Portfolio Advisor: Mark Dampier -‘ Give Woodford at least three years’
Whitechurch Securities started to sell out of the Woodford Equity Income fund across the board in Q3 and Q4 last year and has moved into the Woodford Income Focus fund more recently.
Gavin Haynes, managing director at Whitechurch Securities, said: “For balanced investors, our view was the headwinds of the money coming out of the Equity Income fund on the unquoted part of the portfolio meant for clients who wanted a straightforward equity income fund, the Income Focus fund was more appropriate.”
Haynes said Woodford’s top-down view of the UK is aligned to Whitechurch’s perspective that a very gloomy scenario is priced into UK shares and that the Income Focus’s 5% yield target makes the fund not a bad place to be at the moment.
Whitechurch also recently bought some of the Woodford Patient Capital trust when the price was “bombed out” with a wide discount.
Haynes added: “He seems to provide a contrarian opportunity and there has been a lot of negative press comments that have weighed on him. We went to see him recently and his conviction hasn’t changed, and that’s what we want to see.”
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