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Neil Woodford funds: when will investors get their money back?

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The star fund manager’s fall from grace could leave hundreds of thousands out of pocketNorthern Rock, Equitable Life, Icesave, New Star … and now Woodford Investment Management. Neil Woodford’s investment business is the latest on the list of companies that have either collapsed, nearly gone under or been shut down.Woodford announced on Tuesday that he was closing his business after being fired from his flagship fund, Woodford Equity Income, which will now be wound up. Investors in this fund will get their money back in stages, but should brace themselves for heavy losses – and it could be a year or more before the final payments are made. Continue reading… [Read More...]

Too soon to ditch Neil Woodford but Patient Capital’s board needs a shake-up

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Investors ought to tell the directors: move aside and get some independent faces in the boardroomThe five directors of Woodford Patient Capital Trust would like to remind the world that they exist. It’s been hard to tell the past week.The board of the investment trust employs Neil Woodford to manage £800m of assets but, as crisis engulfed their top man at his separate Equity Income fund, nothing was heard from Patient Capital, a FTSE 250 company in its own right. But then we get a four-paragraph update for shareholders. Continue reading… [Read More...]

Philip Green’s Topshop rescue deal still stands a chance | Nils Pratley

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Intu may just say no to Arcadia’s CVA rent cuts but other waverers may fall into lineWe wait to see if, when push comes to shove, the holdout landlords really will vote against Arcadia’s demand for rent cuts for a second time. Intu is determined to say no to Sir Philip Green, but it is the biggest and thus has most to lose in terms of rental income. Waverers may conclude they’ve made their point that CVAs are not a slam dunk for struggling retailers and quietly fall into line. Green could still get his way.It would be the best outcome in terms of saving jobs, since Green may be serious about his threat to force the business, employing 18,000 people, into administration if landlords vote down … [Read More...]

Best hedge fund?

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World’s best investor? Who ran the top performing hedge fund? When do past returns predict future performance? Defining “best” as highest risk adjusted alpha after deducting all style premia and beta factors, the greatest ever hedge fund manager is obvious.Skill is predictive, luck is not. It’s better to select jockeys, rather than horses, as I wish to avoid the vexatious volatility and devastating drawdowns of smart/dumb betas. Invest with great managers before they are famous. Hedge fund managers like George Soros, Warren Buffett and Jim Simons were avoided for decades despite outstanding performance. They are STILL avoided by most!Time in drawdowns is never recovered. Your money is too important to be risked on “averages”. I prefer strategies that deliver independently of market direction. Though … [Read More...]

Hargreaves Lansdown apologises to clients in Neil Woodford funds

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FTSE 100 stockbroker firm had come under fire from investors whose money is trappedThe boss of stockbrokers Hargreaves Lansdown has apologised after thousands of the FTSE 100 company’s clients found their money trapped in ill-fated funds run by the renowned fund manager Neil Woodford.Chris Hill, its chief executive, said he shared clients’ disappointment and frustration after the closure of the Woodford equity income fund which prevented investors from cashing out of the ailing investment vehicle.Neil Woodford was once the UK’s biggest star fund manager, personally managing a £25bn mountain of money on behalf of pension funds and other investors at Invesco Perpetual. When he decided to quit Invesco and go it alone in 2013 it was a huge shock for the fund management industry. Invesco shares … [Read More...]

Arbitrage hedge fund

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More dumb money is invested in the markets than ever before. So there are MORE opportunities for hard working, smart people to capture alpha from all that dumb money. Experts claim there is no such thing as arbitrage as it supposedly would be copied and eliminated! They are so wrong. If you have the expertise and resources there are many profitable arbitrages on Wall Street. Markets are becoming even LESS efficient.A common metaphor is that if a $100 bill is dropped in the street it would immediately be picked up therefore no arbitrage can persist. But what if YOU are the person that finds it? Someone will. What if you specialize in walking the streets 24/7/365 looking for drops? What if you spent some of your “high” … [Read More...]

Next Wave Sohn San Francisco Notes 2019: Perkins, Sinantha, Venkatesan, Weldon

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We’re posting up notes from the Sohn San Francisco Investment Conference which featured hedge fund managers sharing their latest investment ideas to benefit charity. The Next Wave segment featured emerging managers Stephen Perkins (Toronado Capital), Touk Sinantha (AltraVue Capital), Raj Venkatesan (Trinity Alps Capital), and Christopher Weldon (Stamina Capital).We’ve also posted up notes from the main event of Sohn San Francisco so be sure to check that out as well.Notes from Next Wave Sohn San Francisco 2019 Stephen Perkins, Toronado Capital ManagementIdea: Blackline (BL)• Software business models are great but software is not undiscovered anymore• Blackline (BL) – software company modernizing finance and accounting processes for mid-size enterprises• Replaces excel with a vast process improvement• Strong user growth – 19% CAGR in users from 2015- Q2 2019… [Read More...]

Hedge fund crisis

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Hope for the best but hedge for the worst. First rule of risk management – if it can happen, it will happen. Market crashes are no problem for investors that diversify PROPERLY. I’ve been saying, writing and doing for so many years now but to repeat: only invest in alpha and hedge beta factor sensitivities away. NO ASSET ALLOCATION. Zero naive equity or credit exposure. Only short/long SKILL. Skill strategies are the ONLY suitable, prudent investment.We have seen excellent returns from great hedge funds, hard times for lower quality managers but much worse from “cheap” risk craving index funds. Skilled investors don’t always make money but they do have fewer, milder and shorter drawdowns than passive funds that don’t try to manage risk, reduce exposures or … [Read More...]

Regulator asked by MPs to reveal details of contact with Neil Woodford

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Concerns raised that FCA may have been asleep at wheel as fund manager slipped into crisisMPs have asked the City regulator to publish details of its contact with Neil Woodford and raised concerns that the Financial Conduct Authority may have been asleep at the wheel as the fund manager tumbled into crisis. The Treasury select committee wants the Financial Conduct Authority to “set out the detail of its supervisory contact” with the Woodford Equity Income Fund. It also wants to know whether the watchdog plans to launch a formal investigation of the events that led to investors being blocked from cashing out their investments and to explain “how long such a suspension should be”. Continue reading… [Read More...]

Sohn San Francisco Notes 2019: Kacher, Yusko, Kawaja & More

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The Sohn San Francisco Investment Conference just concluded and featured hedge fund managers sharing their latest investment ideas to benefit charity. The event benefits the Excellence in Investing for Children’s Causes Foundation and a portion of the proceeds also go to The Sohn Conference Foundation.We’ve already posted up notes from Next Wave Sohn San Francisco which featured emerging managers. Now below are notes from the main event.Sohn San Francisco 2019 NotesKevin Oram, Praesidium Investment Management Company, LLCIdea: Instructure (INST)• Hidden value that can be unlocked• 2 key products:o Canvas is a leader in education learning software which is ~90% of revenueo Bridge is corporate learning software• Canvas is student and educator collaboration software• Biggest competitor is Blackboard – which has a legacy on premise software … [Read More...]

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