Woodford 生き残り guide: High rolling City （弁護士の）依頼人s are 砂漠ing him, so should you give the fallen 星／主役にする the boot when you can?

  • 基金 経営者／支配人 Neil Woodford ended last week with his 評判 in tatters
  • Ordinary 投資家s are asking whether they should be 準備するing to jump ship?
  • An 専門家: 'It is hard to see how Woodford will (1)偽造する／(2)徐々に進む a path 今後s from here'

By Sally Hamilton and Laura Shannon For The Mail On Sunday

Updated:

A week is a long time in politics ? and 財政／金融 too. Just ask Neil Woodford, one of the biggest 星／主役にする 基金 経営者／支配人s the UK has ever seen, who ended last week with his 評判 in tatters.

After trapping thousands of 私的な 投資家s ? and £3.7billion of their 貯金 ? in his 公正，普通株主権 Income 基金, Woodford's high-rolling City （弁護士の）依頼人s started to abandon him one by one.

First, his biggest cheerleader, stockbroker Hargreaves Lansdown, 溝へはまらせる／不時着するd the 基金 from its favourites. Then St James's Place, the 巨大（な） wealth 経営者／支配人, said it would no longer 信用 Woodford to manage £3.5billion of （弁護士の）依頼人s' money.

Cornered: Investors drawn to Woodford are sitting uncomfortably, unable to access funds

Cornered: 投資家s drawn to Woodford are sitting uncomfortably, unable to 接近 基金s

It has left ordinary 投資家s asking whether they, too, should be 準備するing to jump ship or hang on in the hope that Woodford will turn it around.

If you have money in the 一時停止するd 公正，普通株主権 Income 基金, cashing in won't be possible for another three weeks at least ? and 専門家s say the lock-in could last months.

In that time a lot could change in the markets, but some 専門家s think the 令状ing is already on 塀で囲む for Woodford.?

If your money is in another Woodford 基金, such as the Income 焦点（を合わせる） or 患者 資本／首都 信用, you are 解放する／自由な to leave at any time.

Justin Modray, of Candid 財政上の Advice, says: 'It is hard to see how Neil Woodford will (1)偽造する／(2)徐々に進む a path 今後s from here. When the 基金 does finally 再開する I 嫌疑者，容疑者／疑う many 投資家s will be chomping at the bit to 簡単に get out and move on.'

He 追加するs: 'It's hard to 召集（する） the 信用／信任 that he will bounce 支援する after some 悲惨な 在庫／株 選ぶs in 最近の years 含むing Provident 財政上の, The AA, Kier Group and Purplebricks. We finally lost patience 早期に last year and recommended our （弁護士の）依頼人s get out.'

Retired 借り切る／憲章d surveyor David Pearse is one of thousands hoping to escape.?

He put a five-人物／姿／数字 sum into Woodford's much-plugged 基金 at the time of its 開始する，打ち上げる in 2014 ? but now he wants out.

The 投資 formed part of the 72-year-old's self-投資するd personal 年金. He says: 'In light of the way Woodford has behaved, taking 抱擁する sums of money out of a failing 基金, I'm ready to 溝へはまらせる／不時着する him at the earliest 適切な時期.

'Unfortunately there's only been one 勝利者 in the Woodford 基金 ? Neil himself.'

Alarm bells have been （犯罪の）一味ing for months ? even years ? over Woodford's 公正，普通株主権 Income 基金.

投資家s have 刻々と 落ちるing out of love with both its 業績／成果 and 株 選ぶs.?

An over-（危険などに）さらす to hard-to-貿易（する） illiquid 在庫／株s has made （弁護士の）依頼人s nervous.

Jason Hollands, of wealth 経営者／支配人 Tilney, 特記する／引用するd this as one of the 推論する／理由s that his company 溝へはまらせる／不時着するd Woodford from its 名簿（に載せる）／表（にあげる） of 高度に-率d 基金s more than a year ago.

'We were worried about the way he was positioning the 基金s ? the type of 株 he was buying ? because it was very different to his previous 大臣の地位 at Invesco, where he was so successful. But if you are still 投資するd, whether to sell is not a 決定／判定勝ち（する） to take today.

'When the news is so bad, it's 平易な to think 'just get out'. But you need to let the dust settle.

'I don't think this is going to be 直す／買収する，八百長をするd in 28 days. It could be a number of months, and lots can happen in the 合間. For example, the clouds could 解除する off the UK market if Brexit is finally 解決するd.'

... if you do, which 基金s can you 信用 with your nest egg???

Only when Woodford 解除するs the 中断 on his 公正，普通株主権 Income 基金 can 投資家s make an 知らせるd 決定／判定勝ち（する） about what to do next, the 専門家s say.

Damien Fahy, director of 消費者 website MoneytotheMasses, says: 'Selling or staying will depend on whether Woodford has マナ ged to stop the rot and turn the 基金 around.'

Many savers will undoubtedly be looking for other 星／主役にする 基金 経営者／支配人s ? the likes of Terry Smith and his Fundsmith 公正，普通株主権 基金, or Nick Train with his Lindsell Train UK 公正，普通株主権 基金 who have 終始一貫して outperformed Woodford (see graph). But 投資するing 専門家s say there are plenty of lesser known 基金s doing a 英貨の／純銀の 職業.

Adrian Lowcock, of Willis Owen, says there are plenty of excellent '公正，普通株主権 income' 基金 経営者／支配人s who try to 配達する 支払い（額）s to 投資家s from （株主への）配当-支払う／賃金ing 在庫／株s ? one of the 推論する／理由s many 投資家s chose Neil Woodford in the first place.?

He 追加するs: 'Many 申し込む／申し出 a 核心, fully liquid 大臣の地位 suitable for 投資家s 捜し出すing income and to 保護する their 資本／首都. 公正，普通株主権 income shouldn't be about taking unnecessary 危険s.'

One 基金 to consider is JOHCM UK 公正，普通株主権 Income 基金. It has a strong 記録，記録的な／記録する of growing income payouts and a 産する／生じる of 4.29 per cent.?

It 投資するs just over a fifth of your money in small companies from the FTSE Small Cap 索引, while £63 in every £100 is put into larger FTSE 100 companies such as HSBC and BP. Another is Rathbone Income 基金, 焦点（を合わせる）d on 配達するing income with some 資本／首都 growth. It concentrates on mi d-sized 商売／仕事s.

JOHCM UK Dynamic 基金 is an 代案／選択肢. Patrick Connolly, of 助言者 会社／堅い Chase de Vere, says: 'It 含むs a 安定した 産する／生じる, 現在／一般に 3.4 per cent, as it only 投資するs in （株主への）配当 payers. Microcaps don't get a look in.' A 基金 連合させるing income and growth is Blackrock UK Income.

Fahy says: 'For something outside of the 設立するd players there is Kames UK 公正，普通株主権 Income 基金.'

It favours 財政上のs and 投資するs £73 of every £100 in big 商売／仕事s, with 極小の 投資 in smaller companies.

Justin Modray, of Candid 財政上の Advice, says: 'I can 井戸／弁護士席 understand those 投資家s who do 出口 wanting to shun active 基金 管理／経営 after this experience. In which 事例／患者 the 先導 FTSE UK All 株 索引 跡をつけるing 基金 is a sensible 選択. It's a very low cost 基金 with no unquoted 株 in sight.'

But he says Colin Morton's Franklin UK 公正，普通株主権 Income 基金 and Lindsell Train UK 公正，普通株主権 are both still 価値（がある） a look.

Modray 追加するs: 'Both 経営者／支配人s couple very sensible 投資 戦略s with 競争の激しい 年次の 告発（する），告訴（する）／料金s.'

How the 公正，普通株主権 Income 基金 fell behind

The 業績／成果 of the 基金 has been 哀れな after a good start.

Over the past three years, the 公正，普通株主権 Income 基金 has fallen 20.4 per cent ? even though companies in the FTSE All-株 索引 have risen 29.3 per cent on 普通の／平均（する）.?

Jonothan McColgan, a 借り切る／憲章d 財政上の planner at 連合させるd 財政上の 戦略s, says this was one of the 推論する／理由s he didn't recommended Woodford's new 基金s after waiting three years to see if he could repeat his 偉業／利用するs at Invesco Perpetual.?

'It's always really hard to know if past 業績／成果 has all been 負かす／撃墜する to just the 基金 経営者／支配人 or because of the 過程s of the team and company behind them,' he says.

'I do not think I could 正当化する using Woodford in the 未来 for （弁護士の）依頼人s. What he did with unregulated 投資s has really 粉々にするd any 信用 an 助言者 should have in him. Unfortunately, he tried to game the system so that he could 投資する a higher 割合 of his 基金 in unregulated 投資s than he should have.'

Brian Dennehy, of （警察などへの）密告，告訴（状） service FundExpert, has long 警告するd that Woodford's 星／主役にする was on the 病弱な.?

He says: 'We've never recommended the 基金. We've 最高潮の場面d before the problems with his 業績／成果 even before leaving Invesco.

Was I blinded by his 奮起させるing 支援する story??

By Toby Walne

Wishing to 投資する £10,000 in my newly opened self-投資するd personal 年金 four years ago I chose to throw the lot into the Woodford 公正，普通株主権 Income 基金.

A sucker for success stories, I was dazzled by Neil Woodford as a 基金 経営者／支配人 with an incredible 跡をつける 記録，記録的な／記録する.?

At Invesco Perpetual he turned £10,000 into £230,000 in 25 years. I was already spending the 利益（をあげる）s in my 長，率いる.

As an inverted snob with a 半導体素子 on my ill-educated shoulders, I also liked the idea Woodford did not go to public school or have a daddy to find him a 職業 in the City.?

I imagined he had to knuckle 負かす／撃墜する to 始める，決める himself apart from the pin-（土地などの）細長い一片d toffs ? and it was refreshing that he managed money out of an 産業の 広い地所 in Oxford.

The final attraction was that Woodford is a 井戸／弁護士席-known contrarian 投資家 who runs against the pack ? 辞退するing to plough cash into tech during the late 1990s before the 泡 burst, or into banks in the 中央の-2000s before the 財政上の 危機.

But now I'm worried that rather than dazzled, I was blinded by Woodford's 支援する story. In reality, this 伝説の money 経営者／支配人 has turned my £10,000 into about £8,200.?

Even if I had 簡単に stuffed money under the mattress, I would be £1,800 better off. I am now starting to feel nervous. Woodford will not 許す me to jump ship having の近くにd the gate 一時的に.

But as I believe 投資するing is a long-称する，呼ぶ／期間／用語 賭事, I'm worried quitting when I'm 負かす／撃墜する, and he's 再編成 the 基金, could be a mistake I'll 悔いる.

'We have reviewed the 基金 every year since 開始する，打ち上げる. And on June 2 we looked again ? as it 攻撃する，衝突する its fifth birthday ? when we 最高潮の場面d again the poor 業績／成果 and that anyone who had it should sell.

'A lot of people are 説 he is very 技術d. People never know the difference between luck and 技術 ? you just have to look at the 証拠.'

Part of his philosophy of keeping his 注目する，もくろむs on all of the facts is never to 会合，会う the 経営者／支配人s.?

The 危険, he believes is that their charm and persuasive patter can only distract from making a 合理的な／理性的な 決定／判定勝ち（する） on whether to 投資する.

James Baxter, of 財政上の planning 会社／堅い Tideway Wealth, says Woodford's 致命的な mistake was to change his 投資 style.

'I don't know how Woodford can get away with owning some of the unquoted 在庫／株 he did in a 基金 marketed to 退職 folk ? it is style drift by a mile and beggars belief,' he says. 'There is a real problem if 投資家s think they are buying a 退職 基金 but that 基金 is doing something やめる different.'

Adrian Lowcock, 長，率いる of personal 投資するing at 仲買人 Willis Owen, says: 'The 基金 has not featured in any of the Willis Owen starter 大臣の地位s, 主として because these were designed for new 投資家s, and therefore we considered 基金s which 申し込む／申し出d long-称する，呼ぶ／期間／用語 業績／成果 but at the 権利 level of 危険.

'Until things have settled 負かす／撃墜する and we can get a clearer idea of where the land lies we have no 計画（する）s to 追加する Woodford for the foreseeable 未来.'

Keith Richards, 長，指導者 (n)役員／(a)執行力のある of the Personal 財政／金融 Society, the 主要な organisation for 借り切る／憲章d 財政上の planners, says: '私的な 投資家s are 権利 to be furious about not 存在 able to 接近 their hard-earned 投資 貯金.

' To pull the rug from under their feet is not only a betrayal of the 信用 and 約束 they had in Woodford, but also a serious blow to 全体にわたる 投資家 信用／信任 in a volatile 投資 気候.'

Retired 投資家 David Pearse says the main 推論する／理由 he 投資するd was because of Woodford's 跡をつける 記録，記録的な／記録する and the 'strong support shown by Hargreaves Lansdown'.

He 繰り返して questioned the 仲買人's unwavering support for Woodford's 基金 given its poor 業績／成果, resulting in him receiving a personal call from the company's 長，率いる of 研究 示す Dampier.?

'Dampier's 見解（をとる） was that Woodford had come through 類似の 後退s before and that they still had 約束 in him,' he says.

He 受託するs Dampier's words were comment and not advice.

'However, I was very 関心d to hear 報告（する）／憶測s that there were 重要な sums 投資するd in unquoted, difficult to sell companies,' he 追加するs. 'I was 投資するing in a 基金 for income, so I was surprised to find 相当な 投資s in 非，不，無-income producing young companies.'

For now 投資家s can do nothing but sit tight and wait. On the 加える 味方する, those 製図／抽選 income from the 基金 should be 罰金. Modray says: 'The 基金s should still 支払う／賃金 out underlying （株主への）配当 income ? paid 年４回の and next 予定 in August.'

持つ／拘留するing the 基金 was a mistake, but I had patience with the 信用?

By Simon Lambert, Editor of? This is Money

Last month, Woodford 輪郭（を描く）d why he thought a Bre xit 取引，協定 would finally be done and his 在庫／株 選ぶing would come good.

'If Brexit pans out as I believe, we will see a long 延滞の and 重要な 決起大会／結集させる in 英貨の／純銀の ? and this will have a meaningful 衝撃 on the UK 株式市場,' he said.?

I wrote at the time that it seemed like a 論理（学）の argument: a swing in the value of the 続けざまに猛撃する and 感情 in the UK would 上げる 株 in Woodford's favoured companies, which earn most of their income from the 国内の economy.?

I 持つ／拘留する both Woodford's 公正，普通株主権 Income 基金 ? the one 一時停止するd ? and his 患者 資本／首都 信用 and I felt that, にもかかわらず some examples of poor judgment with some high-profile companies, his 戦略 had a strong chance of 最終的に 存在 証明するd 訂正する.

I knew Woodford's style had drifted and that there were more smaller companies in the 基金, but he had been （疑いを）晴らす with 投資家s what was in there - publishing a 十分な 名簿（に載せる）／表（にあげる） of holdings each month - and I am happy to take more 危険 with my 投資s. His 基金 also only 代表するd a small part of my Isa 大臣の地位.

I still think my patience was the 権利 move with the 患者 資本／首都 投資 信用, but perhaps not with the big 基金.?

Sticking with the 公正，普通株主権 Income 基金 too long has meant a 行方不明になるd 適切な時期 to 投資する どこかよそで ? and now I'm 罠にかける.

Had I put the money I had in Woodford's 公正，普通株主権 Income 基金 into a 競争相手, I would have had far more money. Over the three years to the day that 基金 was shuttered, Woodford's slid 17.5 per cent, while the 普通の／平均（する） UK All Companies 基金 climbed 23.3 per cent.?

The 適切な時期 cost of 持つ／拘留する ing Woodford's 基金 over even the 普通の／平均（する） one was? almost 41 per cent over that period - that's a big gap.

With his 患者 資本／首都 信用 I'm happier to do what it said on the tin and be 患者. Although I can't escape the nagging 関心 that now the 信用 also 危険s 存在 dragged into the 苦境に陥る and the exciting 投資s in it will not 支払う／賃金 off.

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