Woodford Patient Capital Share Discussion Threads

[jonwig] 02/11/2019 08:18

Investors with money trapped inside Woodford Income Focus fund could be granted a vote on its future as the search for a new manager continues.

Fund administrator Link Asset Solutions wrote to investors this week outlining various options for the suspended £252m fund, including the appointment of a new investment manager, merging it with a similar fund, or winding it up.

[ltcm1] 01/11/2019 19:16

Specto - Not sure how easy the SNP are to read, I doubt they really want a referendum because if it was lost it they would be finished. They all talk referendum but you can see how risky it would be. I think they would prefer 'long extension and hope it goes away' myself.

[dudishes] 01/11/2019 18:11

Got it: Johnwig the ramper versus Jonwig, investor.

My mistake. Very sorry for that, to jonwig and SpectoAcc. Please accept my apols.

[spectoacc] 01/11/2019 16:34

I fear you're right about how well Labour might do, and the prospect of el generalissimo Corbyn.

"Coalition" too strong a word for Lab/SNP - a "keep out the Tories" supply & confidence deal. Would Sturgeon take a 2nd EU ref instead of another Independence one? You bet she would, if the alternative is Boris's deal or No Deal.

[ltcm1] 01/11/2019 16:31

Specto - a Lab SNP coalition is about as likely as a Con Lib Dem one, it ain't happening! I mean if Scotland got independence it would mean the Tories would have the balance of power nearly all the time. Labour needs those Scottish seats!!!

Corbyn could be PM but it won't be a coalition, it will be a very tricky situation I think.

Labour seem to have made a good start, I can see their pitch of jobs and cracking down on landlords holding up well. Boris is vague on financial matters and Javid is unlucky in that he hasn't had a budget so is not that well known among the public. McDonnell has good ratings with the public too and is a smart operator.

An NHS crisis could trip the Tories up. Also they have purged so many big hitters the Labour front bench are starting to look like the grown ups in the building, a quite different look to 2017.

[scrapheap] 01/11/2019 15:43

Where's today's nav? Is it monthly only now???

[spectoacc] 01/11/2019 14:31

LD can't tie with Con IMO, Brexit polar opposites.

16/1 on Labour majority but only 9/4 on Corbyn next PM. I think Labour will be largest party (no majority) & a Lab/SNP coalition, with a 2nd ref.

But a week is a long time in politics.

If we all said WEIF and WPCT holders deserved what they got, having had so many warnings to exit, that applies double to anyone left in IFF. Saying that, wasn't expecting that one to gate.

Also, read today that Schroders are only taking on WPCT "..By the end of the year", I'd thought it was imminent.

[porsche1945] 01/11/2019 13:36

I agree, I dont think this election quite the foregone people seem to think, may well in fact be a strong liberal revoke brexit vote, could be another lib/con tie up.

[spectoacc] 01/11/2019 10:02

CRST off 5% more today.

IFF holders are going to be in deep trouble if the comrades get in - which I think they may well do. Housebuilders and sub-prime!

[spectoacc] 31/10/2019 20:34

@Minerve2 - thought it would be off a lot more on that t/s tbh, was full of management speak and "we're creating so much value", followed by some gumpf about Brexit and "Oh, things have gone a bit wrong". Interesting how they're seemingly the only housebuilder to be struggling.

Not looked at the balance sheet but the housebuilders are all very lowly rated - if you believe these histrocially high margins are sustainable.

13 paragraphs in to that trading update - sorry, "Strategy and Trading Update" - before any nasties.

The comment about combustible cladding seems particularly concerning - has that really only come up now? Is it comprehensive?

"FY2019 Trading Update

During the second half of FY2019 the Company has experienced a volatile sales environment in some of its regional businesses, driven largely by ongoing customer uncertainty relating to Brexit and the economic outlook in the UK. This has been felt most acutely in some of the legacy London sites and accordingly an adjustment will be made to some of the carrying values of those developments to reflect current market conditions of approximately GBP10m.

As a result of the impact of market conditions on underlying sales rates and the adjustments taken with respect to its legacy London sites, profit before tax for FY2019 is expected to be in the range of GBP120m-130m.

In addition to this, the leadership team has also considered the latest Government guidance notes in respect of combustible materials, fire risk and protection and regulatory compliance on completed developments. As a result it is considered it appropriate to record an exceptional charge in the year of approximately GBP17m."


Agree the numbers - in the scheme of things - are minor, but just the exceptional charge takes a further c.15% off profits.

[minerve 2] 31/10/2019 17:08

Specto

Crest yields c10% if you've been invested for a while and it is up around 20% this year.

ROE and ROCE are both around c17% on a NAV close to 1 which means you are getting those returns as an investor and it has no net debt and a land bank with a Gross Development Value of about £12Bn when its market cap is about £1Bn.

I think Crest is a worthwhile investment and that 5% off today is noise.

So analysts expected more? Who cares?

[spectoacc] 31/10/2019 16:37

Woody's XSG taken a bath late today I see, on a fundraising at 1p to raise £5m. But as with many of his picks, only a rounding error now, having fallen so far. Woody's investors will have lost far more in the 5% off CRST today.

[porsche1945] 31/10/2019 08:59

Couldnt be worse for weif holders, the brexit sxxtshow/election rolling on for more months will only serve to suck the life out of uk facing investments that the fund is stuffed with, right before the holdings start getting sold down in Jan. You have to say, the luck of those poor investors is biblically bad.

[spectoacc] 31/10/2019 08:09

Agreed, and with far less oversight now it's all hidden with BlackRock/Link. I'm already struggling to spot the RNS notifications. And is BlackRock incentivised to realise the maximum amount, as fast as possible - or is the incentive really to keep the fees rolling in?

[spectoacc] 31/10/2019 07:52

@tim 3 - WIM did have a plan, it was to sell all the liquid stuff and hope the redemptions stopped! And the FCA's plan was seemingly to ignore it. Remember those stats from Link about how long various % of WEIF's holdings would take to sell - shocking. Even now, there's talk of up to 3 years to dispose of everything.

[tim 3] 31/10/2019 07:36

Incredible that the FCA can blame KCC for doing what they are fully entitled to do.

Surely any responsible fund manager would have a plan in place if a large investor/investors sell up.

[spectoacc] 31/10/2019 07:23

Is that a p/w from CRST? Big Woody holding in both WEIF and IFF. About to lose some of those recent housebuilder gains..

[spectoacc] 31/10/2019 07:12

@chucko1 - TW threatened to sue me once (admittedly some 20 years ago), so you'll forgive me for my feelings towards him!

Yes, I'll give him some credit for attacking Woodford, but I didn't know about that until I read the other WPCT BB.

The tip sheet boys are generally all highly dubious IMO - we all know who they are.

[chucko1] 30/10/2019 17:06

Poacher turned gamekeeper. No crime in that no matter how hatable some feel he is.