Fees

Important Information

We want to make investing with us simple and straightforward for all of our clients.

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CF Woodford Equity Income Fund

In accordance with our principles of simplicity and transparency, we offer a clean and clear pricing structure, which we believe marks a break through in an industry that has too often conducted its transactions using complicated fee structures that have obscured the real cost of business.

We are also committed to greater transparency on the total cost of investing, with all transaction costs now disclosed monthly on our website to help investors better understand the total, true cost of investing.

We have worked hard to keep our costs low and to develop a clear and simple pricing structure where the annual management charge (AMC) and ongoing charges figure (OCF) are the same.

There are no entry or exit fees and no hidden charges. 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. We disclose these transaction costs monthly below.

With effect from 1 April 2016, investment research costs have been paid by Woodford, rather than by the fund – with no increase to the existing annual management fee.

The CF Woodford Equity Income Fund has four different share classes, each of which is priced based on commercial terms, with everyone treated consistently.

Each share class has a specific purpose. The fund’s C, X and Z share classes are available to fund platforms and intermediaries that wish to offer our fund to their clients and have agreed terms of business with us. The A share class is intended for those direct investors who are not tempted by the lower fees available to supporting platforms and intermediaries. It has a high minimum investment of £150,000 because we are a fund manager not a fund distributor.

CF Woodford Equity Income Fund charges
A Inc & Acc C Inc & Acc Z Inc & Acc X Inc & Acc
Initial fee None None None None
Annual Management Charge (AMC) 1.00% 0.75% 0.65% 1.50%
Ongoing Charges Figure (OCF) 1.00% 0.75% 0.65% 1.50%
Exit charge None None None None
Total cost of investing
(see table below)
1.19% 0.94% 0.84% 1.69%
CF Woodford Equity Income Fund over 1 year to 30 June 2017
Performance
Fund performance, net of all costs and charges (C share class) 16.00%
Breakdown of costs (% per annum of NAV)
Ongoing charges figure 0.75%
Research costs 0.00%
Execution costs 0.02%
Transaction taxes 0.09%
Spread 0.08%
Total cost of investing 0.94%

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: Financial Express on a total return, net of fees basis over 1 year to 30 June 2017. Performance of the fund since inception (19 June 2014) is 38.54%, as at 30 June 2017.

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

Standardised performance (%)
  01/07/12
to 30/06/13
01/07/13
to 30/06/14
01/07/14
to 30/06/15
01/07/15
to 30/06/16
01/07/16
to 30/06/17
CF Woodford Equity Income (C Acc) - - 16.93 2.35 16.00
FTSE All Share index 17.93 13.12 2.60 2.21 18.12

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

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