Investors in Smaller Woodford Fund Get First Look at New Assets
Investors in Smaller Woodford Fund Get First Look at New Assets
(Bloomberg) --
Investors trapped for four months in one of Neil Woodford’s former funds got a first detailed look at the asset overhaul undertaken by the new manager ahead of its reopening on Thursday.
Standard Life Aberdeen Plc’s investment arm shifted about 90% of the fund into easy-to-sell U.K. stocks. The biggest holdings in the renamed LF ASI Income Focus Fund now include stakes in bus and train operator National Express Group Plc and packaging producer Mondi Plc, according to a statement on Wednesday.
Investors can submit requests to buy or sell shares in the fund starting at 12 p.m. on Wednesday, according to administrator Link Fund Solutions Inc. Some clients will “understandably” want to withdraw their money when the fund reopens, according to Andrew Millington, head of U.K. equities at Aberdeen Standard Investments, which was appointed in December to take over as manager.
Here are the fund’s top seven holdings as of Feb. 10:
| Top Holdings | |
|---|---|
| National Express Group | 3.77% |
| Mondi | 3.74% |
| John Laing Group | 3.66% |
| British American Tobacco | 3.63% |
| Inchcape | 3.61% |
| Close Brothers Group | 3.60% |
| OneSavings Bank | 3.49% |
To contact the reporter on this story: Suzy Waite in London at swaite8@bloomberg.net
To contact the editors responsible for this story: Shelley Robinson at ssmith118@bloomberg.net, Patrick Henry
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