An RNS this morning of a Strategic and Trading Update from fully-listed Crest Nicholson (CRST) brought bad news for investors: a volatile trading environment has seen full year earnings guidance chopped and although we are promised the 33p dividend is still expected to be met, it is only for the current financial year – and then only if trading conditions do not further deteriorate significantly. But there is good news for Woodford investors - well the former ones, at any rate.
Well, there were no redemptions yesterday as both Woodford Income Focus and Woodford Equity Income are now gated. But the letter from Link (the ACD) telling Income Focus’ investors of the suspension of dealings seems to me to be a little misleading as it looks to me to be an attempt to re-write history.
Yesterday was, apparently, a big day in that Boris Johnson’s Brexit plans made it into the Euro-tunnel for negotiations. The UK markets went into a buying frenzy as suddenly the world is going to be saved. Thus the FTSE100 put on 0.8%, the FTSE All-Share (Neil Woodford’s benchmark for his Equity Income and Income Focus funds) put on a slightly more impressive 1.37% and the FTSE 250 raced away by 4.19%. Meanwhile Woodford’s unit trusts put on 4.27% (Equity Income) and 5.07% (Income Focus) in NAV per unit. All hail hero Boris.
Yesterday Neil Woodford’s benchmark for his Equity Income and Income Focus unit trusts, the FTSE All-Share, put on 0.29% but once again the Woodford unit trusts underperformed, losing 0.20% and 0.21% in NAV per unit respectively. And Woodford Patient Capital (WPCT), having diced with the 40p per share mark a couple of days ago, fell away to a new low point of just 36.25p – 52.6% down on its share price at the start of June when Woodford Equity Income was gated. My, oh my, what a lucky chap to have sold the bulk if his holding in early July when the share price began with a four.
Yesterday Neil Woodford’s benchmark for his Equity Income and Income Focus unit trusts, the FTSE All-Share, put on 0.22% but his funds lost 0.35% and 0.40% in NAV per unit respectively – yet another day of grim underperformance. Meanwhile, having diced with the 40p per share mark, Woodford Patient Capital (WPCT) finally threw in the towel and fell to just 38p and is just 37p in opening trading this morning. Back at the start of June, when Woodford Equity Income was gated, WPCT shares were trading at 76.5p: the shares have halved in four and a bit months!...
Yesterday Neil Woodford’s benchmark for his Equity Income and Income Focus unit trusts, the FTSE All-Share, dropped by 0.81% but his funds lost 0.89% and 1.32% in NAV per unit respectively. Oh dear – yet another day of underperformance. Equity Income fund’s assets dropped to £2.92 billion, a drop of 21% since it was gated at the beginning of June.
Yesterday the FTSE All-Share, Neil Woodford’s benchmark for his Equity Income and Income Focus unit trusts, put on 0.43% but his funds put on just 0.22% and 0.28% in NAV per unit respectively. It is a familiar story – when the market rises he rises less and when the market falls Woodford funds tank. Whilst the market his recovered a little from its wobbles of last week, Woodford Equity Income’s total value still sits below the £3 billion threshold, having been £3.7 billion when it was gated. And Neil continues to charge his management fees.
Yesterday the FTSE All-Share (Neil Woodford’s benchmark for his Equity Income and Income Focus unit trusts) staged a little bit of a recovery and put on 1% - not that it helped the Woodford funds, which only put on 0.27% and 0.18% in NAV per unit respectively, according to Morningstar.
Yesterday the FTSE All-Share, Neil Woodford's benchmark for his Equity Income and Income Focus unit trusts, dropped again - this time by 0.64%. But as predicted yesterday, the Woodford funds scored much worse with drops in NAV per unit of 1.83% and 1.56% respectively. The latest drop pushed Woodford Equity Income (WEIF) down to £2.93 billion in total funds - a whopping drop of 21% from the £3.7 billion it sat at before it was gated four months ago. And just so that we do not miss out WPCT, I see that The Telegraph has dumped it this morning.
Having been worth a total of £3.7 billion when it was gated at the start of June, Neil Woodford’s Equity Income Fund (WEIF) crashed through the £3 billion mark yesterday and as at midday was worth £2.987 billion according to Morningstar. By comparison, the FTSE All-Share – his benchmark – is almost exactly flat over the same period even before considering dividends. The underperformance is stunning.
Yesterday Neil Woodford’s benchmark for his Equity Income and Income Focus unit trusts, the FTSE All-Share, dropped 0.57% but his funds posted gains in NAV per unit of 0.47% and 0.53% respectively. After last week’s dismal performance a welcome relief but both are still very heavily down since Equity Income was gated. Well, actually both are very heavily down full stop.
We’ve already had the half year report form Woodford Equity Income Fund and now the second of Neil Woodford’s unit trusts, Woodford Income Focus, has released it half year report to July. A few things raised my eyebrows: for a start, the performance was absolutely dire but the trading of Kier Group (KIE) simply looks like a gambler trying to win back all the losses with an outrageous long-shot. The facts are astonishing.
Yesterday the FTSE All-Share index, Neil Woodford’s benchmark for his Equity Income and Income Focus unit trusts, put on 0.99%: it had a good day. That didn’t help the Woodford unit trusts, however, as according to Morningstar Equity Income lost 0.37% in NAV per unit and Income Focus dropped 0.34%. Woodford’s Equity Income fund size was £3.7 billion when it was gated at the start of June. Now it has fallen to £3.02 billion – yet the FTSE All-Share has gone up over the same period.
Yesterday Neil Woodford’s benchmark for his Equity Income and Income Focus funds, the FTSE All-Share, put on a quite impressive 0.7%. Unfortunately this was not reflected in the performance of the unit trusts’ NAV per unit, which fell by 0.2% and 0.87% respectively. Of course, the FTSE All-Share is perhaps a poor benchmark, but in the absence of a FTSE Bag-Of-Nails index, it is the best we can do. The latest drop left Woodford’s Equity Income Fund on the cusp of crossing the £3 billion mark – it now sits at just £3.03 billion. Will it finally drop below that today?
More bad news for beleaguered Neil Woodford. The benchmark for his Equity Income and Income Focus funds, the FTSE All-Share, may have been largely flat yesterday but the funds’ NAV per unit dropped like a stone by 2.06% and 1.34% respectively and the total value of Equity Income now sits at just £3.04 billion. It seems just a matter of time before the £3 billion mark is taken out.
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.
Yes, folks, it’s that time of the month again when Neil Woodford updates us on his funds, and what is in them. The good news is that both unit trust (Equity Income and Income Focus) had net cash as at 31 August…….and Woodford Patient Capital (WPCT) didn’t.
Yesterday the FTSE All-Share (Neil Woodford’s benchmark for his Equity Income and Income Focus funds) dropped by 0.63% but the funds’ NAV per unit only dropped by 0.4% and 0.48% respectively. On the face of it another day beating the benchmark, but one should note that with AIM-listed Eddie Stobart (ESL) currently suspended those figures don’t take account of yesterday’s calamitous news from that investment.
On the surface, Neil Woodford has had quite a good week. Well, apart from the after-hours shock of another write-down in an un-named asset held by WPCT (and presumably his Equity Income Fund, WEIF). Not to mention grim results from Oxford Nanopore snuck out yesterday and the continued suspension of Eddie Stobart (ESL). And not forgetting the additional £12.5 million he has had to find from WEIF for the totally illiquid, unprofitable, non-dividend-paying Rutherford Health (RUTH, formerly Proton Partners) when he is supposed to be repositioning WEIF towards FTSE100 stocks. And we are yet to hear from Verseon (VERS) and Xeros (XSG) in relation to how funding rounds are going. No, apart from all that, he’s had a good week – relatively speaking.
Yesterday the FTSE All-Share – Neil Woodford’s benchmark for his Equity Income and Income Focus funds – was more or less flat. Income Focus put on 0.11% in NAV per unit, but Equity Income lost an impressive 2.09% to take it back down to £3.1 billion of assets. Over at WPCT we had after-hours news at twenty past six in the evening of yet another write-down (an un-named company) which knocked 5.5% off NAV as the bad news kept on rolling. But in the wake of a lending facility, Oslobors-listed Thin Film (THIN) shot higher and Woodford offloaded his remaining holding into the rise as announced at no-one-is-watching o’clock last night (twelve minutes past five).
Yesterday Neil Woodford’s benchmark for his Equity Income and Income Focus Funds, the FTSE All-Share, put on 1% and Equity Income followed suit with a 1.11% gain in NAV per unit. But Income Focus ran up a storming 2.94% gain. It will be interesting to see how. Meanwhile joke NEX-listed Rutherford Health (RUTH) – the former Proton Partners – presented Neil with a £12.5 million bill for newly minted equity and this morning Oslobors-listed Thin Film has announced a new debt facility to keep the lights on – and yet another round of redundancies. As for other pending disasters, there is still no news from Eddie Stobart (ESL) in relation to its promise to release interims in early September, nothing from revolutionary washing machine outfit Xeros (XSG) in relation to its attempted £5-10 million fundraise and from Verseon (VERS) there is just deafening silence.
Yesterday the FTSE All-Share, Neil Woodford’s benchmark for his Equity Income (WEIF) and Income Focus (WIFF) funds, dropped a further 0.4%. Meanwhile WEIF put on 0.24% per unit and WIFF gained 0.17% per unit. Good news – and Eddie Stobart (ESL) announced a takeover approach. A good day then. Well, up to a point.
Neil Woodford’s benchmark for his Equity Income Fund (WEIF) and Income Focus Fund (WIFF), the FTSE All-share index, dropped by 0.41% yesterday but the good news for Neil is that WEIF and WIFF posted gains in NAV per share, with WIFF up by 0.26% and WEIF up by 0.23%. Hurrah – for one day only, he’s beaten the benchmark!
Serial no-one-is-watching o’clock issuer of bad news, Oslobors-listed Thin Film (THIN) announced last night at eighteen minutes past 6pm that Neil Woodford has offloaded another tranche of the company’s confetti to bring his holding down from just shy of 20% to 13.5%. Early yesterday the shares were trading at NOK 0.07 but closed at NOK 0.06, perhaps indicating again that valuing small illiquid stocks is all very well until you try to sell them.
At the weekend I noted that Neil Woodford was blaming the markets for his terrible underperformance – it was nothing to do with him, natch. Yesterday the FTSE100 put on 1% and the FTSE All-Share, his benchmark for both the Woodford Equity Income Fund (WEIF) and his Income Focus Fund (WIFF), put on 0.93%. But according to Morningstar, those two funds only put on 0.61% and 0.70% in NAV per unit respectively.
Yesterday’s big disaster for Neil Woodford was Oslobors-listed Thin Film (THIN). Given that Neil has already lost most of his money here already yesterday’s news won’t count as a financial disaster. But yet another dog on the verge of insolvency will – and once again we have the plain fact that Neil can’t bail it out because he’s got no cash being demonstrated to all. And to underline its mega-dog nature, this company once again clocked up an entry in the Red Flags at Night register, with a filing at half past midnight last night telling us of another sale of its shares by Neil Woodford. Half past midnight!
With so many car crashes waiting in the pipeline for Neil Woodford, Eddie Stobart (ESL) slipped through and the shares are now suspended at 71p. With its finances clearly in total a mess and a highly generous dividend under review (ie going to be scrapped) the next question is whether it will have to tap the markets for more cash as its lenders pull the plug. The good news for Neil Woodford is that the suspension means the net asset values of his funds will be unaffected until the suspension is lifted, but don’t let that fool you: the shares will be savagely derated in due course.
Apart from the long queue of hungry mouths to feed, there is the small matter for Neil Woodford of the unquoted asset valuations which, judging by the difference between the NAV per share at WPCT (78.96p last seen) and its actual share price (43.9p at yesterday’s close), the market clearly does not believe. This morning we learn that Woodford’s play, Industrial Heat, which defies the laws of physics, is to be revalued downwards by Link. It seems that the laws of physics are reasserting themselves in the form of gravity.
The news blackout at Woodford cash-guzzling dog Verseon (VERS) continues, but at least the shares did not slip any further yesterday. That is more than can be said for fellow kennel cohabiter Xeros (XSG) as the fine disruptor of washing machines tries to get £10 million of new money to avoid the free taxi ride to the corporate undertakers.
No publicity is bad publicity, goes the old showbiz saying but for Neil Woodford any publicity is bad publicity these days. However, no news is bad news for him, and that brings me back once again to his disruptive medical play Verseon (VERS) which must be teetering right on the edge by now.
Another day, another round of bad news. This morning Neil Woodford will be reading the half-year results of Non-Standard Finance (NSF) – which he put his weight behind in its takeover battle with the rather larger Provident Financial (PFG), which he also owns. But NSF lost that battle and this morning Neil learns that the whole exercise cost it £12.7 million. But hey, its only other peoples’ money…..
Another bad day in the markets saw Neil Woodford’s funds having more of a mixed day. His Equity Income Fund lost 0.25% and closed below £3.2 billion but Income Focus managed to buck the trend and put on a tiny 0.03% in NAV per unit and even Woodford Patient Capital (WPCT) showed a modest gain when its NAV per share statement was released yesterday...
The Woodford Equity Income Fund put on an impressive 1.61% in NAV per unit yesterday, according to Morningstar, as it benefitted from the bounce by AIM-listed Burford (BUR) in the wake of its defence against the bear attack by Muddy Waters, but with another bear outfit – Daniel Yu’s Gotham City – due to join the party over the weekend one has to fear for the shares on Monday.
Neil Woodford’s funds saw yet more losses yesterday: Income Focus (WIFF) saw losses and redemptions, Equity Income (WEIF) dropped again despite reassurances from AIM-listed Burford (BUR) which had a fair old bounce after the collapse induced by Muddy Waters. Woodford Patient Capital reported yet another loss in NAV. Apart from all that it was a good day….. if you ignore the bad bits.
Oh dear, oh dear, oh dear. So the Muddy Waters report was indeed about AIM-listed Burford Capital which duly crashed by 46% yesterday, to add to the 19% drop on Tuesday, and Neil Woodford’s second biggest stock pick is…er….no longer his second biggest investment. I rather doubt it is in his top ten now. The press, as predicted, has been baying for blood and the queues of gated Woodford Equity Income Fund investors looking to get their money back before any more of it just disappears into thin air will be lengthening. So let’s take a look at the effect of the Burford collapse on the Woodford empire.
This morning’s data from Morningstar is bad news for Neil Woodford, but perhaps not as bad as THIS if it turns out to refer to Burford Capital which is his second biggest holding in the gated Equity Income Fund (WEIF) – we shall find out at 8am. Yesterday saw his Income Focus Fund (WIFF) lose 0.4% in NAV per unit and WEIF dropped 0.54%.
We had a good day, now we’ve had a bad one. But it makes little difference: redemptions continue regardless at Neil Woodford’s Income Focus Fund (WIFF). According to Morningstar, yesterday saw a fall in NAV per unit of 1.03% which should have dropped the total fund size from £284.9 million to £281.97 million. And why is WPCT's share price still collapsing?
The big news yesterday was that Kier Group (KIE) decided to rush out a trading statement after all, having quietly tried to side-step one on 30 July. It is good to see the management in full control! But the statement did not seem so bad and the shares shot higher by around a third, which was really good news for Neil Woodford, who holds around 15% in his funds. The other good news was the dividend, which actually went up on a year ago. Sackcloth and ashes for me.
You can’t beat a spot of bad press and Neil Woodford has certainly had his fair share, again renewed over the last few days, with the revelation that he dumped around £1 million worth of WPCT three weeks previously and the continued gating of his flagship fund. Meanwhile, this morning’s data from Morningstar shows that whilst his lesser (but at least still open for business) Woodford Income Focus Fund (WIFF) put on 0.48% in NAV per unit yesterday.
Neil Woodford’s Income Focus Fund (WIFF) put on 0.3% in NAV per unit yesterday, according to Morningstar. In theory that should have increased the size of the fund from the previous close of £287.15 million to £288.01 million before redemptions.
Neil Woodford’s Income Focus Fund put on a modest 0.12% in NAV per unit yesterday, according to Morningstar. In theory that should have increased the size of the fund from the previous close of £287.08 million to £287.42 million before redemptions.
The bad news for Neil Woodford is that his Income Focus Fund slipped again yesterday by a modest 0.14%. That should have seen the fund size drop from £287.25 million to £286.85 million – very modest. But of course that was before redemptions.
This morning’s data from Morningstar shows that Neil Woodford’s Income Focus Fund dropped 0.27% of NAV per unit. That should have knocked the fund down from yesterday’s figure of £288.5 million to £287.7 million before redemptions hit.
This morning’s news from Morningstar show that Neil Woodford’s Income Focus Fund yesterday saw NAV per unit slip, albeit by the narrow margin of 0.04%. This should have dropped the fund from its previous total of £288.8 million to £288.7 million but redemptions knocked that down to £288.5 million. The trickle continues. Meanwhile yesterday saw Woodford release its monthly update to the end of June…..
Morningstar has some good news for Neil Woodford’s Income Focus Fund (WIFF) this morning: the units put on 0.56% yesterday (despite its fifth largest holding as at the end of May, Kier Group – KIE - slipping again). That should have moved the total fund size from the previous close at £287.5 million to £289.1 million. That, of course, is before redemptions…..
At 11.57 this morning fully-listed Kier Group (KIE) issued a TR-1 via RNS. Nothing unusual about that you might think... but it was notifying that Neil Woodford has once again been buying more shares. What??
This morning’s figures from Morningstar show that Neil Woodford’s Income Focus Fund had a good day yesterday as NAV per unit moved up by 0.95%. With the fund previously sitting at £286.6 million that should have moved it up to £289.3 million but redemptions trimmed the increase to £288.8 million: another half a Bernie out of the door, then.
Kier Group (KIE) fell a further 10% yesterday. Given that it was the fifth largest holding in Neil Woodford’s Income Focus Fund (WIFF) – despite offering no income – at the end of May, that’s not a good start and according to Morningstar the fund dropped 0.8% in terms of NAV per share.
Good news for Neil Woodford today as his Income Focus Fund is off its low point of yesterday. Hurrah! But what about redemptions?
This morning’s data from Morningstar shows that Neil Woodford’s Income Focus fund (WIFF) put in a new low yesterday in terms of its total assets. There was a 0.38% slippage in NAV per unit, but redemptions again took their toll.
This morning’s numbers from Morningstar show that Neil Woodford Income Focus Fund (WIFF) again had a better day yesterday as the NAV per unit edged ahead by 0.23%. So is it time, finally, for a glass of (someone else’s) champagne? Er….not quite.
This morning’s numbers from Morningstar show that whilst the FTSE100 raced ahead yesterday, Neil Woodford’s Income Focus fund (WIFF) was in the red – and redemptions again took their toll.
Yesterday I reported that Neil Woodford had had a (relatively) good day with his Income Focus Fund (WIFF) in that the NAV per unit had risen – even if redemptions had almost cancelled out the rise – leaving the fund with £298 million of assets. This morning’s news from Morningstar shows NAV per unit dropped gain yesterday and redemptions continued. It’s down and down.
This morning’s figures from Morningstar show that Neil Woodford’s Income Focus fund (WIFF) had a better day yesterday as NAV per unit increased by 0.56%. Hooray! Well, that’s the good news. As for the bad news….
And so Neil Woodford lives to fight another day with his Income Focus fund (WIFF) – well, at least one! This morning’s figures from Morningstar will offer him no comfort at all, however, as the NAV per unit shrank again and the outflows from redemptions continued. A double whammy.
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.
This morning’s figures from Morningstar for Neil Woodford’s beleaguered Income Focus Fund (WIFF) required a bit of legwork to get the total size of the fund, as it has not (yet) been updated. The good news is that the sub-fund sizes have been updated so we can calculate the total fund size after all: no effort is spared for you, dear reader. Hooray! The bad news ... well that is more redemptions for Neil Woodford to meet.
After a couple of days of relatively light redemptions, Neil Woodford is once again facing a wall of demands for cash out of his Income Focus Fund (WIFF). Data from Morningstar this morning shows that whilst the NAV per accumulation unit put on a measly 0.01%, the fund dropped heavily in magnitude yesterday: redemptions are back in spades.
So Neil Woodford has survived to the end of the week without seeing his lesser fund, the Income Focus Fund, gated. It cannot be far off, but yesterday’s numbers released this morning by Morningstar show that the accumulation units dropped by 1.24% and the size of the fund dropped from £339.6 million to £332.8 million which means that just £2.6 million was lost to redemptions – less than one percent.
Yesterday we learnt that Hargreaves Lansdown (HL.) had run for the hills with Neil Woodford following the gating of his Equity Income Fund (WEIF), dumping the whole of the £45 million stake held by its house funds in his smaller dog fund, the Income Focus Fund (WIFF) since last Monday. So the redemptions have stopped? Er, no.
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.
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.
Hargreaves Lansdown has announced the removal of Neil Woodford's Equity Income Fund from its Wealth 50 top picks- no suprises there: HL may have egg on its face but since the fund is no longer tradeable there was no choice. But HL has also chosen to remove Woodford Income Focus Fund as well. Given what has just happened at EIF it is now a racing cert that Income Focus will also be suspended when there is a tsunami of panicked redemptions, Woodford cannot meet, tomorrow.. If you hold some, you had better hope you can get out tomorrow.
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.
Oh dear, oh dear, oh dear. Just when Neil Woodford might have thought it couldn’t get any worse (at least for a day or two), up pops fully-listed Kier Group (KIE) – whose rights issue refinancing saw the humiliation of being bailed out by the underwriters last December - which seems to have found an extra £50 million of debt since its trading statement of just seven weeks ago……and capped that with the announcement of a £25 million provision with regard to a redevelopment project at Broadmoor Hospital. As I write, the shares are at session lows of 412p a drop of 85p, or 17%. Neil sure can pick’em.
Woodford Investment Management has published its latest monthly numbers to the end of January from its Equity Income, Income Focus and Patient Capital Trust. At first glance it does not look too bad, but a more detailed examination shows that debt remains a central issue, as does redemptions, and Woodford Patient Capital Trust (WPCT) seems on the edge of imploding.
We all know that markets have been a bit skittish recently, which will mean that investors will be looking to sell unit trust holdings. And we know that Neil Woodford has faced the double whammy of redemptions and his cash-hungry dogs which need feeding. And on Friday morning Kier group (KIE) announced a rights issue: it never rains….
Well, here we are again – another Woodford Unicorn has reported, this time Nowegian-listed Thin Film Electronics (OB:THIN) with its 2018 Q3 numbers, and yet another hungry mouth to feed needs feeding, with little in the way of revenue to offer any comfort. The report starts well, but….