Woodford Patient Capital Share Discussion Threads

[spectoacc] 30/10/2019 15:44

@daffy - I'd thought IFF was already getting wound up, had missed that. To be fair, should be the easiest to manage - only a smattering of useless Woody junk, and tho over-concentrated (housebuilders and sub-prime lenders), they're at least mostly liquid. New manager would make sense, particularly since most "investors" have had the opportunity to move already, so no cliff-edge redemptions.

Re FCA - find Bailey's excuses pathetic, but at least he's little to no chance of BoE top job now - unless they're desperate to move him!

WEIF was c.£3.6bn when Kent asked for their c.£280m - what was it at peak, £10bn? Or did that include Woody's mandates? And a chunk of the drop was his poor investment performance. Still - Kent CC clearly the straw, not the cause.

[masterinvestor1] 30/10/2019 14:27

It's time to buy. I expect this to zoom past 100 soon. I'm putting all my savings into it now...I'm filling my boots you all should too.

[iq151] 30/10/2019 12:20

This thread has long ago gone to the dogs. Incredibly boring and repetitive.

[daffyjones] 30/10/2019 12:10

Link have issued an update on the Income Focus fund which has been suspended for the last two weeks. It's going to remain suspended and they are exploring the options of either getting another fund manager to take over the fund, or facilitating a transfer of the funds assets into an existing fund in return for WIFF investors receiving shares of that fund. If neither of these are viable the fund will be wound up like WEIF.

[trollwatch] 30/10/2019 12:08

What a breath of fresh air from Rex after all those self-important farty posts from the trolls.

[rexrandi] 30/10/2019 11:56

Bow Wow!

Sorri. Bin away in Syria for a bit. Mi master johnwig sent me to help the Mericans find sum bloke called Alan Bagdadi from Farsley. I found him and chaised him into a tunnel when ther was a big explosion. I think he farted. Im ok now tho.

Mi master tels me secretly that he wil send me downthe road to find "bloudy Speccy" and if he dosnt post summmat new and intresting Im aloud to chew his bawlls too.

Woof Woof

Rex t'dog

[spectoacc] 30/10/2019 09:11

Thanks, interesting!

I know Kent CC is always given as the reason WEIF gated, but it was a fraction of the money WIM had lost - perhaps 5%? - and if it wasn't Kent CC's long-delayed decision, it would have been somebody else. WEIF was finished from a long while back, as plenty were saying at the time.

Felt a bit sorry for Kent CC (or rather, its pensioners) - yes a stupid decision not to withdraw sooner, and even worse to flag it up, but they put the request in before WEIF gated - they asked for their money back on the Friday, it gated on the Monday.

Be interesting to see what they eventually receive back.

Alistair Darling bailed out the Icelandic bank depositors of course. C*ck.

[spectoacc] 30/10/2019 08:35

@Jonwig - and even by any unserious investor :) Trolls add nothing to the debate.

Seems to have gone quiet on WEIF sales recently, unless I've missed any? Some early slotting of eg PFG.

[jonwig] 30/10/2019 08:34

@ Dudishes - the prevailing tone on this (and the earlier) thread has been bearish on Woodford for at least three years. In post #77 I was reporting news without comment. And have no losses on anything Woodford-related to declare.

Maybe you have an issue with a poster called "johnwig" who has copied my moniker with the intention to sow confusion. He posts nothing of value and is, or should be, filtered out by any serious investor.

[spectoacc] 30/10/2019 08:22

As I've very clearly stated, @Dudishes - keep up.

[dudishes] 30/10/2019 08:22

WTG got smart - QPP even smarter?

[dudishes] 30/10/2019 08:20

Rather simple man - you take or leave advice - No dosh will be recovered, as I think you know.

[spectoacc] 30/10/2019 08:16

Agree on S@G, hope they do better vs HL than they did vs WTG!

HL - taking c.£50m in fees from clients they'd ramped into Woody's funds; reducing Wealth 150 to Wealth 50 yet still including Woody, despite big protests at the time (this was pre-gating); in-house HL funds slotting WEIF whilst continuing to recommend it to clients.

But still not sure there's anything actionable gone on.

Hope I'm proven wrong, the HL's are part of the problem.

[dudishes] 30/10/2019 07:56

jonwig - not confused at all. Recompence? No chance - Funds were reported as in trouble (Halosource), in Jan 2016! From there, it was known as curtains, unfortunately FCA did not bother to step in, despite requests.

Claim your losses off the FCA, if you dare?

Cheers

Dud

[jonwig] 30/10/2019 06:49

Australian law firm Slater & Gordon is preparing legal action against investment platform Hargreaves Lansdown over its support for disgraced fund manager Neil Woodford.

In a tweet sent late on Tuesday afternoon, the company said it was looking into the merits of potential claims on behalf of investors who had poured money into Mr Woodford’s funds and asked them to follow a link to register their interest.
..............

Around 291,000 savers used Hargreaves to pump their money into Equity Income. The platform plugged Mr Woodford's funds for years on its list of best buys, even as performance began to slip.

A statement on Slaters' website said: “Our group litigation team is investigating possible claims for investors who invested in Woodford funds through Hargreaves Lansdown.
..............

Fellow law firm Leigh Day is also digging into possible compensation claims from Woodford investors.

A statement on Leigh Day’s website said: “We are investigating whether Hargreaves Lansdown misrepresented the health of the Woodford Equity Income Fund whilst continuing to recommend it, resulting in significant losses for their clients.”

Hargreaves Lansdown declined to comment.

[spectoacc] 29/10/2019 08:02

Looks interesting depending on price etc - tho there's ready-invested listed incubators trading at half NAV of course! And a more real NAV than WPCT's... ;)

The comment in the article about releasing the lock-up is interesting, does imply the early investors may have been in cheaper? Also not clear what the existing portfolio contains, nor how valued, tho does sound like it's listing at "N"AV.

[jonwig] 29/10/2019 07:57

Spec - the earlier placement raised $118m. There are 147m shares before the public issue, but that doesn't mean they cost $0.80 apiece, because some shares are management incentive, or something.

The issue price is the current NAV with costs borne by the managers. The private placement couln't have been below the NAV they were generating, could it? I haven't got round to reading the prospectus yet so it will be next week before I decide.

I wouldn't normally be too interested in this, but it looks like a casualty of the baleful Woodford effect which also looks like driving lots of investors into trackers.

[spectoacc] 29/10/2019 07:25

@Jonwig re RTW - "Wanted £272m, raised £11.7m". Hmm. My question is - what price was the £92m private sale placement at? I'm not paying more than that!

[jonwig] 29/10/2019 06:24

Are you confusing me with another poster?

[dudishes] 29/10/2019 06:17

50% loss and counting?

Stupid stuff?

[jonwig] 29/10/2019 06:16

@ Dudishes - sorry, I don't understand!