Fund facts

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LF Woodford Income Focus Fund

As at 31 August 2019

Fund manager Neil Woodford
Fund name LF Woodford Income Focus Fund
Fund sector IA UK Equity Income sector
Benchmark FTSE All Share Index
Investment objective To provide a high level of income* together with capital growth
Fund type UCITS (UK)
Inception 20 March 2017
Pricing frequency Daily
Launch price £1.00 per share (all share classes)
Share classes A, C, X, Z – Acc & Inc
Fund size (GBP) £257.96m
Geographic exposure No restrictions
Exposure to unquoted securities None
Eligible for ISA investment? Yes
Eligible for SIPP investment? Yes

* 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.

Historical yield 7.5%

The historical yield refers to the C income share class and reflects the distributions declared over the past 12 months as a percentage of the share price, as at 31 August 2019. Investors may be subject to tax on the their distribution. The ongoing charges figure of the fund is charged to capital, so the income of the fund may be higher but capital growth may be restricted or capital may be eroded, by a similar amount.

View historical dividend payments

Fund performance


Source: Financial Express, Woodford

Performance summary
  1 month 3 months Year-to-date 1 year Since launch
LF Woodford Income Focus (C Acc) -6.18 -13.66 -13.83 -26.49 -27.76
FTSE All Share index -3.57 1.98 11.12 0.44 8.46
IA UK Equity Income sector -3.45 0.22 8.37 -3.75 2.17
Standardised performance (%)
to 30/06/15
to 30/06/16
to 30/06/17
to 30/06/18
to 30/06/19
LF Woodford Income Focus (C Acc) - - - -1.20 -23.96
FTSE All Share index - - - 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 Equity Income 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.

Portfolio analysis

Top 10 holdings
Name Industry
Barratt Developments Consumer Goods
Provident Financial Financials
Honeycomb Investment Trust Financials
Theravance Biopharma Health Care
Bovis Homes Consumer Goods
Imperial Brands Consumer Goods
Paypoint Industrials
Regional REIT Financials
Crest Nicholson Consumer Goods
Taylor Wimpey Consumer Goods

While investor dealing in the LF Woodford Equity Income Fund is suspended and we work to reposition its portfolio, we will only be showing the top ten holdings of our three funds.

We firmly believe this is in the best interests of investors.

Sector allocation
Industry Fund (%) Benchmark (%)
Financials 35.50 25.30
Consumer Goods 30.75 14.71
Industrials 15.50 11.64
Health Care 8.66 9.52
Consumer Services 4.10 11.81
Telecommunications 3.50 2.61
Utilities 1.15 2.62
Basic Materials 0.00 7.32
Technology 0.00 1.07
Oil & Gas 0.00 13.38
Cash and near cash 0.84 0.00
Total 100.00 100.00
Geographical allocation
Country Fund (%)
United Kingdom 90.41
United States 8.66
Norway 0.09

Prices and fees

Month-end prices As at 31 August 2019
Share class Price
A Acc 71.81p
A Inc 63.05p
C Acc 72.24p
C Inc 63.41p
X Acc 70.96p
X Inc 62.30p
Z Acc 72.41p
Z Inc 63.54p

View daily prices

Share class Initial Annual(%) Exit
A Acc & Inc 0.00 1.00 None
C Acc & Inc 0.00 0.75 None
X Acc & Inc 0.00 1.50 None
Z Acc & Inc 0.00 0.65 None

View fees breakdown

Identification codes
Share class Sedol ISIN Bloomberg Lipper
A Acc BD9X679 GB00BD9X6796 BBG00D9V9H42 68379146
A Inc BD9X6P7 GB00BD9X6P73 BBG00D9VC4T0 68379147
C Acc BD9X6D5 GB00BD9X6D51 BBG00D9VJ4K2 68379156
C Inc BD9X6V3 GB00BD9X6V34 BBG00D9VJ9J3 68379157
X Acc BD9X6K2 GB00BD9X6K29 BBG00DB05841 68379166
X Inc BD9X709 GB00BD9X7091 BBG00DB05RM9 68379167
Z Acc BD9X6L3 GB00BD9X6L36 BBG00DB05T72 68379168
Z Inc BD9X710 GB00BD9X7109 BBG00DB05WY5 68379169
Distributions & accounting periods (all share classes)
Frequency Quarterly
XD dates 1 February
1 May
1 August
1 November
Payment dates End March
End June
End September
End December
Year end 31 January
(Interim 30 July)

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 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 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

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.

© 2019 Woodford Investment Management Ltd.
All rights reserved.

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