Fees

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LF 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 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
Annual Management Charge (AMC) 1.00%0.75%1.50%0.65%
Ongoing Charges Figure (OCF) 1.00%0.75%1.50%0.65%
Exit charge NoneNoneNoneNone
Total cost of investing
(see table below)
1.16%0.91%1.66%0.81%
LF Woodford Equity Income Fund over 1 year to 31 October 2018
Summary
Fund performance, net of all costs and charges (C share class) -12.96%
Base investment £10,000
Amount at end of period £8,704
What your investment would have been worth if there were no fees £8,795
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 0.02% £2
Transaction taxes 0.07% £7
Spread 0.07% £7
Total cost of investing 0.91% £91

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 31 October 2018. Performance of the fund since inception (19 June 2014) is 13.34%, as at 31 October 2018.

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 (%)
  01/10/13
to 30/09/14
01/10/14
to 30/09/15
01/10/15
to 30/09/16
01/10/16
to 30/09/17
01/10/17
to 30/09/18
LF Woodford Equity Income (C Acc) - 13.05 10.62 0.59 -6.25
FTSE All Share index 6.09 -2.30 16.82 11.94 5.87

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

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 annual management charge 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
  • The fund may invest in overseas securities and be exposed to currencies other than pound sterling
  • The 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, 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.

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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