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Woodford Equity Income – interim results to the end of June

Woodford Investment Management has released interim results for the Woodford Equity Income fund to the end of June 2019.

Important notes

This article isn’t personal advice. If you’re not sure whether an investment is right for you please seek advice. If you choose to invest the value of your investment will rise and fall, so you could get back less than you put in.

Woodford Investment Management yesterday released interim results for the Woodford Equity Income fund to the end of June 2019.

On 3 June Woodford Equity Income was gated by Link Fund Solutions, the fund’s Authorised Corporate Director, to protect existing investors, following concerns about redemptions. In an update on 1 July, Link stated that the manager, Woodford Investment Management, is using this time while trading is suspended to re-position the portfolio into more easily tradable stocks.

As part of their interim results Woodford yesterday published details of portfolio holdings to the end of June.

These show that in the month of June the fund manager bought FTSE 100 stocks BT Group, British American Tobacco and British Airways' parent company International Airlines Group.

This trading is in line with the fund manager’s intentions to move the portfolio out of unquoted and less liquid stocks into more liquid companies.

On 23 August Woodford Investment Management stated that to that date, more than 80% of the proceeds from share sales since suspension have been reinvested in FTSE 100 companies.

No more up to date portfolio data has been released by Woodford.

Woodford Investment Management stated in their interim results:

“We continue to reposition the portfolio in readiness for its reopening later in the year. When the Fund does reopen, investors will see a much more liquid portfolio. It will continue to be focused on undervalued companies, but the majority of them will be FTSE 100 and FTSE 250 index constituents.”

Last week Link confirmed that it is still their expectation that trading in the Woodford Equity Income Fund is likely to be suspended until early December but that, in their view, lifting the suspension in December remains achievable.

Link will continue to monitor the fund’s portfolio, and have committed to formally reviewing the suspension every 28 days.

If Link announce any material changes to the suspension date before December we will let you know.

We will contact clients again when Link have provided us with a definitive date regarding the fund suspension being lifted.

Important notes

This article isn’t personal advice. If you’re not sure whether an investment is right for you please seek advice. If you choose to invest the value of your investment will rise and fall, so you could get back less than you put in.

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