Results

Crisis for Neil Woodford continues as Equity Income Fund drops another billion since March

Published 18 hours ago

There are a few headlines around showing that Neil Woodford’s Equity Income Fund has once again been suffering redemptions. Figures of £450 million are quoted, but the scale of Woodford’s ongoing disaster is far worse: since 1st March EIF has dropped about £1 billion.

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

Published 3 days ago

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!

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

Published 7 days ago

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.

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

Published 7 days ago

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.

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

Published 9 days ago

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.

Gambling Neil Woodford doubles down on sliding Card Factory

Published 12 days ago

Last time Neil Woodford piled in for shares in Card Factory (CARD), back in October 2017 at c. 315p, the shares were hit by a profit warning and slid to 232p in January 2018. With 5.02% of the company, Neil Woodford was sitting on a loss (of other people’s money) of some £54 million and Tom Winnifrith was scathing. Well, the shares are now around 186.5p and the market (including Tom Winnifrith) is wrong, natch. We know this because Neil has been buying again, taking his holding to 10.06% last Friday. Heck: only 40% down – this is a winner, let’s buy some more!

Could Kent County Council sink Neil Woodford within weeks?

Published 13 days ago

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”

Reader poll result and this week’s big disaster for Neil Woodford is…..

Published 14 days ago

Well it could have been AIM-listed Purplebricks (PURP) which announced an awful trading update this week and whose shares collapsed (again) to a new low point of 108p. After all, Neil Woodford has been buying the stock all the way down from £5! Or it could be Atom Bank which, having seen BBVA walk from its option to buy the company outright, is now trying to raise £50 million (more on that to follow). But no: the headline for me is that Woodford’s Equity Income Fund has shrunk again, now to a fraction above £4 billion.

Hapless Neil Woodford – in for a penny…..in for another £7m! (of other folks cash)

Published 17 days ago

It emerged last night that Neil Woodford is still buying shares in Kier Group (KIE) like they are going out of fashion. Mind you, with the stock again plumbing the depths, I guess they are – and Neil Woodford appears to be the only buyer in town

ShareProphets Translation Service: Hargreaves Lansdown – still backing Neil Woodford

Published 21 days ago

As discussed by Citywire, Hargreaves Lansdown’s clients have been voting with their feet on Neil Woodford, despite HL maintaining Woodford’s favoured status as part of its Wealth 50 and buying more for its own house funds. In fact, Citywire goes on to report that HL now holds so much Woodford Equity Income between its house funds and client accounts it is classed as a related party. On Thursday HL produced another Woodford-supportive note and the ShareProphets Translation Service gives its view (original in bold).

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

Published 25 days ago

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?...

Neil Woodford: “the best time to buy UK shares in three decades”, says the man needing to sell a ton of stocks to stay alive!

Published 30 days ago

Neil Woodford is in the press again, this time thanks to Money Observer which quotes from his recent missive to investors where we are told that this is the best time to buy UK shares in three decades. This, from the man who needs to sell a boat-load of shares to keep going!

Neil Woodford – Bank Holiday reading in the press this weekend

Published 37 days ago

As investors settle down for the Good Friday and Easter bank holiday weekend, Neil Woodford has had a fair degree of coverage to assimilate. Articles in The Times and the FT point to Woodford’s sale of £42 million worth of NewRiver REIT (NRR) to his former junior at Invesco – something which ShareProphets readers have been aware of ten days now (it is good to see the dead wood press keeping up!) Meanwhile Citywire reports that the suspensions of Woodford’s stocks in Guernsey may be resolved this coming week although we are not told which way. And Hargreaves Lansdown appears to be standing by its man, still, as it covers the recent results from WPCTsomething covered here some two weeks ago.

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

Published 38 days ago

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?!

This week’s top disaster for Neil Woodford

Published 49 days ago

Our good friends over at Citywire have again come up with bad news for Neil Woodford, in revealing that investors in his Equity Income Fund (EIF) reacted badly to last month’s sequence of dismal news by cashing out to the tune of £160 million. Having started March with £4.7 billion, EIF slumped to £4.4 billion last month which suggests that redemptions are not the only problem for Woodford.

BREAKING: Neil Woodford – whilst buying dividend slashing dog Kier (while everyone else sells), he’s been selling high (but safe) yield Paypoint

Published 61 days ago

This morning Nigel noted that Neil Woodford had been buying Kier – around 1.2% of it in the wake  of last week’s awful results and a 79% pruning of the dividend. It is not exactly the sort of performance for an equity income fund, I would have thought! But It turns out that Neil has also been selling Paypoint (PAY) – which trades on an underlying yield of c 5.5% (but 9.9% if you include bonus payments) and where the payout is safe as houses. That sounds perfect for an equity income fund! I must be stupid…..

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

Published 65 days ago

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.

Has Neil Woodford finally lost the plot completely? Blow up FT Interview suggests he has

Published 72 days ago

I see that Neil Woodford has had an interview published in the FT in which he lambasts critics determined to destroy his reputation, misinformation, lazy commentary, fake news, fake analysis which “pisses me off” and vents his frustration at the poor investment decisions of investors selling up.

Kier-blimey! Today’s Woodford disaster is Kier (again)

Published 76 days ago

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 – latest numbers show borrowing disaster in the making as chickens come home to roost

Published 91 days ago

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.

Woodford – slammed by Bestinvest in table of dogs

Published 103 days ago

I pointed to Invesco and Woodford being named top dogs in the link to the article in the Telegraph at the weekend, but having looked through the latest issue of Spot the Dog from Bestinvest the data and conclusions are truly awful for Neil Woodford.

And today’s Neil Woodford disaster is……..the equity income fund

Published 127 days ago

Last night Woodford Investment Management released its latest update for the Woodford Equity Income Fund, to 31 December 2018. The fund had fallen to £4.98 billion as at 30 November 2018. At year end it had slipped again – to £4.67 billion. Oopsadaisie Neil, another £310 million gone!

UPDATED: Neil Woodford was overdue with his accounts but has now filed - Companies House Double confirm

Published 139 days ago

Belatedly Woodford has just filed accounts at Companies House - they will b e available in 5 days. Last Week the old Companies House website stated that Woodford Investment Management had not filed its accounts for the year to March 31 2018 by the December 31 deadline as we showed HERE. This morning, as you can see below, the new website has showed the same thing. What was Britain's most conceited fund manager not so keen we see. The 2017 accounts may give a clue.

BREAKING: It is official – Neil Woodford is late with his accounts: what is he hiding?

Published 143 days ago

Last year Britain’s most conceited fund manager, whose flagship fund is ranked 241/241 for performance,  Mr Neil Woodford filed accounts 11 days before the deadline, on 20 December. This year Woodford Investment management has yet to file its accounts for the year to March 31 2018. It is late. It will be fined. The FCA will be having kittens.  You want proof?

Neil Woodford's Twelve Days of Christmas

Published 151 days ago

If you enjoyed Neil Woodford's Christmas carol HERE and HERE and HERE we have a bonus for you. I guess the tune is familiar...

Neil Woodford's Christmas Carol - the final chapter of three

Published 153 days ago

‘Twas the night before Christmas.  The man who liked to be known not only for his humility but also for being Britain’s greatest ever fund manager lay back on his disruptive Eve mattress next to his rather flatulent but ever faithful old poodle Dampers. Whilst his companion snored loudly, Neil Woodford was deeply troubled by not just one but a second ghostly apparition that night.

Neil Woodford’s disaster of the day No 1 – Netscientific

Published 157 days ago

There were two enormous red flags waving at NetScientific (NSCI), the healthcare IP commercialisation group. The first was the announcement a few weeks ago of a “strategic review” which in plain English means “we are fucked” and the second was that Britain’s worst performing fund manager Neil “Nomates” Woodford owns 47% of the company with the funds he used to manage round at Invesco owning another 19%. And so to today’s disastrous news.

Tom Winnifrith Bearcast - when does forced selling by fund managers become a flood?

Published 159 days ago

I start with the issue of fund managers and redemptions and thus forced selling of shares. Not just Neil Woodford, a special case, but generally. I look at this in the context of what corporate newsflow I expect in January.  I also look at Urals Energy (UEN), Telit (TCM) and the FCA, Andalas (ADL) and UK Oil & Gas (UKOG) answering a point posed by our own in house Bulletin Board loon Wildes HERE.

Just how desperate for cash is Neil Woodford – another telling announcement: BTG

Published 172 days ago

After recent disasters such as Kier (KIE) and faced with wall to wall redemptions, funds managed by Neil “nomates” Woodford are clearly utterly desperate for cash. Today another sign of just how big is that crisis emerged. It’s a shocker.

The Daily Mail repeats the Neil Woodford lie as it tries to save him yet again

Published 201 days ago

Over the past two years one salient feature of the Neil Woodford car crash is that every couple of months the Daily Mail or Mail on Sunday, which were the biggest cheer-leaders for Nomates when he set up Woodford Investment Management, runs an article saying “it’s bad but will get better, average down.” The trouble is that the Mail thesis is based on one big lie.  At the weekend it was veteran Personal Finance hack Jeff Prestridge who landed an exclusive interview, i.e a blow job for Neil.

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

Published 212 days ago

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!

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

Published 429 days ago

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.

Provident Financial Rescue Rights issue - where does this leave Neil Woodford? Does he have a spare £115m?

Published 454 days ago

Shares in Provident Financial (PFG) are falling again today thanks to weekend press reports that it is sounding out investors about a £500 million rights issue. The big question is where does this leave Britain's most conceited fund manager Neil "nomates" Woodford whose funds own 23% of the equity.

Neil Woodford gets blow-job write up in Daily Mail - shameful journalism but look at the reader comments!

Published 455 days ago

"Why Woodford has NOT lost his magic touch... despite UK's star stock picker seeing a series of huge bets going wrong spectacularly". So screams the headline on a leading article by Paul Thomas in the Daily Mail. I suppose it depends on how you define magic? If you mean it is making things ( like other people's money) disappear then indeed, Nomates is still the King. Why was this article written?

Tom Winnifrith Bearcast - My friend goes down for 21 months but the real story is Neil Woodford's £45m overdraft

Published 456 days ago

My friend and former colleague the aristocrat Dru Edmonstone was - as widely reported - sentenced to 21 months last week for a £60,000 benefits fraud, something the pathetic wretch did to fund his spread betting addiction. I discuss this and ask does a case like that of Dru justify the current clampdown on spreadbetters. I think such a clampdown would not have stopped Dru for addicts will always find a way. I discuss the odd goings on at Saffron Energy (SRON) which hardly inspire confideence. But my main focus is on the revelation HERE by Cynical Bear that Neil Woodford's flagship £7.1 billlion fund has taken on an overdraft, as an emergency measure to fund either redemptions or a growing collection of falling knives or both. If Woodford believes what he says about markets being overvalued - and I do - this is a sign that Britain's most conceited fund manager has completely lost the plot and may be not that far from the final collapse. 

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

Published 470 days ago

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.

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

Published 492 days ago

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.

A Second big investor dumps Neil Nomates Woodford after more dismal returns - more to follow

Published 555 days ago

Last month the Jupiter Merlin group which, at one point, had £942 million invested in funds managed by Neil "nomates" Woodford announced that it was pulling out its last monies. Now another big investment group has given up on Britain's most self important fund manager. Aviva, one of the largest savings providers in Britain, has had enough.

Woodford - the Redemptions begin in earnest, Jupiter Pulls

Published 592 days ago

I flagged up at the weekend why Neil "nomates" Woodford might be just a couple mmore high profile disasters away from disaster in terms of a flood of redemptions. Well it appears that some are not waiting for the implosion of Purplebricks and another Woodford car crash.

Arrogant Bastard Fund Manager Neil "Nomates" Woodford offers up the least convincing apology since Nixon

Published 623 days ago

An evil PR spinner has had words with underperforming fund manager Neil "Nomates" Woodford, aka the most arrogant bastard in the City. Until now the line was "I am right the market is wrong, its business as normal." Now Nomates has recorded a video in which he says that he is sorry for the underperformance of his funds. Perhaps it is the fact that he has seen folks yank a net £350 million out of his £10 billion CF Woodford Equity Income fund in recent weeks that has caused the contrition. If redemptions continue on that scale, Woodford will be forced into some hurried share sales which will only compound his woes. The trouble it that Woodford patently does not feel sorry.

F40 Origo Partners: The Noose Tightens

Published 1195 days ago

I previously commented (HERE) in the wake of ShareProphets AIM-China Filthy Forty play Origo Partners (OPP) seeing shareholders reject proposals aimed at settling a dispute with the majority holder of its Zeros, Brooks Macdonald, that the company seemed to have a bit of a problem. In particular, one might note that the company had already ‘fessed up that it would not be able to meet scheduled redemptions next month. Now Brooks has made a move as the noose tightens.

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