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At Woodford we have set new standards for communicating with our clients since our establishment in 2014. We never forget whose money we are investing and we believe that investors have a right to understand how their investments are being managed – and also have a choice in how they are communicated with.

Here, you can find out what we’re thinking as we think it and let us have your immediate comments and questions on individual pieces or more generally on our communication programme. Articles are written primarily by our team, with additional contributions from respected industry figures, and feature a mix of articles, thoughts, observations and commentary relating to events and trends in the global financial markets.

We’re keen to ensure our content is of interest and value to our existing and prospective clients so please do get in touch and let us know what you think.

Insights

November roundup

Mitchell Fraser-Jones 4 December 2018 6 min read

After October’s steep declines, November marked a month of consolidation for most regional equity markets. Emerging markets rallied following a prolonged period of pressure, and similarly, a late-month recovery for technology stocks helped the US indices to finish in positive territory. In Europe, most major markets were marginally lower, and, in the UK, politics remained more important than economics as a key driver of sentiment. Meanwhile, the global macroeconomic picture continues to evolve along the lines we have been expecting…

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Insights

October roundup

Mitchell Fraser-Jones 2 November 2018 5 min read

October was a brutal month for risk assets, with all regional stock markets suffering heavy intra-month falls, before staging a rally in the last few days. As is often the case in market corrections, it’s difficult to pinpoint any one trigger for market declines, but they broadly coincided with signs of weaker global economic activity and a decisive move higher in 10-year US Treasury yields.

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Insights

September roundup

Mitchell Fraser-Jones 2 October 2018 10 min read

A review of key events in September 2018, a month in which most major regional stock markets posted modest gains, recovering their poise following a late summer sell-off. Concerns about the health of emerging economies abated somewhat during the month, helped by a slightly weaker US dollar. Nevertheless, with inflationary pressures building in the US, there is an increasing risk that US interest rates could rise faster and further than is currently expected…

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Blog

Industrial Heat: bringing you up to speed

Mitchell Fraser-Jones 21 September 2018 1 min read

The net asset value of the Woodford Patient Capital Trust and the Woodford Equity Income Fund have today seen material uplifts, as a result of developments at Industrial Heat.

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Insights

Woodford Patient Capital Trust plc interim results 2018

Mitchell Fraser-Jones 20 September 2018 5 min read

Today marks the release of the Woodford Patient Capital Trust’s interim results for 2018.

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Insights

August roundup

Mitchell Fraser-Jones 4 September 2018 7 min read

A review of key events in August 2018, a month in which the US stock market reached a new all-time high, recording the longest bull market in history. In itself, that provides sound reason for caution but, elsewhere in the world, this bull market is already looking increasingly imperilled, with the UK and other European stock markets losing ground and several emerging markets, including China, already in bear market territory. Meanwhile, evidence to support our more cautious view of the global economic environment has continued to mount…

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Insights

July roundup

Mitchell Fraser-Jones 2 August 2018 6 min read

The UK equity market continued to make positive overall progress in the month of July, despite growing evidence that the economic backdrop is becoming increasingly challenging.

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Blog

Major Milestone for Proton Partners

Paul Farrow 13 July 2018 3 min read

Proton Partners, which is held in the Patient Capital Trust and Equity Income Fund portfolios, has reached a significant milestone treating the first patient in the UK with a ground-breaking cancer treatment.

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Blog

Why emerging market debt matters

Mitchell Fraser-Jones 6 July 2018 3 min read

A few words of caution on dollar-denominated debt in the developing world.

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Insights

June roundup

Mitchell Fraser-Jones 3 July 2018 8 min read

Global equity markets endured a volatile month in June, with continued trade tensions and weaker economic data…

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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 annual management charge applicable to the funds 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
  • The funds may invest in overseas securities and be exposed to currencies other than pound sterling
  • 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 may invest in unquoted securities, which may be less liquid and more difficult to realise than publicly traded securities

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.

You should note that capital is at risk with these investments and you may get back less than you invested. The value of the fund or trust as well as any income paid will fluctuate which may partly be the result of exchange rate changes.

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.

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.

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. 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 Woodford Patient Capital Trust investors to the risk of capital losses. As it can take years for young businesses to fulfil their potential, this investment requires patience.

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.

© 2018 Woodford Investment Management Ltd.
All rights reserved.

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