I'm badly affected by the Woodford disaster. I hope the man is permanently banned from the financial sector. As the main fund is suspended, we have to wait to see how much the damage is. Partly my fault as when I invested in Woodford at his own start, I thought I was buying the likes of BP, Diageo, BAT. But more and more low price crap got included which I should have spotted.
I also have lots invested in the Hargreaves Multi-Manager Funds, and
am now shocked how much Woodford is part of EVERY HL-MM fund.
HL-MM Income and Growth: 14% Woodford
HL-MM Equity and Bond: 10.2% Woodford
HL-MM Balanced Managed: 4.8% Woodord.
As Woodford's Patient Capital went down, he used his main fund to buy
and shore up Patient Capital - and at an INFLATED price (NAV - which
is lower than trading price.). This resulted in Woodford's main fund
and the HL-MM funds being invested in crap that differs from the fund
I have just (2 days ago) sold half of my HL-MM Income and Growth and
half of my HL-MM Equity and Bond. Despite the Woodford suspension
these sales went through.
SO HAVE I BEEN PAID ZERO for the Woodford element? I should at least
get an IOU for the Woodford element. I will try to determine this
If this carry-on was in the US, there would be a class-action lawsuit
both on Woodford and HL. (think Madoff). I will also be calling the
Financial Ombudsman and FCA for some opinions.
Any views or opinions?
- posted 9 months ago