Woodford’s flagship fund breaches rules after Guernsey delistings

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Woodford’s flagship fund breaches rules after Guernsey delistings

By Oliver Wade

01/08/2019

Neil Woodford has breached fund restrictions after two of his largest funds were delisted from the Guernsey stock exchange.

The fund manager, who has recently received criticism for suspending his flagship Woodford Equity fund, has been battling to reduce the fund’s investment in illiquid securities following a spoke in investor redemption requests.

Furthermore, Benevolent AI and Industrial Heat cancelled their listings yesterday, revealed filings to the International Stock Exchange.

Following the delistings, Woodford’s fund has breached a 10 per cent limit on its level of exposure to unquoted securities for the third time, giving the fund manager six months to bring it back within limit.

The other two times the limit had been breached by the fund were in February and March last year.

MoneyAge has been in contact with Link Fund Solutions, the Authorised Corporate Director (ACD) of the fund, to offer comment and is awaiting a response.

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