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Woodford Equity Income Fund ISA

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Stocks & Shares ISA

from Legal & General

Allows ISA Transfers
Regular Savings
  • Protection Scheme: FSCS
  • Fund Choice: Managed, Tracker, Self-Select
  • Invest From: £20 per month or £100 single

Why we like it: Legal & General has over 9.5 million customers in the UK, and £983.3 billion of assets under their management (as at 31st December 2017). Their Stocks & Shares ISA offers a wide range of investment options, whether you want ready-made funds, low cost index trackers, or the ability to pick your own. You can invest up to £20,000 this tax year, with a low minimum of £100 lump sum or £20 per month, and you can manage your account easily online. Please remember the value of your investment and any income from it may fall as well as rise and is not guaranteed. You may get back less than you invest.

Fully Managed Stocks and Shares ISA

from Nutmeg

Allows ISA Transfers
Regular Savings
  • Protection Scheme: FSCS
  • Fund Choice: Fully Managed and Fixed Allocation Portfolios
  • Invest From: Min. £500 single (+ £100 pm for ISAs below £5,000)

Why we like it: Get an intelligent stocks & shares ISA portfolio - Choose a portfolio that's fully managed by our expert team or a fixed allocation portfolio. No tie-ins, no set-up fees, no exit charges. Easy, online set up in minutes. Start with as little as £500 (plus £100 per month for ISAs below £5,000). Portfolio management fees of 0.45%-0.75% up to £100k. 0.25%-0.35% beyond £100k. There are also underlying investment charges, see our fees page. Plus, live chat, amazing customer support and brilliant investor tools and guides. Authorised and regulated by the FCA. Capital at risk.

Investment Fund Supermarket ISAs

Vantage Stocks & Shares ISA

from Hargreaves Lansdown

Allows ISA Transfers
  • Protection Scheme: FSCS
  • Fund Choice: 2,500+ Funds
  • Invest From: £25 pm

Why we like it: Shelter up to £20,000 this tax year with the low cost, award-winning ISA. The UK's number 1 platform for private investors. 

Stocks & Shares ISA

from Fidelity

Allows ISA Transfers
  • Protection Scheme: FSCS
  • Fund Choice: 2,000+ Funds
  • Invest From: £50pm

Why we like it: Invest from as little as £50 a month or with a £1,000 lump sum. Investment choice from over 100 fund providers, giving you access to 2,000+ funds. One low-cost service fee of 0.35%*. Great service – from investment guidance on website through to UK-based phones team. PathFinder, Select 50, Investment Finder - investing tools for beginners to advanced investors. 24/7 access via online Account Management system. Capital at risk.

Important Information: * depending on how much you have invested

Investment Fund ISA

from AJ Bell

Allows ISA Transfers
  • Protection Scheme: FSCS
  • Fund Choice: 2000+ Funds
  • Invest From: £25 pm

Why we like it: It is simple to invest in a fund online. You will need to open an account first and then choose the fund you are interested in investing in. There are over 2,000 funds to choose from but to make it easier for you AJ Bell have created their favourite funds list which is their pick of the best funds.

Stocks & Shares ISA

from Charles Stanley

Allows ISA Transfers
  • Protection Scheme: FSCS
  • Fund Choice: 1,500+ funds
  • Invest From: £50 per month or £500 single

Why we like it: Invest through an award winning FTSE company, with extensive research and analysis and competitive charges. Choose from a range of investments including shares, funds, gilts, bonds, investment trusts and ETFs. Annual platform fee 0.35%.

Neil Woodford spent 25 years at Invesco Perpetual looking after more than £30bn of assets and is arguably the best known UK fund manager of the last decade. The CF Woodford Equity Income Fund launched on 2nd June 2014 and is now open for investment through the Fair Investment Fund Supermarket at 0% initial charge.

Available for this year's ISA allowance and ISA transfers. Investors who have already used their ISA allowance can invest via our investment account. If you're ready to invest, then request an application pack or apply online

According to official Investment Management Association (IMA) figures, UK Equity Income was the most popular sector in April after achieving record net retail sales of £500m, the highest seen in the IMA UK Equity Income sector since records began in 1992. So being in at the beginning of this new fund launch in the best-selling investment sector could be a rare and exciting opportunity for long term investors.

The CF Woodford Equity Income fund

Neil Woodford is one of the UK's best known fund managers and his performance whilst at Invesco Perpetual makes him one of the most successful fund managers of recent times. So when the news that he was leaving Invesco hit the headlines back in October last year, it was understandable why many investors took note.

Now he is back with the first fund from his new venture, the CF Woodford Equity Income fund, which will have the same investment approach he employed at Invesco Perpetual, targeting capital growth and a level of income. Mr Woodford said "I will run this new fund in the same way that I have always run money, adopting the same philosophy and the same long-term approach. My passion and energy have never been stronger." The fund is available now for investment via the Fair Investment Fund Supermarket as a new ISA, ISA transfer or non-ISA investment.

Expect no changes for income investing

While past performance is no guide to the future, under Mr Woodford's management Invesco Perpetual High Income ranked first place in the IMA UK Equity Income sector and there won't be any surprises is in his own equity income strategy, the CF Woodford Equity Income fund. "It would not be possible to completely clone the precise nature of my previous fund but the strategy will be the same with the same sector biases, the same prominent positions," he says.

Market views

One of Mr Woodford's well-known sector calls that he has no intention of reconsidering anytime soon is his avoidance of banks, describing the expectation that domestic UK names will be able to pay hefty dividends again as a "myth". "These banks don't have enough capital and too much leverage so the regulator will continue to grind away and they will either have to shrink their balance sheets or grow more capital," he adds. "It would be unrealistic to expect markets over the next 3-5 years to deliver anything like the returns of the recent past."

HSBC proves the exception to this rule as the only bank holding currently in Woodford's portfolios thanks to its "better capitalized and profitable business" and more attractive level of dividend.

Woodford is more optimistic on the outlook for another area of the financial services sector following the scrapping of annuities as part of the 2014 budget. L&G has played a sizeable position in Woodford's funds and he is comfortable the changes to annuities can bring benefit for its business. He says: "L&G will look less like a traditional life insurance company and more like a fund management business going forward. It might mean lower margins but what that might also mean is less capital intensity as well."

These changes should also see equities feature more prominently in the retirement market, Woodford argues. He adds: "The fact is most people retiring today have an average life expectancy of 20-25 years so why is it not appropriate to have an equity in their investment strategy with this horizon? "To my mind equities have a very important role to play in this space and I'm delighted that the Government has taken this bold decision, I think it is great for savers."

UK Equity Income sector

Investors may be a little more surprised to hear is that Woodford's new income fund will sit within the IMA UK Equity Income sector, especially after his own Invesco Perpetual High Income fund was recently kicked out of this sector for not meeting the appropriate yield target. Woodford is confident that the dividend and yield opportunity in the current market should allow the fund to stick to the yield target for "the foreseeable future."

However the manager says he will not be pressured into chasing yield and keeping income targets if this backdrop should change. He adds: "I recognise the importance of delivering yield and dividend growth to the client. But what is much more important is total return and protecting capital. Sometimes it can be entirely inappropriate to try and maximize yield and have to deliver an income target. We have to be vigilant about that."

A final word of caution

But with the FTSE continuing its upwards push, some might question if now really is a good time to set-up a UK equity fund? Although Woodford says he has never been interested in timing markets he believes that against this current backdrop a fund manager's role is likely to become "more challenging" as markets struggle to deliver the level of returns seen in recent years.

He says: "It would be unrealistic to expect markets over the next 3-5 years to deliver anything like the returns that they have in the recent past. So the job of a fund manager now is to make sure you don't expose investors to overvalued equities."

The manager also sounds caution on the current optimism surrounding the UK economy and when asked if the UK property market is becoming overheated responds in a nutshell: "Yes". He highlights consumer debt and the UK's balance of payments as particular risks to a sustainable recovery as well as external weakness in the Eurozone, emerging markets and even the US. There is plenty to worry about and although there is almost universal optimism around about UK growth I would voice a note of caution as to whether this growth is deliverable."

Apply Online or Request your free information and application pack.

Source: Fundweb interview, May 2014

This website contains information only and does not constitute advice or a personal recommendation in any way whatsoever. The value of investments and income from them can fall as well as rise and you may not get back the full amount invested. The tax efficiency of ISAs is based on current tax law and there is no guarantee that tax rules will stay the same in the future.

Different types of investment carry different levels of risk and may not be suitable for all investors. Please ensure that you read the Important Risk Information for further details. Prior to making any decision to invest, you should ensure that you are familiar with the risks associated with a particular investment and should read the product literature. If you are in any doubt as to the suitability of a particular investment, both in respect of its objectives and its risk profile, you should seek independent financial advice.

Important Risk Information:

This website contains information only and does not constitute advice or a personal recommendation in any way whatsoever. The value of investments and income from them can fall as well as rise and you may not get back the full amount invested. The tax efficiency of ISAs is based on current tax law and there is no guarantee that tax rules will stay the same in the future.

Different types of investment carry different levels of risk and may not be suitable for all investors. Please ensure that you read the Important Risk Information for further details. Prior to making any decision to invest, you should ensure that you are familiar with the risks associated with a particular investment and should read the product literature. If you are in any doubt as to the suitability of a particular investment, both in respect of its objectives and its risk profile, you should seek independent financial advice.

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