Here at Woodford, we are keen on transparency and openness. We believe investors have the right to know where their money is invested, and this was why we made the decision a year ago to disclose the CF Woodford Equity Income Fund’s portfolio each month.
We also believe that investors have the right to know what is influencing the fund’s performance – what has worked and what has not worked, at a stock-by-stock level. Now that we have a full year’s performance behind us, the next natural step for us is to publish full performance contribution data and we are pleased to introduce this today.
We commit to providing 1 year fund contribution data on a rolling quarterly basis. Clearly, one year is still quite a short time period in the context of our long-term investment strategy. As the fund’s performance history lengthens, we will introduce analysis which is more consistent with our long-term investment horizons but, in the meantime, the fund’s history is long enough now to give investors a reasonable insight into what has driven performance thus far.
The chart below illustrates the fund’s stock level contribution – you can hover over each dot for more information on the stock, its average weight within the portfolio and its contribution to the fund’s performance. You can also highlight the data using the drop-down menu to get a filtered view of individual countries and sectors.
A full, downloadable list of stock contributions is also available here (requires login).