2019-06-09 12:31:34 UTC
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?