Important Information

We want to make investing with us simple and straightforward for all of our clients.

Please select your investor type from the options below.

Alternatively you can register or log in to an existing account.

Please note that by making your selection here you are agreeing to the Woodford Investment Management Ltd Privacy Statement and to our Terms and Conditions.

Woodford glossary

The terms ‘underweight’ and ‘overweight’ are used in the context of portfolio management to describe how a fund’s position size relates to that of its benchmark.

A fund is underweight if it has less exposure to a particular stock or sector than its benchmark. For example, in the UK, stocks like Royal Dutch Shell and HSBC dominate the FTSE 100 and FTSE All Share indices – both, at the time of writing have index weights in excess of 5%.

If a fund has less exposure to HSBC, say a 3% position, than the FTSE All Share index it is said to be underweight HSBC. This is interpreted as the expression of a negative view of the outlook for HSBC’s shares – the fund manager aims to benefit in relative performance terms by owning less of a falling stock than the benchmark. The decision to exclude HSBC from the portfolio altogether also results in an underweight position, albeit one which is expressed with more conviction.

The same applies at the sector level. If a fund has zero exposure to the oil sector, for example, it is deemed to be significantly underweight that sector. Funds that are managed with a relative return perspective, are unlikely to take such an extreme view, because the risk to relative performance of having no exposure to such a big sector in the index would be deemed too great to bear. Funds that are managed with an absolute return perspective, however, may well be prepared to take such a view if they hold enough conviction to do so.


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: 27 Old Gloucester Street, London, WC1N 3AX.

© 2019 Woodford Investment Management Ltd.
All rights reserved.

Are you sure?

By disagreeing you will no longer have access to our site and will be logged out.

Privacy Preference Center

Experience Tracking

Lets our analytics service track you across our different websites and enables data sharing among our different marketing tools.

AMCV_[Tracker ID]@AdobeOrg (Adobe), [Tracker ID]@AdobeOrg (Adobe)
Adobe Analytics (helps us provide you with more relevant experiences and content based on your likely interests). Cookies: demdex, dextp, dpm, DST, DSTJS
Twitter personalisation (by better understanding how devices are related, Twitter can use information from one device to help personalize the Twitter experience on another device). Cookies: personalization_id
Heap Analytics (provides metrics on user behaviour and actions throughout the site). Cookies: _gid, _hp2_id.[Tracker ID],_hp2_props.[Tracker ID], _ga, _mkto_trk, optimizelyBuckets, optimizelyEndUserId, optimizelySegments, raygun4js-userid, _attribution_referrer, _csrf
Adobe Analytics (provides you with more relevant experiences and marketing messages based on your likely interests). Cookies: _tmae ,ev_sync_dd,ev_sync_yh,everest_g_v2,gglck

Traffic Metrics

Allows Woodford to aggregate information on website usage and popular content

_ga, _gid
Google Analytics (tracks and reports website traffic and user behaviour): Cookie: CONSENT
New Relic (application and server performance monitoring – allows us to spot problems with our website code and improve them to keep things running smoothly). Cookie: JSESSIONID
Adobe Analytics (provides you with more relevant experiences and marketing messages based on your likely interests). Cookies: __qca,__smToken, _ga, _mkto_trk, _rtbmedia

Search History

Populates the 'recent searches' section of the website navigation.


Close your account?

Your account will be closed and all data will be permanently deleted and cannot be recovered. Are you sure?