Keyword results: Equity Income Fund

Boom
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Explosive: 2018 Document from Neil Woodford which shows him admitting to screwing Old Mutual to meet redemptions

Thanks to Winnileaks I have obtained an explosive document prepared by Neil Woodford in January 2018  in which he answers questions put to him by Old Mutual for whom he – at the time – managed a value fund. I publish it in full and it is explosive in part because Woodford – for once – shows a degree of honesty in what he says. And that makes it all the more damning. If the FCA can be bothered to read this it explains in a nutshell why Neil Woodford should never again be allowed to manage other folk’s cash.

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Beggar

Corrupt & twisted Journalism from Lucy Burton as disgraced and bent fund manager Neil Woodford announces comeback with more lies

Lucy Burton of the Sunday Telegraph will this morning be celebrating her scoop of the year. It may win her prizes such is the corruption of modern journalism. In a faustian deal she gets to break the news that disgraced and crooked fund manager Neil Woodford is planning a comeback. In return she publishes a blow off interview in which Woodford paints himself as the victim of what happened, tells blatent lies and those lies go unchallenged. This is not journalism it is revolting PR ands Ms Burton should be drummed out of the industry. She won’t. She will be praised and promoted. And the deadwood press wonders why it is ever less trusted and its reader numbers slide?

Boom

BREAKING: ShareProphets which exposed Neil Woodford backs Harcus Parker as lawyers most likely to help victims and do so quickly

As the BBC and most in the City recognise, it was this site which exposed disgraced fund manager Neil Woodford with more than 1,000 articles, podcasts and videos starting in 2015. Now we are working with law firm Harcus Parker as the outfit most likely to get redress for victims and quickly. And here is why. 

Criticism of Woodford fund sales: is it justified?

The sale of a bunch of biotech assets by Link from the Neil Woodford portfolio which used to be known at his Equity Income fund has received criticism as the buyer immediately offloaded some of it at a massive profit. Surely that means those assets were sold too cheaply……or does it?

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A final £15 million Christmas kick in the bollocks from Neil Woodford to unit holders

Merry Christmas Neil Woodford. Having made c£100 million from Woodford Investment Management you are planning a new Chinese venture as those Brits who backed you lick their wounds and count their losses. You are a crook, a spiv and should be in jail and facing a lifetime ban from financial services. If folks were not angry enough already, at 11.41 AM on Christmas Eve came another £15 million kick in the gonads. Cheers Neil, seasons greetings to you, your wife and your array of show jumping ponies.

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ESL
ESL
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Neil Woodford disaster of the day 1: Eddie Stobart refinancing via 25% interest rate loan, equity almost worthless

Eddie Stobart Holdings (ESL) still sees its shares suspended as the company can still not get its half year accounts bottomed out and published but a rescue plan today may well see the shares slung off AIM and the nature of the mega high interest loan injection makes it clear the equity is almost worthless. Well done Neil – this was a major holding in the Income Focus and Equity Income Funds.

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MPH
MPH
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BREAKING Analysis Neil Woodford AIM dog Mereo Pharma, another body blow – insolvent by end January

For some reason, Britain’s most disgraced fund manager held this AIM dog in his Equity Income Fund though the chances of it paying a dividend made my chances of getting lucky with Cheryl Cole look like a nailed down sure fire certainty.  Today there is another body blow, clinical failure, but the real issue, if you do the maths, is looming insolvency.

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Woodford Patient Capital Trust breaches bank covenants after another huge asset write-down

After a massive writedown in the carrying value of Industrial Heat was imposed on Woodford Patient Capital Trust (WPCT) today, the company is almost certainly more than 20% geared and thus technically in default on its bank loans. It has hyet to 'fess up but you can do the math...

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One chart that shows the true failure of Neil Woodford CBE better than any other

This one chart shows the true failure of Neil Woodford better than any other.

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Clown

Neil Woodford objects to winding up of his flagship Equity Income Fund - says he "cannot accept" decision

Soon to be ex-fund manager, Neil Woodford has not taken the decision to wind up his flagship Equity Income Fund and fire him at all well, as you can see below. But he is disgraced, will soon lose his other mandates and will almost certainly now face a full FCA enquiry. None the less some of his followers have not lost faith. Some folks are just so daft...

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Screwed by Neil Woodford’s demise : NEX listed Rutherford & its £400 million joke valuation, statement needed ASAP

The IPO of Rutherford International (RUTH), formerly Proton Partners, only happened because Neil Woodford was prepared to commit £100 million of other folks cash to it on a ludicrous valuation. That move increased the management fees he banked materially but will cost his investors a packet as I explained, again, in bearcast earlier. But now Rutherford is utterly fecked by Woodford's firing by EIF and needs to issue an RNS asap.

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Sheriff-Of-AIM

Video: Neil Woodford fired & disgraced today, here is Tom Winnifrith predicting it all in April 2018!

Neil Woodford, Britain's best known fund manager, has today been fired by his flagship Equity Income Fund which is to be wound down. Some in the corrupt deadwood press, like the Mail on Sunday, were still praising Woodford up to the date before EIF was gated in June. Others have turned bearish over the past few months having previously drunk the cool aid. But we first warned about Woodfoird in 2015 and 1000 articles and podcasts later, we were clearlty first and our journalism has been utterly vindicated as you can see HERE. Site Editor Tom Winnifrith gave a keynote address at UK Investor 2018, in April of that year, predicting exactly what would happen and highlighting numerous red flags. You can see that video below

Beggar

Breaking: Neil Woodford fired from flagship Equity Income Fund, fund to be wound down

Link, the ACD, to Neil Woodford’s flagship Equity Income Fund has, after liaising with the FCA, announced that the fund will not be un-gated, allowing investors to redeem units in December, but will instead be wound down. And Neil Woodford’s Woodford Investment Management has been fired with immediate effect. That is the death knell for it. Our extensive warnings, in more than 1000 podcasts and articles since 2015, HERE are now utterly vindicated, Neil is finished.

PREMIUM CONTENT

Reader Post of the Weekend: Woodford Dog BenevolentAI – Temasek 10, Woody “nul points”

I am indebted to Pierotlunaire for his post over the weekend on my piece Woodford Dog BenevolentAI: as predicted......but it is good news really! for the paperwork for Temasek’s investment into this cash-hungry dog has arrived at Companies House and as expected Temasek has take its pound of flesh.

The “good news” for Neil Woodford was that BenevolentAI had managed to attract an investment of $90 million from Temasek. The valuation of BenevolentAI was hit for six, dropping to around $1 billion (from $2 billion) but the other piece of good(ish) news for Neil was that this would drop his unquoted investments held in his Equity Income Fund, which was at the time well over its limit of 10% of the fund – partially because the dodgy Guernsey listings had been scrapped. But of course it also meant that book value of his investments in BenevolentAI had halved at the stroke of a pen.

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Collapsing-Reactor

Reader Poll: what will Neil Woodford’s Equity Income Fund be worth when/if it is ungated?

Having lost his last chum in the media today, Neil Woodford’s flagship Equity Income Fund has plunged in value since it was gated in early June from £3.7 billion to just over £2.9 billion – a 21% fall in four months when there were no redemptions. That is entirely down to Woodford’s stock trading genius. So….

Collapsing-Reactor

Neil Woodford Redemptions Watch: another day of underperformance

Yesterday the FTSE All-Share index (Neil Woodford’s benchmark for his Equity Income and Income Focus funds) dropped 0.49%, but his funds dropped 0.62% and 1.09% in NAV per unit respectively as yet another day of underperformance took its toll...

Collapsing-Reactor

Neil Woodford Redemptions Watch: it is a mess

Yesterday the FTSE All-Share (Neil Woodford’s benchmark for his Equity Income and Income Focus funds) closed almost flat on the day. Happily for Neil his Income Focus fund put on 0.23% in NAV per unit and Equity Income put on 0.57%. although the reported figures are still distorted by the continuing suspension of Eddie Stobart (ESL) after  its shocking news earlier in the week.

Collapsing-Reactor
PREMIUM CONTENT

Neil Woodford Redemptions Watch: more underperformance as the bad news continues

Yesterday the FTSE All-Share (Neil Woodford’s benchmark for his Income Focus and Equity Income funds) put on 0.5% and Income Focus almost matched it with a 0.44% gain in NAV per unit. But Equity Income only put on 0.26% as underperformance continued...

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Collapsing-Reactor
PREMIUM CONTENT

Neil Woodford Redemptions Watch: all eyes on Kier as a grim day beckons

Yesterday the FTSE All-Share (Neil Woodford’s benchmark for his Equity Income and Income Focus funds) was again almost flat – a performance matched by the unit NAV of Income Focus. But the Equity Income Fund unit NAV dropped 0.41% to bring the total fund size down to £3.11 billion. Oops….

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PREMIUM CONTENT

Neil Woodford Redemptions Watch: normal service resumed

Yesterday the FTSE All-Share, Neil Woodford’s benchmark for his Equity Income and Income Focus funds, was more or less flat but, according to Morningstar, the NAV per unit of those funds fell by 0.51% and 0.43% respectively. Normal service resumed, then...

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Bearcast
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Tom Winnifrith Bonus Bearcast: Financially illiterate journalists like Carole Cadwalladr and Neil Woodford's cunning escape plan

Evil hedge funds backed Boris as they were betting heavily on shares to crash claims the crazy cat woman Carole Cadwalladr to rapturous applause from fellow financial illiterates. No doubt the BBC will lap thus up but the only problem is that it is completely untrue. It is fake news. I discuss this plus a cunning escape plan put forward for Neil Woodford's Equity Income Fund. But there are snags.

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The Grim RUTH – Neil Woodford steps on a £12.5 million landmine

Oh dear. Oh dear. That’s another fine mess you’ve got me into say unit holders in the Equity Income Fund (EIF) and shareholders in Woodford Patient Capital Trust (WPCT) today as hapless Neil reveals another £12.5 million black hole.

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Collapsing-Reactor

Redemptions Watch: Woodford gains but investors still want their cash back

Yesterday Neil Woodford’s benchmark for his Equity Income and Income Focus Funds, the FTSE All-Share, put on 0.4% - as did the FTSE 100. But his two unit trusts again put on more. Has the tide turned? With a long queue of disasters in the making, I rather doubt it...

Collapsing-Reactor
PREMIUM CONTENT

Neil Woodford Redemptions Watch: hanging around as the problems mount and the stench grows

Neil Woodford’s benchmark for his Equity Income Fund (WEIF) and Income Focus Fund (WIFF) put on 0.19% yesterday. For the second day in a row WIFF and WEIF both beat that, putting on 0.69% and 0.40% in NAV per unit respectively. Meanwhile, Neil has been selling more Norwegian Dog Thin Film (THIN), dropping his holding to 9.86% as announced at no-one-is-watching o’clock last night (at quarter to five) as the company continues to hurtle towards the corporate undertakers or an eye-watering dilution if a rescue refinancing can be arranged.

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BOOM: Neil's Woodford Patient Capital Trust: Banks now calling the shots, this is grim

Woodford Patient Capital Trust (WPCT) has today issued a shocking statement “Debt facility”. It shows that its banks ae now getting nervous and pulling all the strings. Boy, Neil Woodford must be glad that he has already sold most of his shares. The news also has grim implications for the Equity Income Fund.

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PREMIUM CONTENT

Redemptions Watch: Woodford funds underperform as Thin Film warns of potential insolvency

Yesterday was a good day in the markets: the FTSE100 put on 1%. Of course, the FTSE100 is not the benchmark for Neil Woodford’s two unit trusts – that is the FTSE All-Share index, which put on 0.87%. So it is perhaps a tad disappointing that Woodford Equity Income Fund (WEIF) dropped by 0.07% in NAV per unit, although not as disappointing as Woodford Income Focus which managed to drop 0.89%. Oh dear...

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Collapsing-Reactor

Redemptions Watch: another new low for Neil Woodford’s Income Focus and Equity Income funds

Yesterday we learnt from Citywire that Neil Woodford has dumped his holding in Nasdaq-listed Prothena (PRTA) for £50 million to San Francisco-based biotech investor EcoR1 Capital, ending another disastrous tale of woe. In the early days of Woodford Investment Management this was a star investment and Neil chucked in piles of other people’s money but last year it ran into trouble when its flagship treatment for amyloidosis failed in trials. In the good old days Woodford’s holding topped well over £500 million in value – and he’s got just £50 million for his 22% stake...

Bearcast
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Tom Winnifrith Bearcast: Will the FCA investigate whether a Dubai Royal Shaikh Ahmed Bin Dalmook Al Maktoum, is guilty of AIM casino insider dealing

This looks like a doddle to investigate. The stock is ADM Energy (ADME) but will the FCA dare to challenge Shaikh Ahmed Bin Dalmook Al Maktoum or is insider dealing just an offence of you are a nobody? Then I look at the Eddie Stobart (ESL) fraud debacle, the Industrial Heat shambles, Woodford Patient Capital Trust (WPCT), the  Equity Income Fund (which has  today insisted it will look to ungate at Christmas... whatever) the Income Focus Fund (soon to be gated) and what today's news says about the stupidity, arrogance and lack of ethics of Neil Woodford himself. Postscript: His Highness Sheikh Ahmed bin Dalmook bin Juma Al Maktoum is not to be confused with Sheikh Ahmed bin Saeed Al Maktoum, Chairman of Emirates and indeed a very wealthy man. I did confuse him but this is still a Dubai Royal, will the FCA take him on? 

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Bad news for Neil Woodfjord as Norwegian Idex reports for Q2

I said early yesterday morning that there was an awful lot of bad news still in the pipeline for Neil Woodford. And then his revolutionary cards outfit Idex of the Oslobors precinct reported. Needless to say the results are pretty awful and the tin will be rattling again very soon...

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PREMIUM CONTENT

Redemptions Watch: Neil Woodford funds still on a downer

To be fair to Neil Woodford, markets have been a tad choppy of late, to say the least. But yesterday at midday the FTSE100 was down around a third of a percent and this morning’s data from Morningstar shows that Woodford’s Income Focus Fund (WIFF) had lost 0.85% in NAV per unit and his Equity Income Fund (WEIF) had dropped 0.75%. Another day of outperformance (of the wrong sort) then...

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PREMIUM CONTENT

Redemptions Watch: Neil Woodford funds all drop

Another mucky day on the markets saw all of Neil Woodford’s motley crew reporting losses. But whilst the FTSE100 dropped 0.4%, Woodford Equity Income (WEIF) lost 0.47% in NAV per unit and his Income Focus Fund (WIFF) shed 0.55%. It seems that outperformance is the order of the day, although not the outperformance his poor investors were hoping for...

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PREMIUM CONTENT

Redemptions Watch: Neil Woodford’s Income Focus Fund gains... but will WEIF fiasco renew redemptions?

Neil Woodford’s Income Focus Fund (WIFF) had a good day yesterday as it put on 0.53% in NAV per unit, according to Morningstar. Mind you, the FTSE-100 put on 1.8% and the FTSE All-Share index added 1.5%, so it wasn’t all that great. But a gain is a gain. In theory, that should have pulled the total assets up from Friday’s close of £287.65 million to £289.17 million...

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BREAKING: Woodford Equity Income Fund – gating to last into December at least, according to Link

It is just out – this month’s review of the gating of Neil Woodford’s Equity Income Fund by its authorised corporate director, Link. The news is not good...

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Collapsing-Reactor
PREMIUM CONTENT

Redemptions Watch: Neil Woodford’s Income Focus – half a step forward, two back; when does WIM become non-viable?

This morning’s data from Morningstar shows that yesterday Neil Woodford’s Income Focus Fund put on 0.08% of NAV per unit. That should have increased the total fund marginally from £287.2 million to £287.4 million before redemptions hit...

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Tumbleweed
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Neil Woodford’s Equity Income Fund June report – nothing to see here

Like his Income Focus Fund (WIFF), Neil Woodford’s Equity Income Fund (WEIF) has released its June month-end report and the percentage holdings of the top ten have not been revealed. The top ten has hardly changed and the only notable movement is that the bank overdraft has gone. So what’s the story?

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Are the wheels about to come off Neil Woodford’s Proton Partners valuation?

A stack of TR-1 RNSs yesterday afternoon detailed the transfer of stocks by Neil Woodford, who was sacked by the Omnis Income and Growth fund, to its new manager, Jupiter. Among them was one from Proton Partners (NEX:PPI), which Neil offered a funding commitment to in order to see its joke NEX-listing complete and now can claim an instant profit every time the company calls on him for more money. But there could be a fly in the ointment….

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Woodford Patient Capital Trust: Don’t be Fooled by 'the Discount to NAV' - sell

At 57.3p the shares in Woodford Patient Capital Trust (WPCT) trade at bang on a 30% discount to stated NAV. There has been an enormous amount written about the Woodford fiasco since it started to unfold but a couple of points are worth making...

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Neil Woodford’s Equity Income Fund – latest dividend shows what a mess he is in

The latest dividend details have been released by Neil Woodford’s Equity Income Fund (WEIF) and apart from getting the xd date wrong the payment has slipped somewhat.

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Beggar

Video: As Woodford's Equity Income Fund gated for another 28 days (at least) Neil explains (unconvincingly) the future

So the EIF is gated for another 28 days. And then, you can bet, it will stay gated. To celebrate this fine achievement, Britain's worst fund manager has recorded a video explaining, inter alia, why he will be selling his favourite stocks and that will lead to EIF outperforming going forward. Whatever.... Neil Woodford talks bollocks (again) is below.

Bearcast
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Tom Winnifrith Bearcast: Olaf turns 18, Chris Oil turns his portfolio and Boris turns to sordid bribery

In this podcast I reflect on the birth of my daughter Olaf (Olivia) at just 26 weeks, weighing 1lb 4 oz all those years ago as she turns 18 today. I look at Boris Johnson's proposed stamp duty bribe and why it is wrong at every level. I answer the questions I raised yesterday, about Chris Oil's share trading in Union Jack Oil (UJO) and I discuss the "news" (it won';t be to you dear listeners!) that Neil Woodford's Equity Income Fund is being gated for a lot longer than the first announced 28 days.

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BCA
BCA
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Neil Woodford – banks BCA cash with undue haste

Whilst the likes of Invesco had offered formal undertakings to accept the offer form BBD Bidco for shares in BCA Marketplace (BCA), Neil Woodford only offered a letter of intent to vote for the deal. Of course, the deadwood press was full of how Neil was supporting the offer. Well….

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PREMIUM CONTENT

Neil Woodford’s Equity Income Fund – May portfolio update is just shocking.

I covered the May portfolio update from Neil Woodford’s Patient Capital Trust (WPCT) earlier today. Now I turn to his gated Equity Income Fund (WEIF). As a starting point, I note that its borrowings were up to 2.64%. With the fund valued at £3.7 billion it means the gating started with the massive headwind of a bank overdraft of £97.7 million which we have subsequently learned that the bank has demanded settlement of. Not a good start for a fund which was gated the next trading day facing, we learn, almost £300 million of redemptions. So Neil has to find £400 million just to pay that lot off.

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Woodford Income Focus: stocks gain, redemptions still biting and HL bang on the money

Tick-tock, tick-tock….another day and another day of redemptions at Neil Woodfords lesser dog fund. I calculated yesterday morning that his Income Focus fund (WIFF) had closed at £313.8 million on Wednesday and according to Morningstar yesterday the NAV per unit increased by 0.47%. So that should have raised WIFF to £315.3 million before redemptions.

Crime-Scene

Breaking: Neil Woodford under formal FCA investigation, flagship fund was being monitored from April 2018

Maybe someone at the FCA has been reading our four years of groundbreaking Neil Woodford exposes after all. This afternoon its boss Andrew Bailey has written to Nicky Morgan MP with detailed information and the shock revelations that the FCA was monitoring toxic Neil from April 2018 (but did nothing) and that Woodford is now under a formal FCA investigation over the suspension of his flagship Equity Income Fund. The letter also reveals that the banks have now pulled the plug on EIF's "emergency overdraft" which has been utilised for 18 months as a "temporary measure."  The leter is in full below.

Boom
PREMIUM CONTENT

Hargreaves Lansdown – Woodford Equity Income Fund holdings in the lead up to gating as May figures come out: oh dear.

Last weekend I started a series of articles asking the question as to whether Hargreaves Lansdwon (HL.) was encouraging its users to buy Neil Woodford’s now stricken flagship fund, the Equity Income fund (WEIF), whilst dumping it from its own house funds.

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PREMIUM CONTENT

Shocker: Neil Woodford Equity Income fund will be gated until Easter at least

We have speculated about how much cash Neil Woodford needs to raise within his sunken flagship fund, the suspended Woodford Equity Income Fund (WEIF), in order to get the current gating lifted. Of course, because it wasn’t really an equity income fund at all due to the massive exposure to unlisted and illiquid holdings in companies that not only offered no dividend but actually need feeding so that will be quite an ask. We know that it had been suffering redemptions at a rate of about £10 million a day until the shutters came down when Kent County Council asked for its £238 million back on June 3rd. So that’s about £250 million (Kent plus that day’s redemption requests) already.

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KIE
KIE

Neil Woodford disaster zone Kier plunges another 36%

Not so long ago Neil Woodford was telling his investors that fully-listed Kier Group (KIE) was just the perfect investment. Then came the rights issue which flopped and fell to the underwriters. And then came the admission that it had mis-stated its debt position. And then a new CEO who immediately launched a strategic review. And then a profit warning. And yesterday The Times reported that Kier was looking at off-loading its house building arm as its suppliers were being refused insurance on Kier’s bills. But of course Neil knew best: as the shares collapsed from well over £8 a pop ahead of the rights issue fiasco to close yesterday at a new low point of 130.8p, until his Equity Income Fund was gated, Neil was keenly buying up ever more of Kier’s shares,, taking his stake to 20% at the peak.

HL
HL

Hargreaves Lansdown's own funds dump Woodford Income Focus completely

Citywire has reported this afternoon that Hargreaves Lansdown (HL.) has exited its position in Neil Woodford’s smaller dog fund, the Income Focus fund with regard to its house Multi-Manager funds. This, after dropping the fund from its Wealth 50 last week and telling investors there that if the income was not important to them they should consider their position.

Collapsing-Reactor

Neil Woodford’s Income Focus Fund – redemptions accelerating as the fund loses more than £100m in Eight days

This morning’s data from Neil Woodford’s Income Focus Fund (IFF) will be a real worry for Nomates. As at midday yesterday, the NAV of the accumulation units had slipped slightly by 0.33% but the size of the fund plunged to £371.31 million.

Pinocchio
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BREAKING: Neil Woodford begs IFAs to stick with him in an email which is just not true

Disgraced fund manager Neil Woodford has sent an email to IFA's begging them to not only stay with him but to send a templated email to their clients urging them to do the same. The Woodford email is below and, sadly, scores low on the veracity front.

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HL
HL

Has HL been telling investors to buy Neil Woodford’s Equity Income Fund when it was selling? Part 6, HL MM Balanced Managed trust: clean bill of health, more-or-less.

Over the last five articles looking at the Hargreaves Lansdown (HL.) multi-manager funds I have found two cases where they were selling Neil Woodford’s flagship fund, the Woodford Equity Income fund, whilst retaining it on the recommended Wealth 50 list, one where the jury is out and two where there is no case to answer. I now move on to the Hargreaves Lansdown Multi-Manager Balanced Managed trust (HL MM BM).

HL
HL

Has HL been telling investors to buy Neil Woodford’s Equity Income Fund when it was selling? Part 5, HL MM Strategic Assets trust: no complaint here.

Over the last four articles looking at the Hargreaves Lansdown multi-manager funds I have found two cases where they were selling Neil Woodford’s flagship fund, the Woodford Equity Income fund, whilst retaining it on the recommended Wealth 50 list, one where the jury is out and one where there is no case. I now move on to the (relatively) much smaller Hargreaves Lansdown Multi-Manager Strategic Assets trust (HL MM SA).

HL
HL

Has HL been telling investors to buy Neil Woodford’s Equity Income Fund when it was selling? Part 4 – the HL MM Special Situations trust: case dismissed

Over the past three articles it has become obvious that two out of the three Hargreaves Lansdown (HL.) multi-manager funds I have looked at were dumping Neil Woodford’s Equity Income Fund (WEIF) even though the funds themselves were growing, whilst HL was still promoting WEIF to its private clients. The third I felt was too close to call. In part four I look at the Hargreaves Lansdown Multi-Manager Special Situations Trust (HL MM SS).

Collapsing-Reactor

Neil Woodford’s Income Focus Fund – redemptions continue as gating or just oblivion beckons

This morning’s data from Neil Woodford’s Income Focus Fund (IFF) must be a worry as redemptions are still piling in. How long can it be before liquidity dries up and the fund is gated, like its bigger brother the Woodford Equity Income Fund.

HL
HL
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EXPLOSIVE: Has Hargreaves Lansdown been telling investors to buy Neil Woodford’s Equity Income Fund when it was selling?

I said the debacle involving the gating of Neil Woodford’s Equity Income Fund was going to get messy and it gives me no pleasure at all to write this article because I am myself a client of Hargreaves Lansdown (HL.). But the question has to be asked: has Hargreaves been selling Woodford’s Equity Income Fund whilst at the same time advising clients to buy it.

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Woodford Income Focus – the noose is tightening: sell while you still can – and where is the FCA?

I have warned in the strongest terms that Neil Woodford’s Income Focus fund (IFF) will be gated and repeat that warning today. Last weekend I warned that the noose was tightening over EIF (call me Mystic Meg) and today I give the same advice on IFF. In the light of the suspension of Woodford’s flagship Equity Income fund (EIF) on Monday, I warned that the rush to the exit at IFF would be extreme and this morning’s figures bear that out with bells on.

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Newsboy

Notes from Underground - Top 20: It's Woodford all the way down

So, did my plan to zoom this column to the Top of the Pops by putting in a pandering Bitcoin infographic work? No, it did not.

Collapsing-Reactor

The Neil Woodford pain continues as NAV slips and stampede of redemptions continues at Income Focus. Tick-tock, how long to suspension o’clock?

Yesterday I showed that redemptions at Woodford Income Focus Fund (IFF) had been 6% the previous day. This morning it is down again sharply – and so is Woodford Equity Income Fund (EIF) despite the gates being firmly shut.

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PREMIUM CONTENT

Woodford Income Focus – how long until this is suspended too as the contagion spreads?

The smaller unit trust run by Neil Woodford, the Income Focus Fund (IFF), has had a torrid time ever since it was launched and trades way below the launch price of the accumulation units. But with Neil Woodford now in the headlines for gating his flagship equity income fund and even his staunchest supporter – Hargreaves Lansdown – suggesting that investors consider their position in IFF, much as predicted on this fine website, it seems that redemptions are running at stampede levels. How long can Neil Woodford survive this before he has to gate IFF too?

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An Open Letter to Susan Searle at WPCT No 2 – Neil Woodford must be fired now to save our company

Susan Searle, the fragrant chairwoman of Woodford Patient Capital Trust (WPCT), where I am a loyal owner of 10 shares, has yet to respond to my polite letter demanding she suspend the shares, fire Neil Woodford and undertake a strategic review. But events now force me to write again in light of Woodford’s incoherent video of earlier.  That suggests WPCT now faces a full blown crisis. The letter follows:

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Shocking New Neil Woodford video: stumbling, incoherent, in parts misleading

Neil Woodford has released a short video aimed at reassuring investors in his now suspended Equity Income Fund. It will have the opposite effect. It is stumbling, incoherent, in parts misleading and frankly Neil looks like an ill man who is under mammoth stress. I can see why. 

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Atomic

What now as Woodford Equity Income Fund suspends trading? Shimples: carnage - China Syndrome time

Well shock, horror, probe! As predicted on ShareProphets for months, Neil Woodford’s Equity Income Fund has had to suspend dealing in its units with immediate effect, until further notice, to allow time to reposition the element of the fund’s portfolio invested in unquoted and less liquid stocks, in to more liquid investments. You can’t say you were not warned here on ShareProphets – and whilst it may be Ouzo time here for Tom Winnifrith and me, spare a thought for Cynical Bear who unpicked so much (and now has to get his dancing shoes out!) So what now?

Atomic

Breaking News: Dealing in units in Neil Woodford's flagship fund suspended until further notice

You cannot say that this website did not warn you so many times. Our coverage of Neil Woodford over the past two years has been streets ahead of the game - as you can see HERE - and now the drama has become a crisis. Dealing in units in Neil Woodford's flagship Equity Income has been suspended 'with immediate effect and until further notice' after a spike in redemptions. We told you there was a liquidity crisis. We told you the FCA was on the case. As I called him out at his AGM, Neil Woodford accused me - by name - of publishing fake news. Sir, I am owed an apology.. So are your poor investors.

KIE
KIE
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Neil Woodford blows another £50 million of other people’s money as profit warning from falling knife Kier triggers 40% collapse

Oh dear, oh dear, oh dear. I can’t help it: I told you so. Shares in fully-listed Kier Group (KIE) have dropped by 40% (last seen) this morning, after a big profit warning, to just 165p. Neil Woodford – who knows best – had been hoovering up stock all the way down since the calamitous rights issue last December at 409p – itself a huge discount to the price Woodford was paying when he first bought in. It is yet another in a long stream of terrible calls by the great man, but I wonder if it will prove to be the last. But heck, the £50 million up in smoke on this call alone today is only other people's money.

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Collapsing-Reactor
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Neil Woodford’s flagship Equity Income Fund – May scores-on-the-doors as the losses and redemptions pile up and the noose tightens

Neil Woodford has had a rotten month of May. His pride and joy Equity Income Fund started the month at £4.33 billion but finished at £3.71 billion – a shocking drop of 14.3% in one calendar month and two of the four accumulation units closed below the launch price of 100p almost five years ago. But how much of that was due to poor stockpicking and how much was the flood of his investors heading for the exit?

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Collapsing-Reactor

Neil Woodford – desperate times call for desperate measures

Another day, another round of redemptions. This morning we learn that Neil Woodford’s flagship Equity Income fund has now dropped to £3.75 billion and two of the four accumulation units are now below the £1 issue price of five years ago. Meanwhile shares in Woodford Patient Capital (WPCT) closed yesterday at 77.8p, as against the launch price of 100p about four years ago and last seen are down again this morning to 75.6p, and the newest arrival, the Income Focus fund has seen its accumulation shares drop by around 17% since launch. Desperate times, but fear not: according to this morning’s Daily Telegraph, Neil has a plan.

Collapsing-Reactor
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As the five year launch anniversary approaches for Woodford Equity Income Fund, another line in the sand approaches as the race to the bottom accelerates

The horrific performance of Neil Woodford’s Equity Income Fund (EIF) looks set to cross another terrible mark as its fifth birthday approaches on June 19th – less than a month away. We know that EIF has been rooted to the bottom of the unit trust performance league for some time, but most folks would accept that you need to give a unit trust a decent run to see how things work out. Five years certainly looks like enough time for that!

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This week’s big disaster for Neil Woodford: MorningStar puts the boot in to EIF

So much for Woodford’s problems being the nasty press! Only this week, Neil Woodford was complaining bitterly about all these nasty hacks out to destroy his reputation at the Woodford Patient Capital Trust (WPCT) AGM which our very own Tom Winnifrith attended. But MorningStar is a different kettle of fish and its analyst has put up a new report on Woodford’s Equity Income Fund (EIF) which is, quite simply, devastating. In the light of the new report, I would suggest that even the most sycophantic IFA cannot recommend to its clients that they leave cash in this fund. Prepare for an even greater tsunami of redemptions.

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Red-Flag

Woodford Equity Income Fund – Red Flags in the end-April numbers

This week saw a bit of a landmark as Neil Woodford’s Equity Income Fund (EIF) crashed below £4 billion in value. It was £4.7 billion at the of February, and £4.4 billion at the end of March – but it peaked at over £10 billion. It is an astonishing collapse of confidence in Woodford. But the end-April numbers revealed a few surprises.

Collapsing-Reactor
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Woodford – buys 2 more falling knives (AGAIN) as EIF crashes through £4 billion. Good job he’s not a forced seller!

Let it never be said that Neil Woodford is a forced seller of anything, for yesterday we learnt that once again he has topped up with yet more shares in Kier Group (KIE) and a few more Redde (REDD). Except that as at yesterday’s close, his Equity Income Fund had dropped through the £4 billion mark, according to Morning Star. Only at the end of March the fund was worth £4.4 billion. I wonder what he has been selling…..completely voluntarily, natch.

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Collapsing-Reactor

Could Kent County Council sink Neil Woodford within weeks?

Naturally, as a keen supporter of the poor, underpaid, over-worked, over-stressed public sector workers, I am distraught to see that Kent County Council has invested more than £300 million of its staff pension scheme with Neil Woodford. So far Woodford has, while earning a huge  and obscene salary himself, spunked £60 million of KCCs cash. But there is still £255 million left and the folks at KCC are “frit”

Collapsing-Reactor

Neil Woodford Year end or End game reader poll

According to Citywire, poor old Neil Woodford suffered another £125 million of redemptions in April on his flagship Equity Income Fund taking it down to just £4.25 billion. To do so badly in ISA month is truly dreadful and that suggests that in “sell in May and go away” month things might be even worse. In that vein we have a reader poll with a deadline of entry of midnight tonight.

VSL
VSL

Woodford – the clear-out continues as he dumps VPC on an 11.2% yield

Earlier this week it was announced that Neil Woodford had dumped his entire holding in peer-to-peer lender P2P Global (P2P), worth around £88 million – the stake being bought by Quilter. Yesterday it was announced that he has sold his entire holding in another player in the speciality lending game, VPC Speciality Lending Investments (VSL). How are those redemptions going, Neil?...

Bearcast
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Tom Winnifrith Bearcast: Mr Angry on the Yourgene front

In today's podcast I look in detail at Managenent Resource Solutions (MRS), Yourgene (YGEN), First Derivatives (FDP) and hapless Neil Woodford and the crashing yield on his Equity Income Fund. How soon will that force Hargeaves Lansdown (HL.) to drop him? And I discuss my plans for weekend training walks as I urge you to become a hero as we surge through 25% of our Rogue Bloggers for Woodlarks target HERE

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Collapsing-Reactor
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Neil Woodford EIF – new figures show redemptions still a monster headache as the dividend crashes

Neil Woodford’s funds have just released their latest numbers to the end of March – somewhat earlier than in recent months. The Equity Income Fund continues its path to becoming Patient Capital, is still overdrawn, has been selling more of its income stocks to meet redemptions and the dividend has been chopped. What’s not to like?!

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Bearcast
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Tom Winnifrith Bearcast: Oi Neil Woodford where did £90m go in one day? And the sores on Dan Levi's bottom

In today's bearcast I speculate how Neil Woodford's flagship dog, his Equity Income Fund, appears to have lost £90 million since the weekend.  I look at RM2 (RM2)  - largest shareholder Mr Woodford - where a statement is needed as insolvency beckons, at Motof Bio (MTFB) and at Big Sofa (BST). I also discuss Dan Levi's bum and the problems generated by his latest 20 mile training walk for Woodlarks. If you'd rather I desisted from any further discussions of this nature make a donation to the Rogue Bloggers walk for Woodlarks NOW HERE

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KIE
KIE

And this week’s biggest disaster for Neil Woodford is…..

Neil Woodford has had another rotten week. Netscientific, which it seems he’s not going to fund any further, saw its holding in PDS listed on Nasdaq via a merger at $10 a share and the shares promptly headed south to close last night at just $7.65 – a drop of 23.5% which won’t help Netscientific keep the lights on much.

£4 million of other folks cash spunked on a falling knife because Neil Woodford (again) knows better

On Friday Redde (REDD) ‘fessed up that it had lost its largest contract. The yield on the shares by c.o.p Friday was more than 11%, screaming out that this company was now certain to slash the dividend. But as the stock collapsed from 130p to 104p (it is now 98p) one 'savvy' investor thought that, once again, he knew better...

Bearcast
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Tom Winnifrith Bonus Bearcast - today's shocking news from Neil Woodford keeps the FCA at bay ...for a while

Today we have news of a shocking transfer of unquoted crap from Woodford's flagship Equity Income Fund to Woodford Patient Capital Trust (WPCT). It may keep the FCA at bay on one point for a while but it is a joke that only serves to create fresh problems. And the RNS is misleading to boot on the issue of cash. Or lack of it. As I noted yesterday, the FCA would not tolerate this nonsense from any other fund manager but its pressure is forcing Nomates to act in an increasingly desperate manner. If you enjoyed this podcast please support the EIGHT rogue bloggers for Woodlarks with a small donation HERE

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UPDATED: Neil Woodford, Proton’s NEX flop of an IPO, the scam on unit-holders – this stinks

Eight days ago Neil Woodford’s PR spinners told their gophers in the lacky corrupt deadwood press, aka Peter Evans and Sabah Meddings of the Sunday Times to write a big puff piece about how Neil Woodford’ backed Proton Partners was planning to raise £50 million and list on the NEX lobster pot. It has not taken long for that fake news to be exposed, as no investors other than Woodford himself have been prepared to back this IPO – something revealed in the prospectus out today.

Hookers

Hargreaves Lansdown gives Neil Woodford another Blow Job as its clients lose even more money

As this morning’s shock revelations about Neil Woodford’s greed and reward for abject failure start to sink in, I imagine that many investors in his funds will be feeling a deep sense of disgust and regret. Perhaps they will blame those who advised them to invest and who, as the performance has gone from bad to worse, to even worse, have told them to hang on or average down.  Perhaps the biggest cheerleader has been Hargreaves Lansdown which has just published another blow job type piece on Woodford.

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Woodford – a small detail shows what a disaster is going on: are we almost at end game for Neil?

Woodford Patient Capital Trust  (WPCT)or his flagship Equity Income Fund? It is hard to know where to start for we have disastrous news from both today. How close are we to end game for Neil Woodford, a man happy to be described as Britain's Buffett.

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Tuesday’s disaster for Neil Woodford – Amo Pharma accounts out (late) – Woody on the hook for £6m more?

In October 2016 Neil Woodford’s Patient Capital Trust (WPCT) spunked £12.281 million with an investment into unquoted cash guzzler Amo Pharma. Amo has belatedly filed its calendar 2017 accounts and it looks grim. Suffice to say Britain’s most conceited fund manager is the sole institutional backer.

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Purplebricks – purple faces at Woodford

ShareProphets has been very wary of AIM-listed Purplebricks (PURP) ever since its IPO at the end of 2015. The business model looks questionable, given the state of the UK and global housing markets, and there has been plenty of controversy over its business practices of suppressing criticism. Add to that the persistent offloading of stock by insiders and one really wonders how well this disruptor will perform. But Neil Woodford has been buying like the shares are going out of fashion…which they are!

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Woodford Patient Capital Trust: The Big Short (September update) – The FT finally picks up on the impending Neil Woodford implosion

Slightly belated update on the end-September portfolio listings this month but the ‘good’ news is that I am no longer fighting this battle alone and a small, parochial rag called The Financial Times has started to pick up on the issues, although they don’t get all the story, natch!

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Woodford Patient Capital Trust: The Big Short (August update) – Neil Woodford needs a break….and fast

With the end-August portfolio listings coming out yesterday, it is time to update the story and it is not looking any rosier. In fact, quite the reverse. I think matters may be coming to a head here and I reckon Woodford needs a lucky break for once and pretty damn quickly.

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Neil Woodford vs Terry Smith: Compare and contrast – you decide

It is hard not to compare these two behemoths of the UK fund management industry. Neil Woodford has (still) a great long-term track record but the recent respective performances of their flagship funds are chalk and cheese and now Terry Smith is looking to encroach on Woodford’s territory further with a small company investment trust too.

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Woodford Patient Capital Trust: The Big Short (July update) – Is the Equity Income Fund bending the rules again?

There is good news for Woodford Patient Capital Trust (WPCT) in the end-July portfolio listings that came out yesterday, ironically due to a bit of help from the Woodford’s flagship fund, the Equity Income Fund. More interestingly, I think I have finally worked out how the Equity Income Fund is getting round its 10% unquoted stock limits which makes shocking reading if correct.

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Woodford Patient Capital Trust: The Big Short (June update - Equity Income Fund) – Legal & General jettisoned in bid to keep hot air balloon afloat

With the end-June portfolio listings coming out yesterday, I thought I would update with a couple of pieces looking at each of the two major funds. First up, I’ll look at the flagship fund, the Equity Income Fund, where continuing redemptions necessitate exiting one of the better stocks completely leaving a greater proportion of dross behind.

ITX
ITX
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Itaconix and Hvivo – All very cosy but……WHAT”S THE POINT?

Just following up on Steve’s piece on Itaconix yesterday (HERE) with a couple of further observations relating to some interesting interactions between Woodford and its partner-in-crime in many of these early stage biotech / tech plays, IP Group, (IPO), but more importantly to ponder why on earth either of them are bothering.

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EVE
EVE
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Would you Adam & Eve it – today’s nightmare for Neil Woodford

As it happens I am in the process of buying a number of new mattresses for the house I have rebuilt in Greece. And it seems a remarkably simple process buying what is a commodity product. When my friend Nigel Wray says his mattress company Simba is revolutionising the market I cough and change the subject. But he is not the only one who thinks that mattresses need “disrupting”.  Natch, Neil Woodford, the UK's most conceited fund manager, also thinks that, like washing machines mattresses, are ripe for a revolution.  He owns just under 30% of Eve Sleep (EVE) shares of which are now in free fall.

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ITX
ITX
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Itaconix – Shares suspended as Neil Woodford’s week takes a turn for the worse

I suggested yesterday that things were looking up for Neil Woodford but we can all relax again as matters return to normal with disaster looming around every corner for the star fund manager as Itaconix (ITX) has suspended its shares this morning pending a potential fund raise.

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Woodford Patient Capital Trust: The Big Short (May update) – Shocking non-disclosure as debt now out of control

Yesterday afternoon, Neil Woodford released his end-May portfolio updates and associated fund factsheets which highlighted the challenges facing Woodford Patient Capital Trust (WPCT) in the coming months as its debt position is now almost untenable, not that Woodford has disclosed as such.

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Woodford and the $2 billion spoof – Part 1: More odd-looking funding

In my view, Woodford’s dealings with what is now his largest unquoted holding across his funds, Benevolent AI, is his kryptonite and will be his undoing and I’m doing a couple of articles outlining why I think the current $2 billion valuation is an absolute spoof and why I believe Neil Woodford is complicit in said spoofery.

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Woodford Patient Capital Trust: The Big Short (April update) – Equity Income Fund ups its debt level to £170m!

Yesterday afternoon, Neil Woodford released his end-April portfolio updates so thought I’d provide a bit of commentary prior to a couple of headache inducing articles (for Neil) later on in the week. Not a huge amount of change; however, it’s good to see an open-ended fund getting stuck into the use of debt in such a cavalier way!

Woodford Patient Capital Trust: The Big Short (March updates) – WTF happened to the “hard” 10% unquoted limit at the Equity Income Fund?

There’s been a lot to comment on relating to Woodford Capital Patient Trust (WPCT) recently but with the March portfolio updates for all of Woodford’s funds finally being published on Monday, I thought I should get my updates out as Woodford appears to have been a bit preoccupied to do so with a minor biotech blip and the like.

SHOCKING: Woodford and Benevolent AI – Has Neil really been forced to give away his shares for free??

I’ve been wondering for a while how Neil Woodford was going to deal with the impending crisis at his flagship Equity Income Fund in relation to the hard, unquoted stock limit of 10% and with all his Get Out of Jail cards used up. Filings at Companies House seem to indicate that he was left with one last option – giving his shares back to the company at nominal value!

HVO
HVO

Woodford’s Biotech Woes: Part 2 – hVIVO

Completing my weekend mini-series on a couple of (the many) Woodford-owned biotech investments that haven’t quite worked out as he would have hoped, I couldn’t help but notice that hVIVO (HVO)lost about 50% of its value this week so wondered what was going on.

ABA
ABA

Woodford’s Biotech Woes: Part 1 – Oxford Pharmascience / Abaco Capital

I may have mentioned a few times that I thought Neil Woodford had lost his marbles when he went pretty much all-in on early-ish stage biotech stocks in recent years but although everyone will be aware of the high profile disasters such as Northwest Biotherapeutics and Circassia (CIR), I thought that I would highlight a couple more examples this weekend that hit my radar this week showing how difficult / impossible it can be to pick biotech winners. First up, the business formerly known as Oxford Pharmascience, now Abaco Capital (ABA).

Woodford Patient Capital Trust: The Big Short (Feb updates: Equity Income Fund) – Astrazeneca jettisoned but balloon still sinking

Well it only took until 22 March for the end-February portfolios to be updated for the various Woodford funds but quite a lot to cover so it’s a two-parter this month. I’m going to start by looking at Woodford’s valiant efforts in keeping his flagship fund, the Equity Income Fund, afloat. It’s not an easy task dealing with continual redemptions and he has had to ditch an old favourite to do so.

VER
VER

Vernalis: Another Woodford horror-show – a classic example of what happens when the money runs out!

Vernalis (VER) raised the white flag in its RNS yesterday morning and it is no great surprise to see Woodford and Invesco dominating the shareholder base. I hate to think how much Neil Woodford has spent on this dog over the years, but I’m going to see if I can work it out.

Woodford Patient Capital Trust: The Big Short (Jan updates) – Someone’s got to do it!

As Neil Woodford is such a believer in transparency, he has pulled his monthly updates altogether so these monthly updates now take on a greater importance to provide much needed information to the long-suffering investors in the three funds. Can’t imagine why Woodford stopped them?

Neil Woodford’s Cheltenham Festival Prize Quiz

Loyal readers will know that I, like Mr Woodford, love a quiz and with my favourite week of the year fast approaching, I thought I’d run a (simpler) quiz with a Cheltenham-related prize. There’s only two questions, so I’m hoping for more than one entrant this time!

Idex - yet another Woofdog Norwegian money pit! Is Neil actually Montgomery Brewster in disguise?

I would urge anyone interested in these Woodford stock stories to read the sister Norwegian piece relating to Thin Film Electronics first as the similarities are astounding but it is worth covering Idex in its full glory. Yet another horror show.

ITX
ITX

Itaconix – a bit more to add on this classic Woodford dog case study

I appreciate that Steve covered the highlights HERE but it is worth providing a bit more information on yet another yapping Woodford pug as the tale is all too familiar and one that will no doubt be repeated again and again in the future.

Woodford’s Whack-A-Mole is getting out of control – could be game over pretty quickly

CityAM announced earlier this week that Woodford’s Equity Income Fund had lost a billion quid in funds since the start of the year down to £7.2 billion. This has huge consequences for all his funds and I’m not sure he has enough arms to suppress all the troublesome blind burrowing mammals raising their heads above ground. For the avoidance of doubt, I am referring to metaphorical moles at this point rather than Woodford’s investment diligence team. Let me explain.

Collapsing-Reactor

After Capita, the next Neil Woodford disaster is Prothena - CMO walks after hours friday

Uh oh! This matters as Prothena is a massive holding for Britain's most conceited fund manager Neil Woodford and as such an unravel here would be massive omlette on face time. Again. On Friday, after hours, the Chief Medical Officer of Nasdaq listed biotech Prothena walked.  If that is not a red flag what is?

Woodford Patient Capital Trust and Benevolent AI (again) – a bit more to the shoddy tale

I don’t apologise for banging this drum a bit more in the context of Woodford Patient Capital Trust (WPCT) as the transactions relating to Benevolent AI just look so wrong and WPCT shareholders should be fuming and raising hell. I also have a few more facts to share and two additional interesting pieces of information – one new, one old.

Woodford Patient Capital Trust: The Big Short (Dec updates) – Things are getting ever tighter

As I anticipated in my RM2 International (RM2) piece yesterday, the December monthly updates finally came out yesterday afternoon and I thought it appropriate to provide monthly updates on The Big Short in conjunction with those each month so here goes. Quick summary: it’s not getting any easier for Woodford.

RM2
RM2

RM2 International: Good news – Neil Woodford’s dog has been given three weeks more to live!

Look, I’m trying to be nice. We were last told that it could be tits up for RM2 International (RM2) by the end of January and today we heard that it has found enough cash down the back of the sofa to last until the third week of February. Good news! The reality is that this is a cash guzzling uber-dog and highlights the predicament that Britain's most conceited fund manager Neil Woodford has got himself into.

Woodford’s so good he can bend the laws of physics – The Industrial Heat debacle

I love Warren Buffett’s quote that you only find out who has been swimming naked when the tide goes out and after Woodford’s annus horribilis in 2017, it certainly seems to be easier and easier to find examples of his commando-style investing (thanks also to the pointer from ‘alcira16247’). Next witness for the prosecution, M’Lud, is Industrial Heat, a business that is trying to invent a “cold fusion” machine, an area of physics that most sane scientists appear to think is something out of a science-fiction novel. Not Woodford though.

Woodford’s Income Focus Fund – Just keep digging, Neil, keep digging

I’ve been smiling this week at the comments on Woodford’s website as the moderators are desperately sticking to the party line regardless of what is happening in reality or what Woodford himself is briefing to investors privately. Let me explain in the context of his Income Focus Fund.

Neil Woodford - now about the missing dividends and another thing

I gather that Neil Woodford's office has been busy dealing with questions relating to our most excellent series of articles and podcasts over Christmas. I have been made aware of its responses which are detailed but still leave me feeling incredibly unsettled on two major factors.

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Woodford Patient Capital Trust: The Big Short (Appendix 2) – A look at the detail of the strange Benevolent AI transactions

I alluded to the swapping of the Benevolent AI stock between the two Woodford funds in my early chapters of The Big Short looking at Woodford Patient Capital Trust (WPCT) but there are so many odd aspects to the saga going back a few years that it merits an Appendix to itself as it raises a number of serious additional questions for the Board in my view.

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Woodford Patient Capital Trust: The Big Short (Foreword) – The wider context: Woodford’s problems with the Equity Income Fund

My Christmas Quiz may have been too clever by half (one entry so far at the time of writing!) but I found it helpful in any event as the research I undertook made me realise that there is massive short potential across the biotech echo chamber participants with Woodford Patient Capital Trust (WPCT) being the best example for a couple of specific reasons. Accordingly, I’m doing a few pieces over the festive period outlining my analysis and raising some serious questions along the way for Woodford to answer. To start though one must provide some wider Woodford context particularly in relation to his flagship fund – the Equity Income Fund.

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