Woodford’s Choice: The Top Ten Holdings

by | Jul 9, 2014

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CF Woodford  has released details of the top ten holdings for its CF Woodford Equity Income Fund, in advance of a full listing of holdings which is scheduled for 14th July.


Still Cautious

“My cautious view on the global economy hasn’t changed,” says Neil Woodford, head of investment, in his preface. “The liquidity flows that have supported asset prices over the past five years are going into reverse, while growth in many parts of the world is being downgraded.


“The global economy and financial markets both face a tricky time over the next few years, but there are still many undervalued assets in equity markets and it is these opportunities that the fund is seeking to exploit. “I’ve been using a pilot analogy to explain the process of building the portfolio of my new fund. We have taken off and we have already gained a lot of height, but we are not yet at cruising altitude. The portfolio will continue to evolve.

Avoiding vulnerabilities

“I have been very careful in building a portfolio that avoids sectors that I believe are vulnerable to a faltering global economy. There is significant emphasis in my new fund on the tobacco and pharmaceutical sectors. These two sectors are resilient to falling demand, have strong balance sheets and attractive valuations.”


Top 10 Holdings


% of Portfolio









British American Tobacco








Imperial Tobacco






Imperial Innovations



Reynolds American









Woodford Investment Management is particularly keen to draw attention to the unusual transparency of its charging structure. The fund’s annual management charge (AMC), it says, absorbs all fund-related expenses, which means that the AMC and the ongoing charge are effectively the same thing.

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