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Report: Frozen Woodford fund breaches cap on unlisted stocks

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Report: Frozen Woodford fund breaches cap on unlisted stocks

Neil Woodford's frozen LF Woodford Equity Income fund has exceeded a 10% limit on illiquid assets after three of its holdings delisted from the Guernsey stock exchange, Reuters reported July 31.

A spokesman for Woodford, who oversees investments at Woodford Investment Management Ltd., told Reuters in an email that efforts were underway to get back in line with the rules. The U.K. Financial Conduct Authority allows six months for portfolios to fall back into compliance in the event that the 10% limit on unlisted stocks is breached, the newswire noted.

Ombu Group was delisted from the Guernsey exchange on Aug. 1, while IH Holdings and BenevolentAI Ltd. also canceled trading of their shares on the exchange. Sabina Estates Ltd., another Woodford holding, still remains listed on the exchange, the newswire added.

The spokesman said that the delistings would not affect the management of assets within the fund, according to the report.

The LF Woodford Equity Income fund was frozen by Woodford earlier in June with investor funds locked inside to protect investors after a spike in withdrawals. The move prompted an outcry from investors unable to access their money.