Hargreaves Lansdown
CF Woodford Equity Income Fund

CF Woodford
Equity Income Fund

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Woodford Patient Capital Trust

Important information - remember that the value of investments, and any income from them, can fall as well as rise so you could get back less than you invest. Seek advice if you are unsure of the suitability of your investment.

If you are interested in the Woodford Patient Capital Trust, be aware that this is an extremely long-term investment which we believe should only be bought with a view to holding for at least 10 years. In time it will invest in small and fledgling businesses which carry substantially higher risks than mainstream investments. It is an investment trust and so it may be difficult to sell and access the capital invested in the short term.


  • Performance driven by strong stock selection and sector positioning
  • 17.9% growth in first year, with dividends reinvested. Past performance is not a guide to future returns
  • Low 0.6% ongoing charge via HL, normally 0.75% (see below).
  • Vantage Service charge of 0.45% p.a. also applies. More on charges

One year on since launch

Neil Woodford would say one year is not really long enough to draw any conclusions and he should be judged over decades, not a single year. With that caveat, it has still been an exceptional start for the manager and his new fund, confirming his reputation as one of the UK's finest fund managers.

Over the first year the fund has grown by 17.9%, with dividends reinvested, outperforming the IA UK Equity Income sector by 9.7% and the FTSE All Share Index by 13.5%, although it should be remembered this short term performance is not guaranteed to continue.

Read our full 12 month review of the fund

Low ongoing charge achieved through a mixture of a discounted fee and a rebate. In the Fund & Share Account the rebate may be taxable so you won't get full saving. You will get a full saving in ISA & SIPP.


Past performance is not a guide to future returns. Dividends are variable and not guaranteed. This video has been produced by Woodford Investment Management, and nothing featured should be construed as a personal recommendation.


What has driven performance?

Our quantitative analysis suggests Neil Woodford’s performance has been driven by a combination of strong selection and sector positioning. Stock picking within large, high-yielding companies has been particularly positive, as well as within smaller, growth-orientated stocks.

While the fund is predominantly invested in larger companies, Neil Woodford has also demonstrated his commitment to long-term investing by holding some smaller businesses. These higher-risk smaller businesses, some of which are not yet quoted on the stock market, have the potential to grow into the larger, high dividend-paying companies of tomorrow, although companies at an earlier stage of their development are at greater risk of failure.

What does the future hold?

Neil Woodford’s strategy and outlook have remained consistent since the fund's launch. The portfolio reflects his long-term approach and a cautious view of the world - he sees a challenging future for the global economy as well as for stock markets, which have been inflated by asset-purchasing programmes such as quantitative easing.

Read Neil Woodford's latest views on the market and his current investment strategy

In this environment, he has built and maintained a portfolio of attractively-valued companies, which he believes can deliver sustainable long-term growth regardless of difficulties within the wider economy. The fund's concentrated nature allows each holding to have a significant impact on performance, but it is a higher risk approach.

We are encouraged by the fund's progress since launch, although it remains early days. While Neil Woodford’s record on this fund is still short, his pedigree as a fund manager rests on his achievements in the last three decades, not only the last 12 months.

Although he does not currently do so, the manager has the flexibility to use derivatives should he see fit, however this is a higher-risk approach.

Hargreaves Lansdown can offer this fund with a low ongoing charge of just 0.6%, normally 0.75%. Please note our Vantage Service charge also applies.

Read our full 12 month review of the fund

CF Woodford Equity Income Fund Key Investor Information Document (KIID)

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CF Woodford Equity Income one year performance chart
Annual percentage growth
Jun 10 -
Jun 11
Jun 11 -
Jun 12
Jun 12 -
Jun 13
Jun 13 -
Jun 14
Jun 14 -
Jun 15
CF Woodford Equity Income N/A N/A N/A N/A 17.9%
FTSE All Share 12.1% 1.1% 20.2% 11.7% 4.4%
IA UK Equity Income 13.7% 0.0% 24.8% 14.8% 8.2%

Past performance is not a guide to future returns. Full year figures before this date are unavailable for the fund.
Source: Lipper IM to 19/06/15

Fund information
Fund name CF Woodford Equity Income Fund
Fund manager Neil Woodford
Launch price £1.00
Historic yield 3.4% (variable and not guaranteed)
Income frequency Quarterly
Sector IMA UK Equity Income

Frequently asked questions

What are the charges to hold this fund in the Hargreaves Lansdown Vantage Service?

There is a tiered annual charge to hold funds in Vantage, with a maximum of just 0.45% per annum.

Which accounts can I invest in?

You can hold the CF Woodford Equity Income Fund within the Vantage Stocks & Shares ISA, Junior ISA, SIPP and Fund & Share Account.

More FAQs

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Contact us


If you have any questions about this fund or any other queries please call our friendly Helpdesk.


phone

0117 900 9000

Mon - Thu: 8am - 7pm

Fri: 8am - 6pm

Sat: 9:30am - 12:30pm

Alternatively, email us.

What are the various types of accounts available? What are the differences?

If you're unsure, please contact us for advice. The value of investments can rise and fall so you could get back less than you invest. Tax rules can change and the value of any benefits will depend on individual circumstances.

Am I eligible?
Yes if you are a UK private investor, company or investment club
Yes, if you are UK resident and over age 18
Yes, if you are UK resident and under age 75
How much can I contribute?
Unlimited
Up to £15,000 (see rules)
Up to as much as you earn, effectively capped at £40,000 (see rules)
When can I take money out?
Anytime
Anytime
Usually from age 55
Can I save tax?
No
  • Tax-free growth
  • No further tax on income
  • Up to 45% tax relief on contributions
  • Tax-free growth
  • No further tax on income
  • Up to 25% tax-free lump sum plus taxable income at retirement
How much does it cost?
Free to set up, low cost to run (full costs)
Free to set up, low cost to run (full costs)
Free to set up, low cost to run (full costs)
  • Can I invest monthly into this fund?
  • Is this fund available with income and accumulation units?
  • What is the minimum investment?
  • Which accounts can I invest in?
  • What is the yield of the fund?
  • What are the charges to hold this fund in the Hargreaves Lansdown Vantage Service?
  • Can I invest in the fund on behalf on my children or grandchildren?

CF Woodford Equity Income Fund

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Stocks & Shares ISA

  • Save tax - no capital gains tax and no further tax to pay on income from your investments
  • Access your money at any time
  • Invest with a financially secure, FTSE 100 company

The maximum you can invest into an ISA in this tax year is £15,240.

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SIPP (Self Invested Personal Pension)

  • Voted Best SIPP Provider eight years running
  • Wide investment choice and free fund dealing
  • Free research on popular investments
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Please remember investments can go down in value as well as up, so you might get back less than you invest. The value of tax savings will depend on your circumstances and tax rules can change over time. If you are unsure of the suitability of any investment for your circumstances please contact us for advice.

Stocks & Shares ISA

Shelter up to £15,000 from tax with our easy-to-manage ISA.

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SIPP (Self Invested Personal Pension)

Award-winning pension with wide investment choice.

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Fund & Share Account

Invest outside an ISA or pension with no investment limits.

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