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Woodford Income Focus – portfolio revealed

Neil Woodford has released portfolio details of his new Woodford Income Focus fund for the first time, you can view it here.

The big holdings are quite similar to his older Woodford Equity Income fund, with Woodford’s trademark punchy position sizes (AstraZeneca makes up 7.39% of the portfolio).

However the Income Focus portfolio has fewer holdings, 50 compared to 131 in Woodford Equity Income, which contains a large number of smaller growth companies.

Both Equity Income and Income Focus funds now have a fair slice of domestically cyclical UK companies, like Lloyds, British Land and Taylor Wimpey.

Mark Dampier, Head of Research, Hargreaves Lansdown:

"There’s more than a whiff of optimism about the UK economy in Neil Woodford’s new portfolio, which suggests a shift in his market outlook. He doesn’t have a crystal ball, but his reading of the big macroeconomic picture has been uncannily accurate in the past.

Woodford appears to be playing the UK economy in large part via the property sector, with a number of REITs and housebuilders featuring in the portfolio, not to mention Lloyds which has exposure to the UK property market through its mortgage book.

The list of holdings in the new fund is much shorter than in the Woodford Equity Income fund, which has a long tail of smaller growth companies. However both funds demonstrate a high conviction approach to investing, with punchy positions in the biggest stocks in the portfolio.

Delivering a high and growing income is no easy task and to deliver results the manager will have to get his stock selection right, as well as his call on the UK economy. Ultimately we will only be able to measure the fund’s success in the years to come, but Neil Woodford’s exceptional track record lends confidence. Our initial feeling is that the Neil and his team have certainly grasped the bull by the horns and are backing their convictions."