Woodford Concerns

Panorama BBC1 Mon 21 Oct 8.30pm is about Fund Managers including Woodford.

Brian65 wrote: »

Best FT article I have ever seen published today; Neil Woodford: the inside story of his rise and dramatic fall
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I'm afraid there was nothing to indicate WPCT is under-valued.

Yeh, good article.
Read this one from May about the sort of people that were bamboozled by NW even that late

https://www.thisismoney.co.uk/money/investing/article-7062597/Why-buying-Woodford-Patient-Capital-Wise-Funds-Tony-Yarrow.html and how they thought it was undervalued.

A few companies they think will do well, Immunocore (halved in price in a day only a month after the article), and Ultrahaptics (sold at a profit but that of course means the concentration of dross in WPCT increased, that was the equivalent of throwing your gold out to keep the ship afloat) stand out. But it looks like the Dog and Pony show WIM put on convinced these guys to stick with it, until they capitulated and sold out their entire holding last week at about a 50% loss.
They were also "surprised" that WEIF was shut down (this is on their website) , they honestly thought it would reopen in December. They should have been reading here

AnotherJoe wrote: »

Yeh, good article.
Read this one from May about the sort of people that were bamboozled by NW even that late

https://www.thisismoney.co.uk/money/investing/article-7062597/Why-buying-Woodford-Patient-Capital-Wise-Funds-Tony-Yarrow.html and how they thought it was undervalued.

A few companies they think will do well, Immunocore (halved in price in a day only a month after the article), and Ultrahaptics (sold at a profit but that of course means the concentration of dross in WPCT increased, that was the equivalent of throwing your gold out to keep the ship afloat) stand out. But it looks like the Dog and Pony show WIM put on convinced these guys to stick with it, until they capitulated and sold out their entire holding last week at about a 50% loss.
They were also "surprised" that WEIF was shut down (this is on their website) , they honestly thought it would reopen in December. They should have been reading here

'unrivalled network of contacts' LOL - I stopped taking the Daily Mail seriously when they hired Adam Faith as their Financial Editor and his TV Money Channel went bust. FT have talked to insiders who say one of the problems was Woodford's contacts book was very thin because he was outside the London circle.
He didn't need contacts for the stuff he was investing in at Invesco because the information he needed was easy to access in the public domain. Quite different to what he invested in later, wher has was blinded by science, they could tell him anything, and he wouldn't have the contacts who could verify what others were telling him.

ZingPowZing wrote: »

Just to add:

"Hargreaves Lansdown funds with exposure to Neil Woodford’s collapsed investment vehicle have bled a net £439m over the past four months, sparking fears that the liquidity crisis that engulfed the former stockpicker could spread to a new cohort of investors. Hargreaves, the UK’s largest fund supermarket, operates an £8bn own-brand multimanager portfolio range that invests in the Woodford Equity Income fund, which is suspended due to problems stemming from its exposure to hard-to-sell assets. A recent run of investor redemptions from the Hargreaves range is fuelling concern that as the multimanager reduces its position in other funds to pay the withdrawals, the Woodford fund will make up a larger proportion of the portfolios, endangering remaining investors."

https://finance.yahoo.com/m/ddbc4a5b-c3e0-3f58-b438-b0b257ceaa02/hargreaves-fund-outflows.html

The FT article highlighted how difficult it would have been for HL to withdraw Woodford from their best buy list even after they had serious doubts about him. Mark Dampier had promoted Woodford (Oh sorry their Wealth 50 list 'doesn't constitute advice') so much that when he finally had to admit Woodford's fund was sh*te, his own credibility and career was over. It must have been very tempting to cling on and keep the party going for as long as possible in the hope that Woodford would finally come good, and sell his own/wife's shares before the collapse.