Woodford beats former Invesco fund’s assets


Neil Woodford’s equity income fund has surpassed his former Invesco Perpetual fund in assets, topping £6.74bn.

The assets to the end of July for Woodford’s Equity Income fund have surpassed the £6.4bn in Invesco’s equivilent fund at the end of June, just a year after the Woodford fund launch.

Since the fund’s launch in June 2014 it has returned 21.55 per cent, according to FE data.

Woodford has benefitted from investors rushing to UK equity income funds, with fund sales data from FundsNetwork showing Woodford’s Equity Income was the most popular funds sold on the platform for pensions and Isas in June.

Woodford also came second in the top managers by net retail sales in Q2 2015, in the recent Pridham report on fund flows, with an estimated £750m of sales for the quarter.

Woodford recently revealed the performance drivers for his fund, showing which stocks had controbuted gains and losses.

The fund delivered returns of 16.93 per cent for the year ended 30 June versus a FTSE All Share average of just 2.60 per cent.

Allied Minds, an intellectual property development company, was the top contributor to the fund, making up on average 2.95 per cent of portfolio over the year and delivering 3.21 per cent of the overall fund performance for the period.

At the time, Woodford Investment Management chief executive Craig Newman said: “A year ago, we set out to challenge industry ‘norms’ and are proud of the initiatives we’ve created such as our innovative, low-cost fee structures and openness regarding portfolio holdings.”