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Woodford Income Focus Fund renamed, income yield target revised

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Woodford Income Focus Fund renamed, income yield target revised

Administrator Link Fund Solutions said that the suspended LF Woodford Income Focus Fund's name will be changed to LF ASI Income Focus Fund, effective Jan. 23, to reflect Aberdeen Standard Investments Ltd. taking over its management as of Dec. 31, 2019.

Link Fund Solutions also revised the fund's income yield target from Jan. 23 and said the aim is to achieve returns higher than the average yield of FTSE All Share Index over a three-year rolling period. The current target is to earn 5 pence per share per annum, reflecting a yield of 7.5%, whereas the FTSE All Share index's average yield has been 4.5% over the past 12 months.

The fund, which was suspended in October 2019 after a surge in redemption requests due to Neil Woodford's resignation, is expected to reopen no later than February, according to the Jan. 7 statement.