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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.

Blog

Capita update

Neil Woodford 2 February 2018 4 min read

Many of you have, understandably, asked for Neil’s current perspective on Capita, following its sharp share price decline earlier this week. Having had a couple of days to reflect and consider what has happened, Neil would like to provide some context…

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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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Insights

Income Focus Fund update, December 2017

Mitchell Fraser-Jones 19 January 2018 3 min read

We anticipate a very different investment environment to prevail in the year ahead, as macroeconomic conditions increasingly challenge the view of the world that is reflected in financial market valuations.

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Insights

Patient Capital Trust update, December 2017

Mitchell Fraser-Jones 19 January 2018 4 min read

News from the Woodford Patient Capital Trust portfolio in December, including updates on Mereo Biopharma, Xeros and ReNeuron…

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Insights

Equity Income Fund update, December 2017

Mitchell Fraser-Jones 19 January 2018 4 min read

The UK stock market finished the year strongly, following much the same pattern as for 2017 as a whole, with a narrow set of stocks, perceived as beneficiaries of accelerating global growth leading the index higher.

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Blog

Christmas quiz 2017 answers

Mitchell Fraser-Jones 21 December 2017 1 min read

Thank you to all participants in this year’s Christmas quiz. We hope you enjoyed it. We are now pleased to announce the winner as…

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Blog

2017: the year in review

Mitchell Fraser-Jones 21 December 2017 7 min read

In football, ‘a game of two halves’ is a saying sometimes used by managers to characterise a match in which their team has endured contrasting fortunes. Although the worlds of football and fund management do not often overlap, the saying does quite accurately reflect the fortunes of the Woodford Equity Income Fund since it launched in 2014.

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Insights

Patient Capital Trust update, November 2017

Mitchell Fraser-Jones 21 December 2017 5 min read

November proved a challenging month for the performance of the Woodford Patient Capital Trust, primarily as a result of share price weakness in the portfolio’s largest holding, Prothena…

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Insights

Income Focus Fund update, November 2017

Mitchell Fraser-Jones 21 December 2017 5 min read

A modest decline in the UK stock market in November, failed to meaningfully change the momentum grip on markets that has been in place for much of the last two years now. The valuation stretch in markets is now close to breaking point, in our view…

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Insights

Equity Income Fund update, November 2017

Mitchell Fraser-Jones 21 December 2017 8 min read

November saw a modest decline in the UK stock market amid slightly higher levels of volatility than we have seen of late. A strong pound, which greeted the steady progress towards an agreement with the EU on Brexit, saw some weakness in the share prices of global-facing businesses…

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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, 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.

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