Income Focus Fund opening portfolio

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Mitchell Fraser-Jones 17 May 2017 Est. reading: 2 min read

Home > Words > Insights > Income Focus Fund opening portfolio

Today marks the release of the first fully disclosed portfolio for the CF Woodford Income Focus Fund. You can find the full list of portfolio holdings here, as at 30 April 2017.

The portfolio contains a number of familiar companies but, with a stronger focus on income generation, the new fund’s portfolio is also quite different, with several holdings not currently present in the equity income fund.

As with that fund, however, Neil has been keen to capture some of the contrarian opportunity he currently sees in domestically-focused cyclical stocks which we believe have become too cheap to ignore in the wake of last year’s Brexit vote.

As Neil explains:

“In the run up to the launch of the Income Focus Fund I had said that I believed there was an attractive domestic opportunity, in part because people were too downbeat about the UK economy. The new portfolio is a manifestation of this view but in a more income-focused way.

The bearish mood has resulted in very big share price falls in some domestic cyclical sectors and it is this opportunity set that I see in the stock market right here, right now. I have been taking advantage of some of the depressed valuations in domestic cyclicals, selectively buying stocks in sectors such as housebuilders, banks, construction, building materials and property for the new fund. There are also some familiar names in the portfolio, which is in great shape and I am extremely confident it will deliver the income target we set when we launched the fund in March.”

– Neil Woodford, Head of Investment

The CF Woodford Income Focus Fund aims to meet investors’ increasing demand for a high level of income1, together with capital growth.

View the full portfolio here

CF Woodford Income Focus Fund
Download as a PDF

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 annual management charge 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
  • The fund may invest in overseas securities and be exposed to currencies other than pound sterling
  • The 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.

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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.

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