Total return

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Woodford glossary

As the name suggests, total return is the whole return delivered by an asset over a period of time. As such, it includes capital return (delivered by change in the price of that asset) and income.

For example, if you invest £100 in a fund and by the end of the first year its value has increased to £108, then the capital return for that period will be 8%. If the fund also delivered £2 of income during that year, that would equate to a yield of 2% on the original £100 invested. Including that extra 2% of income in the return calculation gives a total return of 10% (8% capital return + 2% income return = 10% total return).

For any asset that delivers a reasonable income stream, such as an equity income fund, the difference between capital and total return becomes very significant over long periods of time. That is the magic of compounding – Einstein’s eighth wonder of the world.

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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