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Veritas Global Equity Income

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Aviva Investors US Equity Income

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T Rowe Price US Smaller Companies Equity

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Schroder US Mid Cap

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Fidelity Asia

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Invesco Perpetual Asian

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Janus Henderson Asian Dividend Income

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JPM Emerging Markets Income

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Lazard Emerging Markets

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Marlborough UK Micro Cap Growth

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Ardevora Global Long Only

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Fidelity Global Enhanced Income

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Old Mutual Global Equity

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JPM Europe Dynamic (ex-UK)

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JO Hambro CM Continental European

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Legg Mason IF Japan Equity

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AXA Framlington Japan

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Schroder Tokyo

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Old Mutual North American Equity

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Cullen North American High Dividend

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Artemis Income

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Schroder Income Maximiser

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Fidelity Moneybuilder Dividend

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Old Mutual UK Equity Income

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JO Hambro UK Dynamic

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BlackRock Continental European Income

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Standard Life European Equity Income

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Schroder Tokyo

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Baillie Gifford Japanese

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Kames Strategic Bond

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FP Argonaut European Alpha

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TM Sanditon European

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Aberdeen Global Asia Pacific Equity

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First State Greater China Growth

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Stewart Investors Indian Subcontinent

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TM Fulcrum Diversified Core Absolute Return

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Newton Real Return Institutional

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Absolute Insight Equity Market Neutral

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Insight Absolute Insight

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BNY Mellon Absolute Insight

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BH Global Plc

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GAM Star Technology

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Jupiter Financial Opportunities

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Polar Capital Global Insurance

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Templeton Frontier Markets

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Woodford Income Focus

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JO Hambro UK Opportunities

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Lindsell Train UK Equity - New rating

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New launch

Woodford Income Focus

Woodford Investment Management has launched a new fund for founder Neil Woodford, CF Woodford Income Focus. This is the third fund from the group following CF Woodford Equity Income in 2014 and Woodford Patient Capital Trust last year.

The new offering will follow a similar approach to the flagship Equity Income fund but will have a greater focus on yield, targeting 5p per share income in 2018 based on a 100p launch price. Longer term, Woodford aims to pay a yield of 20% above the yield of the UK stock market, based on a rolling five-year view.

To achieve the higher yield the fund will have a more concentrated portfolio than the Woodford Equity Income fund (around 55 stocks) with a greater focus on larger companies, each of which is expected to pay a dividend. The new fund also has no limit on overseas exposure whereas Woodford Equity Income is heavily focused on the UK. The initial portfolio on Income Focus will also be UK-centric, but this is a function of current opportunities and longer term Woodford expects overseas exposure to rise.

Neil Woodford is one of the world’s leading fund managers, with a long and successful track record at previous employer Invesco Perpetual and more recently at his own firm. CF Woodford Equity Income remains our preferred option from the manager, but we expect this new fund to offer a similar return profile. Given the higher yield, it is likely to offer lower capital growth and ultimately a lower total return. In view of the similarity in the funds we suggest not holding both in the same portfolio.

This does not constitute personal advice. If you are in doubt as to the suitability of an investment please contact one of our advisers.