chiangmai
Crazy Mango Extraordinaire
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Post by chiangmai on Aug 5, 2019 12:52:53 GMT 7
Not a particularity scholarly or informative piece, the founders and exec's at HL became wealthy as a result of the business they founded and operate, that's news! "So HL does make people rich – just not the customers". Hmm, is it really so that none of HL's customers have become wealthy as a result of their platform and service, that their research has not increased customers wealth....really!! I suppose if you want to write paragraphs to fill a column you could do a lot worse than pick a topical subject that's in vogue, throw in a few obvious well known facts and then end it with something bordering on libel. Thanks for reminding me why I don't read the Daily Mail any longer!
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Post by rgs2001uk on Aug 5, 2019 13:38:50 GMT 7
Not a particularity scholarly or informative piece, the founders and exec's at HL became wealthy as a result of the business they founded and operate, that's news! "So HL does make people rich – just not the customers". Hmm, is it really so that none of HL's customers have become wealthy as a result of their platform and service, that their research has not increased customers wealth....really!! I suppose if you want to write paragraphs to fill a column you could do a lot worse than pick a topical subject that's in vogue, throw in a few obvious well known facts and then end it with something bordering on libel. Thanks for reminding me why I don't read the Daily Mail any longer! That’s what passes for journalism these days, any hack with access to a keyboard and a 2:2 in liberal arts can have say their say.
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Post by Fletchsmile on Aug 5, 2019 21:39:44 GMT 7
I thought that Daily Mail article above was about the worst I'd read on the subject. But they surpassed themselves yesterday in the Mail on Sunday with one that was even worse : A trudge by trudge account of lying in wait but for some reason being ignored and action such as "firing off emails"
============================================================ Woodford, a fast car and yet another getaway: JEFF PRESTRIDGE takes an early morning trip to fund chief's HQ armed with your emails but he won't talkBy Jeff Prestridge for The Mail on Sunday Published: 22:02, 3 August 2019 | Updated: 08:53, 5 August 2019 Oxford Business Park is home to a disparate group of organisations – the worthy (Oxfam), the taxing (HM Revenue & Customs) and the avant-garde (online publisher Wiley Atypon). It is also base camp for Woodford Investment Management, the investment funds company set up five years ago by Neil Woodford to generate wealth for private investors – a business that promised so much but now appears to be collapsing like a pack of cards. Last week, in the wake of the latest revelations about Woodford – the continued suspension of his £3.4billion flagship fund Woodford Equity Income until at least December and his controversial selling of personal shares in investment trust Patient Capital without first seeking approval from the board – I decided to pay him a visit at his offices.
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Post by Fletchsmile on Aug 8, 2019 17:40:26 GMT 7
Woodford share sales hit £800m as top stock dumped at discountEmbattled fund manager shoulders £15 million hit as he offloads one of his top holdings, Raven preference shares, at a discount. mbattled fund manager Neil Woodford has taken a £15 million hit after offloading one of his top holdings, preference shares issued by Russian warehouse investor Raven (RAV), at a discount. Woodford cashed £93.4 million from the sale of both Raven's convertible preference (RAVC) shares, a top 10 holding in his suspended Woodford Equity Income fund, and its preference (RAVP) shares. Both sales were made last week at a 14% discount to the market's 'sell' price. Woodford raised £83.9 million from the sale of the convertible preference shares, held in both Equity Income and his smaller Woodford Income Focus fund, last Monday. citywire.co.uk/wealth-manager/news/woodford-share-sales-hit-800m-as-top-stock-dumped-at-discount/a1255492?section=wealth-manager
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AyG
Crazy Mango Extraordinaire
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Post by AyG on Aug 8, 2019 18:12:22 GMT 7
It's looking increasingly likely he's never going to come back from this. His name has pretty much become mud.
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Post by Fletchsmile on Aug 8, 2019 18:19:33 GMT 7
Hargreaves shares surge as it looks to move on from WoodfordThe firm defended its fund buy list and is ‘determined’ to learn from the Woodford crisis. Update: Shares in Hargreaves Lansdown are hot property after annual results showed it was within touching distance of £100 billion as it looks to put the Woodford saga behind it. At 11.15am share were trading at £20.03, a 9.3% jump from yesterday's closing price. With the Woodford suspension at the start of June towards the end of the reporting period, the numbers offered little insight into the impact of the scandal. In the 12 months to the end of June the firm attracted net new business of £7.3 billion, adding 133,000 active clients over the course of the year, lifting the total to a record 1.2 million. citywire.co.uk/wealth-manager/news/hargreaves-shares-surge-as-it-looks-to-move-on-from-woodford/a1257887
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Post by rgs2001uk on Aug 8, 2019 21:26:00 GMT 7
It's looking increasingly likely he's never going to come back from this. His name has pretty much become mud. Dont think he will be short of a bob or two in the old pension fund.
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chiangmai
Crazy Mango Extraordinaire
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Post by chiangmai on Aug 8, 2019 21:35:53 GMT 7
He looks seriously unwell in some of the pictures of him lately, I hope he gets through it all in one piece.
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Post by Fletchsmile on Sept 6, 2019 11:39:08 GMT 7
Some other famous brand names receiving the boot from FTSE 250. It's a hard world ========================================== Woodford Patient Capital relegated from FTSE 250 in reshuffleWoodford Patient Capital relegated from FTSE 250 after 40% slump in shares sparked by suspension of Neil Woodford's flagship fund. Woodford Patient Capital Trust (WPCT) has been relegated from the FTSE 250 after the dramatic fall in its shares following the suspension of manager Neil Woodford's flagship Woodford Equity Income fund. Index provider FTSE Russell named Woodford’s now £374 million trust as among the stocks to be relegated from the mid-cap index in the regular quarterly reshuffle set to take place later this month. Shares in the trust have tumbled 40% since the suspension of Woodford Equity Income, amid fears over the impact of Neil Woodford's sale of unquoted companies from his flagship fund. The investment trust features a large cross-over of holdings with Woodford Equity Income. Woodford Patient Capital entered the FTSE 250 shortly after launch, after Woodford raised £800 million for his new fund, then a record for a UK-based investment trust. Its current stint in the index stretches back only to Christmas last year, when a rally in the shares, sparked by a huge uplift in the valuation of controversial holding Industrial Heat, helped the trust regain mid-cap status after a six-month hiatus. citywire.co.uk/wealth-manager/news/woodford-patient-capital-relegated-from-ftse-250-in-reshuffle/a1264527?ref=wealth-manager-new-latest-news-test1-list
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Post by Fletchsmile on Sept 27, 2019 17:04:04 GMT 7
There's maybe still an opportunity in WPCT.
Like I said earlier though, those that rushed in June and July to buy on weakness were too early in my view. It was better to wait and monitor, see what develops. End of September now and wait and see still seems to be best bet for WPCT.
For me, with all the subsequent developments that have come out, although it still presents an opportunity, it looks more and more like I will probably end up passing on it. The time they're taking to sort things out, and the uncertainties, and other news/adverse developments, that keeps cropping up, makes it increasinly something to pass on. There's might be a good opportunity at some point, but it requires more time and effort than I'll likely want to put in. There are opportunities elsewhere too.
For the UT I'll likely exit in December. 20+ good years and a coupe of poor ones Again there are other funds I'd rather rely back at this point. ============================================= Woodford Patient Capital’s shares slide on fresh writedown blowWoodford Patient Capital shares were on the slide in early trading as its assets were written down again Woodford Patient Capital shares were on the slide in early trading as its assets were written down again. The writedown saw administrator Link cutting its estimated value of the portfolio by 4.6% to just under 65p. The markdown was made against the value of three stocks, the board of the fund said. Shares in the trust slid 4.6% or 2.1p at the opening bell to 43p. The latest fall follows the slump this summer as investors priced in concerns about the quoted values of Neil Woodford’s unlisted holdings. In a statement, the trust said: ‘These valuation adjustments reflect the challenging fundraising environment for these businesses which may impact their ability to or the level at which they may be able to raise capital in the near-term.’ The announcement came ahead of the trust’s interim results, which are due Monday 30 September. Following a 44% slide over the last six months the trust now trades at a 33% discount to yesterday’s pre-writedown asset value. That is a recovery from an August low of around 50%, however. The news follows a 5% mark down on the value of holding BenevolentAI last week. That in turn followed a big writedown to the valuation of Industrial Heat, one of his largest unquoted holdings, and a suspension to the shares of Alternative Investment Market-listed Eddie Stobart Logistics in late August. Link said Industrial Heat’s development ‘had not progressed at the rate upon which previous reviews were based’. ‘The valuation adjustment reflects the slower progress of the company and is not a result of a “trigger event”.’ Analysts at Numis said the Industrial Heat writedown could be followed by markdowns to other unquoted stocks ‘and sentiment towards Woodford Patient Capital is likely to remain weak’. ‘In our view, though, the share price has reached a level where there could well be support from the potential for corporate action,’ the said. ‘The board is currently assessing its options regarding the future management of the fund and we believe that the appointment of a new manager could be a catalyst for a turnaround in sentiment.’
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Post by Fletchsmile on Oct 15, 2019 13:28:25 GMT 7
Just heard on Bloomberg TV that Neil Woodford's Equity Income fund is to be wound up
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Post by rgs2001uk on Oct 15, 2019 21:28:25 GMT 7
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Post by Fletchsmile on Oct 16, 2019 0:19:05 GMT 7
From Hargreaves Lansdown write up -------------------------------------------------------------- Woodford Equity Income – fund to be wound upLink Asset Services has today announced that it will not be re-opening the Woodford Equity Income fund. Link Asset Services has taken the decision not to re-open the Woodford Equity Income Fund. This means that the investments will be sold, and cash will be returned to investors. Link expects the process to begin in January 2020. The money investors get back will be determined by the ability to sell the assets and the price that is achieved for them. The Woodford Equity Income Fund has been suspended since 3 June. Link had previously indicated that the fund would likely be suspended until the beginning of December, when it was expected to re-open and continue to be managed as an equity income fund. Link has released a statement today explaining that after “careful consideration”, they, as the fund’s Authorised Corporate Director (ACD), have taken the decision to instead “wind it up as soon as practicable”. Link plans to return cash to investors at the earliest opportunity, and has appointed BlackRock Advisors (UK) Limited and specialist stockbroker Park Hill to help sell the assets. As of 15 October 2019 Woodford Investment Management will no longer be the Fund’s manager, and subject to regulatory approval the Fund will be renamed the LF Equity Income Fund. Link said in a statement today: “We have continued to consider the future of the Fund over the period of its suspension from 3 June 2019. After careful review of the Fund and its holdings we have decided not to re-open the Fund and instead to wind it up. We recognise that this will come as a disappointment to some investors.” contd.... www.hl.co.uk/news/articles/woodford-equity-income-to-close-what-it-means-for-investors
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Post by Fletchsmile on Oct 16, 2019 0:29:02 GMT 7
Will be good to draw a line under it and move on. It's less than 2% of my portfolios when consolidated, and given all the issues with it, I'd have been exiting in December, so just adds another small twist to what's become a bizarre tale.
Woodford really has made a monumental f**k up. This will become the laegacy he's remembered for now, rather than his 25 years or so of great outperformance before that
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Post by Fletchsmile on Oct 16, 2019 17:32:39 GMT 7
Career over... never underestimate the importance of 1) proper risk management 2) liquidity ======================================================================================== End of an era: Neil Woodford closes firm after losing control of flagship fund16 October 2019 Veteran investor serves notice on remaining strategies and announces the closure of Woodford Investment Management. Neil Woodford has announced the closure of the investment firm that carries his name after losing control of his flagship fund and speculation mounted over the future of his two remaining strategies. Fund administrator Link Fund Solutions announced yesterday that the LF Woodford Equity Income fund would be wound up in January, a decision that the manager said he could not accept. It was suspended in June after a flurry of redemption requests. The loss of control of the £3.1bn LF Woodford Equity Income fund posed questions of the underperforming Woodford Patient Capital investment trust and the smaller LF Woodford Income Focus fund. It prompted Woodford to make an announcement last night, resigning its management of the London Stock Exchange-listed Woodford Patient Capital Trust and the decision to close the firm. “We have taken the highly painful decision to close Woodford Investment Management,” said Neil Woodford (pictured) in a statement. “We will fulfil our fund management responsibilities to Woodford Patient Capital Trust and the LF Woodford Income Focus fund and once completed will close the company in an orderly fashion. “I personally deeply regret the impact events have had on individuals who placed their faith in Woodford Investment Management and invested in our funds.” Having launched the firm to great fanfare in 2014 following his departure from Invesco, in recent years Woodford has come under increasing amounts of pressure due to his outlook and illiquid holdings in unlisted companies. Indeed, it has been a challenging 2019 for the manager across all three strategies. contd... www.trustnet.com/news/7459089/end-of-an-era-neil-woodford-closes-firm-after-losing-control-of-flagship-fund?utm_source=Trustnet%20Newsletters&utm_campaign=b149cc7ac9-EMAIL_CAMPAIGN_2019_10_16_09_07_COPY_01&utm_medium=email&utm_term=0_2314bd04ee-b149cc7ac9-77645865
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