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CF WOODFORD INCOME FOCUS C

CF WOODFORD INCOME FOCUS C - Overview

Overview of CF WOODFORD INCOME FOCUS C Buy in ISA Buy in Investment Account

This new fund from manager Neil Woodford targets a high level of income and capital growth through investment in UK and overseas equities. Woodford will differentiate the fund from his flagship Woodford Equity Income product by targeting a higher level of income – target dividend is 5p over the first year with a longer-term payout of 120% of the UK stockmarket yield. The fund will also be more focused than the Equity Income fund and have a higher level of overseas exposure, though the bulk of the portfolio will be invested in the UK.

  • Standard Initial Charge 0.00%
  • Initial charge via Bestinvest 0.00%

Fund summary

Sector Specialist
Structure OEIC
Launched April, 2017
Size £747m
Yield 0.0%
Charging basis Capital
Dividends paid 28 Feb, 31 May, 31 Aug, 30 Nov

Charges

Standard initial charge 0.00%
Initial charge via Bestinvest 0.00%
Additional bid/offer spread 0.00%
Annual management charge 0.75%
Ongoing charges figure 0.75%

Risks

Before investing make sure you have understood the risks relevant to the fund by reviewing our Risk Warnings section. Further information on the risks are contained in the fund's Key Investor Information Document, which we make available to you before you make a decision to invest, alternatively it is available on request.

Bestinvest view

Neil Woodford is one of the world’s leading fund managers, with a long and successful track record at Invesco Perpetual – this success has continued since he decamped to his own firm in 2014. Woodford has a very distinct style with a bias to more defensive stocks. This often leads him to suffer when such stocks are out of favour, often in fast rising markets, but to prove resilient in weaker markets. We expect this new fund to have a similar defensive profile, though given the higher yield it is likely to offer lower capital growth and ultimately a lower total return. In view of the similarity in the funds we suggest not holding both in the same portfolio.

Portfolio

Allocation Proportion(%)
Equity 100
High yield bonds 0
Quality bonds 0
Property 0
Commodities 0
Hedge 0
Fund cash 0
Allocation Proportion(%)
UK 60
Europe 20
North America 20
Japan 0
Pacific 0
Emerging Markets 0
Allocation Proportion(%)
Large Caps 70
Mid Caps 30
Small Caps 0
View all performance data for this fund

Investment process

Woodford believes that markets are inefficient most of the time with prices diverging from underlying value, and he aims to identify those stocks that are undervalued then hold them for the long term. Ideas are primarily generated internally, but may also come from external brokers and analysts and from conversations with company management teams. His research process looks at companies’ long-term growth prospects, competitive advantages, sustainability of cashflows and earnings, strength of balance sheet, and valuation. Given the yield requirement of the fund, portfolio companies are also likely to pay high dividends. His criteria typically lead him to have significant weights in more defensive industries such as healthcare and steer him away from more cyclical businesses such as mining. Woodford does not allocate to sectors from the top-down, but does put significant effort into forming a high level view on the domestic and global economy and how this is likely to impact portfolio companies.

Live feed

Bid price(inc) 98.52p
Accum units 101.67p
Fund commentary 17/03/17
Fund data updated on 24/11/17

Asset allocation

Allocation Proportion(%)
Equity 100
High yield bonds 0
Quality bonds 0
Property 0
Commodities 0
Hedge 0
Fund cash 0

Equity Geographic

Allocation Proportion(%)
UK 60
Europe 20
North America 20
Japan 0
Pacific 0
Emerging Markets 0

Equity Capitalisation

Allocation Propor
tion(%)
Large Caps 70
Mid Caps 30
Small Caps 0

Top 10 holdings

As at: 31/08/2017
6.7261%Astrazeneca Plc
5.716%Legal & General Group
4.6319%Imperial Brands Plc
4.0754%Lloyds Banking Group Plc
2.7612%Taylor Wimpey Plc
2.6988%Barratt Developments Plc
2.4346%Sse Plc
2.4161%Newriver Reit Plc
2.3957%Redde Plc
2.2433%Intermediate Capital Group
Source: Trustnet

Sector breakdown

Financials 40%
Consumer Goods 17%
Industrials 14%
Health Care 11%
Consumer Services 8%
Utilities 5%
Technology 4%
Telecommunications 2%
Money Market 0%

Portfolio details

Around 55 stocks.

Constraints

No geographical constraints.
The portfolio usually has very little commonality with the benchmark and so performance can be expected to differ markedly on occasions.

Average monthly relative returns Bestinvest MRI
12/13 13/14 14/15 15/16 16/17   3 years 5 years Career 3 years 5 years Career
0.19% 0.71% 0.85% -0.72% -0.73%   -0.20% 0.06% 0.25% 37.50% 77.60% 99.90%
Performance figures are based on the average of monthly percentage returns relative to the benchmark index.

Neil Woodford

Manager. Woodford gained an Economics degree from Exeter University and then studied Finance at the London Business School. He began his career in 1981 with Dominion Insurance, moving to TSB’s corporate finance department in 1984. He moved back into investment management in 1986 with Eagle Star before moving to Perpetual in 1988. There he took responsibility for the UK team’s income funds, later becoming Head of Investment. He left Invesco Perpetual in April 2014, forming Woodford Investment Management in May 2014.

Track record

Neil Woodford has 29.1 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been +0.25%. During the worst period of relative performance (from January 2009 - January 2011) there was a decline of 21% relative to the index. The worst absolute loss has been 30%. Statistically, we estimate the probability that this fund manager is adding value, rather than being lucky, is more than 99%.

Periods of worst performance
Absolute -30% (May 2007 - March 2009)
Relative -21% (January 2009 - January 2011)

Sector record since October 1988 (29 yrs)




About the MRI

Our unique indicator: the Bestinvest Manager Record Index (MRI) measures the likelihood that the fund manager is adding value through their decisions. It is based on their performance record over the course of their career, adjusted for the amount of risk taken. MRI is an important contributor to our fund rating system but it is also vital to take account of qualitative factors. It is also very important to select funds to form a cohesive portfolio with an appropriate overall risk level.

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