The funds compared

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At Woodford, we’re keen that investors understand their investments and how they are managed. We want to ensure the right people invest in the right funds for the right reasons, making informed investment decisions based on what’s right for them.

We offer three funds – all managed by Neil Woodford. The purpose of this page is to explain the key differences between the funds and help you decide whether any of them are suitable for you.

Fund basics

LF Woodford Income Focus Fund

  • Sector: IA Specialist
  • Benchmark: FTSE All Share Index
  • Inception: 20 March 2017
  • Available in an ISA: Yes

LF Woodford Equity Income Fund

  • Sector: IA UK All Companies
  • Benchmark: FTSE All Share Index
  • Inception: 2 June 2014
  • Available in an ISA: Yes

Woodford Patient Capital Trust plc

  • Sector: AIC UK All Companies
  • Benchmark: None
  • Inception: 21 April 2015
  • Available in an ISA: Yes

Investment objectives

LF Woodford Income Focus Fund

To provide a high level of income1 together with capital growth.

LF Woodford Equity Income Fund

To provide a reasonable level of income together with capital growth.

Woodford Patient Capital Trust plc

To achieve long-term capital growth through investing in a portfolio consisting predominantly of UK companies, both quoted and unquoted.

Return expectation

LF Woodford Income Focus Fund

High single-digit annualised return, over the long term (with a significant proportion of total return derived from income).

LF Woodford Equity Income Fund

High single-digit annualised returns over the long term (with a lower proportion of total return derived from income).

Woodford Patient Capital Trust plc

Double–digit annualised returns over the long term (none of which will necessarily be derived from income).

Geographic restrictions

LF Woodford Income Focus Fund

No restrictions

LF Woodford Equity Income Fund

At least 80% UK

Woodford Patient Capital Trust plc

At least 70% UK

Unquoted exposure

LF Woodford Income Focus Fund

No exposure to unquoted securities

LF Woodford Equity Income Fund

Up to 10% in unquoted securities

Woodford Patient Capital Trust plc

Up to 80% in unquoted securities

Find out more

Footnotes

  1. The fund manager will aim to deliver an income of 5p per share per annum. Investors should be aware that there is no guarantee that any specific level of dividend or yield will be achieved over any given time period.

What are the risks?

  • The value of investments and any income from them 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 annual management charge applicable to the funds is charged to capital, so the income of the funds may be higher but capital growth may be restricted or capital may be eroded
  • The funds may invest in other transferable securities, money market instruments, warrants, collective investment schemes and deposits
  • The funds may invest in overseas securities and be exposed to currencies other than pound sterling
  • The LF Woodford Income Focus Fund will be invested in a concentrated portfolio of securities – the fund is not restricted by reference to any geographical region, sector or market capitalisation
  • The LF Woodford Equity Income Fund may invest in unquoted securities, which may be less liquid and more difficult to realise than publicly traded securities

Important information

Before investing, you should read the Key Investor Information Document (KIID) for the fund – or Key Information Document (KID) for the trust – 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.

You should note that capital is at risk with these investments and you may get back less than you invested. The value of the fund or trust as well as any income paid will fluctuate which may partly be the result of exchange rate changes.

The price of shares in the Woodford Patient Capital Trust is determined by market supply and demand, and this may be different to the net asset value of the trust.

The Woodford Patient Capital Trust currently intends to conduct its affairs so that its securities can be recommended by IFAs to ordinary retail investors in accordance with the FCA’s rules in relation to non-mainstream investment products and intends to continue to do so for the foreseeable future. The securities are excluded from the FCA’s restrictions which apply to non-mainstream investment products because they are shares in an investment trust.

Young businesses have a different risk profile to mature blue-chip companies – risks are much more stock-specific, which implies a lower correlation with equity markets and the wider economy. Long-term outcomes are more binary – extremely attractive rewards for success but some businesses will inevitably fail to fulfil their potential and this may expose Woodford Patient Capital Trust investors to the risk of capital losses. As it can take years for young businesses to fulfil their potential, this investment requires patience.

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.

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.

© 2018 Woodford Investment Management Ltd.
All rights reserved.

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