Beta

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Woodford glossary

Beta measures how sensitive a fund or asset is to market movements. Often seen as a measure of volatility, this is only partially true – volatility is only one of the factors that beta considers.

Beta relies on a benchmark in its calculation. The beta of that benchmark is, by default, 1. If the beta of an asset is less than 1, it is less sensitive than the benchmark to that benchmark’s movements. In other words, it tends to participate in those movements to a lesser degree. Conversely, a beta of more than 1 suggests that an asset is more sensitive than the benchmark.

A negative beta suggests that the value of an asset tends to rise when its benchmark falls, and vice versa.

Beta is often used in conjunction with other common risk metrics, such as alpha, tracking error and active share, in an effort to determine the risk / return characteristics of a fund or fund manager.

 

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.

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