Woodford Concerns

dividendhero

fun4everyone wrote: »

In other news the Woodford Patient Capital Trust has been renamed to "Schroder UK Public Private" (SUPP).

A bit like the Windscale nuclear power plant changing it's name to Sellafield?

talexuser

dividendhero wrote: »

A bit like the Windscale nuclear power plant changing it's name to Sellafield?

Same PR as Townsend Thorensen to P&O, but here at least the management have actually changed.

[Deleted User]

Hi All,


I've read this whole thread from Page 1 (all 84 pages of it!) with fascination. Yet again MSE forums proven to be invaluable source of knowledge, expertise and advice for everyone. Thanks to MSE forum users suggestions, I managed to get out from Woodford before it got suspended. Thank you all.


Has there been any news, any highlights since last posts in December? I've read few news online about payout day for investors in gated fund being this month.

jamei305

fun4everyone wrote: »

Lol, I thought there was no chance Neil Woodford could make a comeback. Who would put money into a new fund by him? Probably would not even get a licence now or whatever it is you have to get? Might as well retire with the multi million £ bank account. But apparently he thinks he can try again, with an outlook identical to the one he employed on WPCT.

https://www.bloomberg.com/amp/news/articles/2019-12-18/spurned-in-britain-woodford-heads-to-china-for-his-next-act



https://citywire.co.uk/investment-trust-insider/news/woodford-flies-to-china-to-test-waters-for-fresh-venture



Which mug will trust him with their money now? :rotfl:

Going by past performance, after his first "exploratory meeting with investors interested in early-stage assets" in December he went and bought a majority stake in Wuhan Huanan Wholesale Seafood Market.

Moe_The_Bartender

Another £150m was written off last week.

http://citywire.co.uk/funds-insider/news/woodford-fund-loses-150m-after-writedowns-on-eve-of-wind-up/a1314976

bowlhead99

pioruns wrote: »

Has there been any news, any highlights since last posts in December? I've read few news online about payout day for investors in gated fund being this month.

The liquid assets had to stay substantially invested in market instruments until 17 Jan which was the final pre-liquidation valuation date. They will now be going through the process of cashing them in while trying to minimise transaction costs. The unquoted assets will still take time of course.

First interim payout day will now be around 30 Jan, with the amount of payout being notified to investors around 28 Jan. But this depends on which particular platform you are using, so best to assume that's a best case scenario. For the investors in the Inc versions there will be the usual dividend for the period to December 31 on the standard timetable and then another for the 17-day January pre-liquidation period, in due course.

Linked below is most recent investor letter which is pretty self explanatory.

https://equityincome.linkfundsolutions.co.uk/investor-communications/friday-10th-january-2020-investor-letter-regarding-the-winding-up-of-the-lf-equity-income-fund/

redux

dividendhero wrote: »

Current Private Eye magazine is interesting.

A number of fund managers have been bribing, sorry contributing to the Tories - they're pay off will be less regulation after the Woodford debacle...what could possibly go wrong :wall:

It used to be more widespread. I remember years ago seeing Michael Hart justifying Foreign & Colonial contributions, but gradually investment trusts stopped.

Nowadays hedge funds seem to especially like this. Check how much of Boris Johnson's leadership campaign they paid for, and muse on why and what they think they're buying.

gadgetmind

fun4everyone wrote: »

Appears to have risen quite sharply in the last few days with some large director buys

Director buys make the news, but their sells tend to fly under the radar, if they are careful.

bowlhead99

bowlhead99 wrote: »

First interim payout day will now be around 30 Jan, with the amount of payout being notified to investors around 28 Jan. But this depends on which particular platform you are using, so best to assume that's a best case scenario. For the investors in the Inc versions there will be the usual dividend for the period to December 31 on the standard timetable and then another for the 17-day January pre-liquidation period, in due course.

Linked below is most recent investor letter which is pretty self explanatory.

FWIW, Link published the investor notifications today for the first capital distribution - the exact number of pence per share will vary by share class.

As a rough guide, my mum has a few thousand of the Z income class, which in the first week of Jan when I last looked had a valuation of 69 5p; they are paying out 48.49p a share of capital, so that would be about 70% of what it was worth at the start of the month ex div; a penny or two of dividends to follow. Excluding the dividend due, the capital payout is about 74% of today's published NAV.

sg1000

I'm looking at an overall loss of around 50% since inception, going by the H and L figues today:
LF Equity Income Class Z Income 48.4932

LF Equity Income Class Z Accumulation 58.9936


Above is what they are saying will be the initial payouts.