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Staying focused

Neil Woodford 7 April 2015 3 min read

Markets often surprise in the short term but the recent divergence of the MSCI AC World Index price level and underlying earnings expectations is intriguing.

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Where are the British business behemoths?

Mitchell Fraser-Jones 1 April 2015 1 min read

With just two weeks to go before the launch of Woodford Patient Capital Trust, Neil discusses the lack of British business behemoths and explains why “on-the-floor” valuations can mitigate the risks of investing in early-stage and early-growth businesses.

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Patient trading

Grant Wentzel 29 March 2015 4 min read

Stock market trading is often portrayed as a frenzied, urgent activity. The reality is very different – and it’s a lot calmer than you may think. Technology has driven equity trading from the stock exchange floor into trading rooms serviced by highly-powered computers. The book ‘Flash Boys’ by Michael Lewis brought the world of high-frequency

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Countryside connectivity

Mitchell Fraser-Jones 24 March 2015 2 min read

The Woodford Patient Capital Trust may invest approximately 75% of its assets in early-stage and early-growth businesses. While early-stage businesses are typically pre-revenue, with significant milestones still to reach in order to fulfil their potential, early-growth businesses have overcome some of these earlier challenges and will be starting to penetrate a clearly identified market opportunity.

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Budget surplus? Get a reality check

Neil Woodford 18 March 2015 3 min read

We have believed for some time that the growth and inflation assumptions embedded in the forecasts of central banks around the world, are consistently too optimistic. In the case of the United Kingdom, this applies also to the Office of Budget Responsibility.

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Yellen on collision course with Wall Street

David McWilliams 17 March 2015 9 min read

David McWilliams on Fed Chair, Janet Yellen’s academic writings, to get a sense of her priorities and her beliefs on how to solve America’s productivity problem.

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Patient capital – it’s in our DNA

Saku Saha 12 March 2015 2 min read

Oxford Nanopore is a great case study to illustrate our approach to early-stage & early-growth investment and makes a good example of the type of exciting investment opportunities we have unearthed.

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Fund roundup, February 2015

Mitchell Fraser-Jones 9 March 2015 4 min read

Global stock markets enjoyed a positive month, buoyed by a run of better-than-expected economic data in Europe and what has been greeted as a successful outcome to the negotiations between the new socialist government in Greece and the European Union. The European macroeconomic data comes as a welcome relief for the region’s troubled economies but,

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British science is in great shape

Neil Woodford 2 March 2015 4 min read

I have been an investor in the pharmaceutical industry for most of my career and have for a long time been fascinated by the opportunity for innovation in this sector to not only benefit society but, in turn, deliver great returns to shareholders.

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‘Waterless’ technology to whet the appetite

Paul Lamacraft 26 February 2015 2 min read

Xeros is a good example, not just of some of the businesses that we have backed, but also of the great science-based businesses that the UK is creating, based on academic research ideas.

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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 ongoing charges figure 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 – some of these security types could increase the funds’ volatility and increase the level of indirect charges to which the funds are exposed
  • The funds and trust 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 these investments and the income from them, to fluctuate
  • 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 and the Woodford Patient Capital Trust 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
  • 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. This means the price may be volatile in response to changes in demand
  • 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 investors to the risk of capital losses
  • 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 – it can take years for young businesses to fulfil their potential, this investment requires patience

Important information

Before investing, you should read the Key Investor Information Document (KIID) for the fund – or Key Information Document (KID) for the trust – 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 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.

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: 27 Old Gloucester Street, London, WC1N 3AX.

© 2019 Woodford Investment Management Ltd.
All rights reserved.

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