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29 results found for `macroeconomics`
Showing page 1 of 3

Blog

What can investors expect in 2018?

Neil Woodford 19 January 2018 2 min read

In the current climate, it is more important than ever to focus on the broader issues that drive markets. Over the coming weeks and months, we will share with you a more detailed and regular insight into Neil’s thinking…

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Blog

Brexit – where are we now?

Mitchell Fraser-Jones 8 November 2017 7 min read

Leaving the politics to one side, we have commissioned Capital Economics to look purely at the economic consequences of Brexit. We’ve found this exclusive report very valuable, interesting and ultimately, from the perspective of our investment strategy, very reassuring. It reinforces our confidence that the portfolios are positioned very appropriately for the long-term and that is why we want to share it with you…

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Blog

Whiplash

Mitchell Fraser-Jones 19 October 2015 5 min read

In recent weeks, equity markets have experienced a notable change of leadership, with commodity-related stocks in particular enjoying a rapid and significant bounce. Here we take a look at some of the market’s recent drivers and their implications for the long-term outlook.

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Insights

A letter from America

David McWilliams 8 October 2015 14 min read

It’s said you can tell a lot about the state of a country from the condition of its railway stations. With the next interest rate decision in mind, independent economist David McWilliams uses a railway journey through the New England countryside to take stock of the US economy.

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Blog

China matters

Neil Woodford 2 October 2015 3 min read

August’s abrupt sell-off ensured that the summer holidays were not quite as relaxing as many market participants had hoped.

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Insights

Are businesses under-investing?

Gerard Minack 1 July 2015 4 min read

Policymakers everywhere want companies to invest more. But there is little evidence that corporates are under-investing – there are few capacity constraints, and return on equity has been steady or falling for most companies – except premium US corporates. Investors, ironically, have re-rated equities despite these falling returns.

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Insights

The Pampas precedent

David McWilliams 5 June 2015 11 min read

We know that economic history rarely repeats itself directly but, to paraphrase Mark Twain, it does tend to rhyme. This article focuses on today’s secular stagnation and explores whether it has occurred before. If it has, what happened?

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Blog

The productivity puzzle

Stephen Lamacraft 2 June 2015 2 min read

We have been concerned for some time about the worrying lack of productivity growth in the UK and were disappointed about the lack of acknowledgement on this important issue during the election campaign. It was interesting, though, to see the prominence the issue received in the Bank of England’s inflation report a couple of weeks ago, with Mark Carney remarking that, “going forward, growth in the UK economy’s potential will increasingly depend on productivity”…

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Blog

Bond proxies – should we be worried?

Mitchell Fraser-Jones 29 May 2015 5 min read

Events in the bond market in recent weeks have caused some consternation for equity investors. In particular, we have recently been asked whether we are worried about the impact of a bond market sell-off on ‘bond proxies’, or equities with bond-like characteristics…

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Insights

What should we expect from the UK economy?

Mitchell Fraser-Jones 7 May 2015 10 min read

The economy is always the subject of frequent, often intense, debate during a General Election and this campaign has been no exception. Regardless of the result of this election, the closest political contest in decades with numerous potential outcomes, we believe the UK economic outlook remains somewhat subdued.

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What are the risks?

  • The value of investments and any income from them 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 funds may be higher but capital growth may be restricted or capital may be eroded
  • The funds may invest in other transferable securities, money market instruments, warrants, collective investment schemes and deposits – some of these security types could increase the funds’ volatility and increase the level of indirect charges to which the funds are exposed
  • The funds and trust 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 these investments and the income from them, to fluctuate
  • The LF Woodford Income Focus 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 LF Woodford Equity Income Fund and the Woodford Patient Capital Trust may invest in unquoted securities, which may be less liquid and more difficult to value, because they are generally not publicly traded – the lack of an open market may also make it more difficult to establish fair value
  • The price of shares in the Woodford Patient Capital Trust is determined by market supply and demand, and this may be different to the net asset value of the trust. This means the price may be volatile in response to changes in demand
  • Long-term outcomes are more binary – extremely attractive rewards for success but some businesses will inevitably fail to fulfil their potential and this may expose investors to the risk of capital losses
  • Young businesses have a different risk profile to mature blue-chip companies – risks are much more stock-specific, which implies a lower correlation with equity markets and the wider economy – it can take years for young businesses to fulfil their potential, this investment requires patience

Important information

Before investing, you should read the Key Investor Information Document (KIID) for the fund – or Key Information Document (KID) for the trust – 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.

The Woodford Patient Capital Trust currently intends to conduct its affairs so that its securities can be recommended by IFAs to ordinary retail investors in accordance with the FCA’s rules in relation to non-mainstream investment products and intends to continue to do so for the foreseeable future. The securities are excluded from the FCA’s restrictions which apply to non-mainstream investment products because they are shares in an investment trust.

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.

 

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.
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