Link has today announced the amount of the first capital distribution investors will receive from the Equity Income fund formerly managed by Neil Woodford. Read the announcement here.
"In some respects, today represents the first day of closure for investors who have suffered from the terrible performance of the Woodford Equity Income fund," says Ryan Hughes, Head of Active Portfolios at AJ Bell.
"However, while this payment of the first tranche of the liquidated assets will be a relief for thousands of investors who have been trapped in the fund since June last year, there is still huge uncertainty around the money still stuck in illiquid assets.
"This payment represents just over 70% of the current fund value and has been raised from the sale of the liquid element of the portfolio. Investors will be acutely aware that a large portion of their investment remains trapped in the illiquid, unquoted holdings that Park Hill are trying to sell. Selling the liquid holdings was the easy bit. For Park Hill, it is a hugely challenging task to sell the illiquid holdings in a timely fashion and investors still remain in the dark as to how long they will have to wait for the remainder of their money, and importantly, how much they are actually likely to get back."
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