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Home > Words > Blog

Budget 2017: ‘shrewd and appropriate’

Neil Woodford 22 November 2017 4 min read

Having listened into today’s Budget from Chancellor Hammond, I thought I would share some quick initial thoughts with you…

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An update on Prothena

Neil Woodford 22 November 2017 7 min read

There is demand for an update on our view of Prothena, following recent coverage and last week’s R&D day. This isn’t a response to any particular note. Research is published on a range of stocks every day, covering a range of different views – we haven’t commented on them in the past, nor do we intend to start now. It is simply an update on where we are today, with a focus on the opportunity on NEOD001 in the rare disease, AL Amyloidosis.

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Brexit – where are we now?

Mitchell Fraser-Jones 8 November 2017 6 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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Increasing UK focus

Mitchell Fraser-Jones 10 October 2017 7 min read

In light of the recent changes to the portfolio strategy, we thought it would be interesting to take a look at how the Woodford funds’ geographical exposure has evolved.

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UK economy – defiant growth

Mitchell Fraser-Jones 20 September 2017 3 min read

We remain positive on the outlook for the UK economy which, as these three charts reaffirm, is in better shape than many believe…

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Neil Woodford: a summer in perspective

Mitchell Fraser-Jones 6 September 2017 19 min read

We have always encouraged dialogue with our investors and understandably some have been in touch, not only to express their disappointment, but also to seek answers as to why the fund’s recent performance has suffered. In the following video, Neil explains events and what they mean for the fund’s strategy

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Update on Provident Financial

Neil Woodford 22 August 2017 4 min read

This morning we have received another profit warning from Provident Financial, which has led to a substantial share price decline. Neil gives his latest view.

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Update on AstraZeneca

Neil Woodford 27 July 2017 4 min read

Earlier today, AstraZeneca announced initial trial data from its phase III Mystic study for its potential combination therapy for lung cancer. Neil gives his view on the announcement.

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Another election, another surprise

Neil Woodford 9 June 2017 3 min read

So we’ve had another election and received another surprise. In all the heat and light that accompanies an unexpected political outcome, a lot of extreme conclusions have been discussed by market and media commentators. From where I’m sitting, however, economically not a lot has changed. In fact, in some respects, the outlook for the UK economy has improved…

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Neil Woodford 12 May 2017 4 min read

Over a holding period of more than fifteen years, we have consistently believed that GlaxoSmithKline was capable of delivering growth and realising shareholder value.

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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 CF 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 CF 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, Tel: +41 21 311 17 77, email: 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

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