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Home > Words > 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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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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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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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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Christmas quiz 2017

Mitchell Fraser-Jones 14 December 2017 1 min read

Welcome to this year’s Woodford Christmas quiz. 20 picture and chart-based questions, with bubbles as the prize…

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The Seven Deadly Sins

David McWilliams 12 December 2017 10 min read

David McWilliams explores the repeated warnings from history about financial asset price bubbles. From St Thomas Aquinas to Charles Kindleberger and Hyman Minsky, via Banarama and Sir Isaac Newton, he concludes that the most expensive four words of all are: “This time it’s different”…

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There may be trouble ahead

Mitchell Fraser-Jones 12 December 2017 8 min read

Following up on Neil’s article about the “lights flashing red” in financial markets, we’ve pulled together these data points and charts to highlight the bubble madness…

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We are in a bubble

Neil Woodford 4 December 2017 4 min read

Following the interview with Neil in the FT this weekend, in the first of a series of articles, we publish Neil’s current thoughts on the bubble currently afflicting financial markets. What does this mean for investors?

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Patient Capital: a watershed moment

Mitchell Fraser-Jones 29 November 2017 4 min read

Last week’s Budget announcements represent, in our view, a watershed moment for young, British, knowledge-intensive businesses and they are profoundly important for Britain’s long-term economic future.

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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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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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