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LF Woodford Equity Income Fund

We offer a clean and clear pricing structure for the fund. 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 are committed to greater transparency to help investors better understand the total cost of investing, with all transaction costs now disclosed monthly on our website (below).

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

The LF 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.

LF Woodford Equity Income Fund charges
A Inc & AccC Inc & AccX Inc & AccZ Inc & Acc
Initial fee NoneNoneNoneNone
Ongoing Charges Figure (OCF) 1.00%0.75%1.50%0.65%
Exit charge NoneNoneNoneNone
Other costs (see table below) 0.11%0.11%0.11%0.11%
Total cost of investing
LF Woodford Equity Income Fund (C share class) over 1 year to 30 June 2019
Fund performance, net of all costs and charges -21.12%
Base investment £10,000
Amount at end of period £7,888
What your investment would have been worth if there were no fees £7,974
Breakdown of costs Amount per annum of NAV Amount on base investment
Ongoing charges figure 0.75% £75
Research costs 0.00% £0
Execution costs 0.01% £1
Transaction taxes 0.04% £4
Spread 0.06% £6
Total cost of investing 0.86% £86

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

Execution costs (e.g. broker commission), transaction taxes (e.g. stamp duty reserve tax) 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.

Please note, the data above has been defined and isolated in an effort to help you understand transactions costs which are not particularly visible to end investors. We have been reporting data in this format since 2016. The data is not calculated using the recently introduced Packaged Retail and Insurance-based Investment Products Regulation (PRIIPs) methodology, therefore cannot be used for PRIIPS or Market in Financial Instruments Directive II (MiFID) disclosures or reporting. Please request the European MiFID Template (EMT) or European PRIIPs Template (EPT) for full fee disclosure using the appropriate methodology here.

Performance data source: Financial Express on a total return, net of fees basis over 1 year to 30 June 2019. Performance of the fund since inception (19 June 2014) is -5.46, as at 30 June 2019.

In line with the regulatory requirements outlined by MiFID II, Woodford is required to provide an annual review of the quality of our execution, along with details of the main execution venues utilised. Please find our 2017 report here.

Standardised performance (%)
to 30/06/15
to 30/06/16
to 30/06/17
to 30/06/18
to 30/06/19
LF Woodford Equity Income (C Acc) 16.93 2.35 16.00 -12.95 -21.12
FTSE All Share index 2.60 2.21 18.12 9.02 0.57

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

The fund’s performance may be compared against the following benchmarks (referred to as ‘comparator benchmarks’): The FTSE All Share Total Return Index is representative of the universe of assets in which the fund may invest and may assist investors in evaluating the fund’s performance against UK equity returns. The fund also uses the IA UK All Companies Equity Sector as a comparator as investors may find it useful to compare the performance of the fund with the performance of a group of the fund’s peers. Many funds sold in the UK are grouped into sectors by the Investment Association (the trade body that represents UK investment managers). The comparator benchmark has been selected as we consider it assists investors in evaluating the fund’s performance against the performance of other funds invested in similar assets. The fund is not constrained by the benchmarks and may take positions that differ significantly from the benchmarks.

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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