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LF Woodford Equity Income: a portfolio update

Neil Woodford 3 May 2019 10 min read

In recent months there has been considerable commentary about the shape of the portfolios Neil manages, in particular, the LF Woodford Equity Income Fund (WEIF). In light of this, Neil explains why the fund is positioned as it is today and what this means for investors in the months ahead…

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Unquoted transaction: follow-up questions

Mitchell Fraser-Jones 6 March 2019 7 min read

We wanted to take the opportunity to answer some of your follow-up questions relating to the transaction announced last week, in which the LF Woodford Equity Income Fund (the fund) has transferred some of the portfolio’s individual unquoted stocks to Woodford Patient Capital Trust (the trust) in exchange for shares in the trust.

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Transfer of unquoted assets

Mitchell Fraser-Jones 1 March 2019 3 min read

We wanted to let you know that the LF Woodford Equity Income Fund (the fund) has transferred some of the portfolio’s individual unquoted stocks to Woodford Patient Capital Trust (the trust) in exchange for shares in the trust. This step signals the start of a strategy to switch the fund’s unquoted exposure from individual unquoted holdings to shares in the trust.

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Christmas quiz 2018 results

Mitchell Fraser-Jones 21 December 2018 5 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… Tertius Bonnin, EQ Investors Congratulations! Some champagne will soon be on its way to you and should be with you by Christmas. The six runners-up, receiving a copy of ‘Red Flags:

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Christmas quiz 2018

Mitchell Fraser-Jones 14 December 2018 1 min read

Welcome to this year’s Woodford Christmas quiz. A mixture of picture and chart-based questions, with bubbles as the prize…

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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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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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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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Statement on Stobart

Neil Woodford 18 June 2018 2 min read

Over the past couple of weeks there have been numerous media articles reporting board instability at Stobart Group.

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Prothena: an update

Mitchell Fraser-Jones 23 April 2018 2 min read

We have just heard from Prothena that the Pronto trial has not met its primary endpoint.

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What are the risks?

  • The value of the fund and any income from it 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 fund may be higher but capital growth may be restricted or capital may be eroded
  • The fund may invest in other transferable securities, money market instruments, warrants, collective investment schemes and deposits – some of these security types could increase the fund′s volatility and increase the level of indirect charges to which the fund is exposed
  • The fund 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 investments to decrease or increase
  • The fund 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

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.

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.
All rights reserved.

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