing in an abnormal world

Neil Woodford 24 June 2015 4 min read

With equity markets revisiting historic peaks in recent months, investors could easily be lulled into a false sense of security about the state of the global economy.

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What are the risks?

  • The value of the fund and any income from it may go down as well as up, so you may get back less than you invested
  • Past performance cannot be relied upon as a guide to future performance
  • The ongoing charges figure is charged to capital, so the income of the fund may be higher but capital growth may be restricted or capital may be eroded
  • The fund may invest in other transferable securities, money market instruments, warrants, collective investment schemes and deposits – some of these security types could increase the fund′s volatility and increase the level of indirect charges to which the fund is exposed
  • The fund may invest in overseas securities and be exposed to currencies other than pound sterling – as a result, exchange rate movements may cause the sterling value of investments to decrease or increase
  • The fund may invest in unquoted securities, which may be less liquid and more difficult to value, because they are generally not publicly traded – the lack of an open market may also make it more difficult to establish fair value

Important information

Before investing, you should read the Key Investor Information Document (KIID) for the fund, and the Prospectus which, along with our terms and conditions, can be obtained from the downloads page or from our registered office. If you have a financial adviser, you should seek their advice before investing. Woodford Investment Management Ltd is not authorised to provide investment advice.

The Woodford Funds (Ireland) ICAV (the “Fund”) has appointed as Swiss Representative Oligo Swiss Fund Services SA, Av. Villamont 17, 1005 Lausanne, Switzerland. The Fund′s Swiss paying agent is Neue Helvetische Bank AG. All fund documentation including, Prospectus, Key Investor Information Documents, Instrument of Incorporation and financial reports may be obtained free of charge from the Swiss Representative in Lausanne. The place of performance and jurisdiction for all shares distributed in or from Switzerland is at the registered office of the Swiss Representative. Fund prices can be found at www.fundinfo.com.

Woodford Investment Management Ltd is authorised and regulated by the Financial Conduct Authority (firm reference number 745433). Incorporated in England and Wales, company number 10118169. Registered address 9400 Garsington Road, Oxford OX4 2HN.

Woodford Patient Capital Trust plc is incorporated in England and Wales, company number 09405653. Registered as an investment company under section 833 of the Companies Act 2006. Registered address Beaufort House, 51 New North Road, Exeter, EX4 4EP.

© 2019 Woodford Investment Management Ltd.
All rights reserved.

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