Fees

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CF Woodford Equity Income Fund

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We have worked hard to keep our costs low and have simplified our pricing structure by absorbing fund related expenses into our fund’s annual management charge (AMC).

From 1 April 2016, research costs will be borne by the company, rather than by the fund. Importantly, we are not increasing our fees to cover this additional cost. Investors are, in effect therefore, getting a price cut, which will immediately benefit the future performance of the fund.

There are no entry or exit fees. The only charges that investors are exposed to outside of the OCF are taxes such as Stamp Duty and dealing commissions, which are incurred by all funds when shares are bought or sold for the portfolio. These costs are broken down below.

The CF Woodford Equity Income Fund has four different share classes. Through this simple and transparent range, we aim to offer all of our clients what we regard as a world-class investment proposition at a price that is transparent and represents exceptional value.

One of the ways in which we are able to keep our fees low is by encouraging investors to use fund platforms and financial advisers that have well-developed systems for investment transactions.

How to invest

CF Woodford Equity Income Fund charges
A Inc & AccC Inc & AccZ Inc & AccX Inc & Acc
Ongoing Charges Figure (OCF)1.00%0.75%0.65%1.50%
Initial feeNoneNoneNoneNone
Annual Management Charge (AMC)1.00%0.75%0.65%1.50%
Total cost of investing (see table below)1.15%0.90%0.80%1.65%
Exit chargeNoneNoneNoneNone
CF Woodford Equity Income Fund over 1 year to 31 December 2016
Performance
Fund performance, net of all costs and charges (C share class)3.19%
Breakdown of costs (% per annum of NAV)
Ongoing charges figure0.75%
Research costs0.01%
Execution costs0.02%
Transaction taxes0.06%
Spread0.06%
Total cost of investing0.90%

Source: Woodford, with costs calculated against average fund size.

Execution costs, research costs, transaction taxes and spread figures are net of dilution adjustment.

Spread cost represents the cost of trade execution from the point of entry of a trade order to the final execution. Spread costs have been estimated using historic portfolio holdings. Consequently, they may differ from the actual spread costs of the fund which are affected by trading frequency and the stocks traded.

Performance data source: Morningstar on a total return, net of fees basis over 1 year to 30 November 2016. Performance of the fund since inception (19 June 2014) is 28.18%, as at 31 December 2016.

Past performance cannot be relied upon as a guide to future performance.

In 2015, research costs represented a cost of 0.02% of the fund’s net asset value to fund investors, based on the fund’s average size during the year. This number will slowly reduce over the next 12 months, and will disappear completely by April 2017.

Standardised performance (%)
 01/01/12 to
31/12/12
01/01/13 to
31/12/13
01/01/14 to
31/12/14
01/01/15 to
31/12/15
01/01/16 to
31/12/16
CF Woodford Equity Income (C Acc)---16.193.19
FTSE All Share index12.3020.811.180.9816.75

Past performance cannot be relied upon as a guide to future performance.
Source: Morningstar Direct on a total return basis, with net income reinvested.

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