Woodford Investment Management’s latest launch, the Income Focus fund, has raised £553m during the offer period, which ran from 20 March to 12 April.
The firm says Income Focus – its third fund – completes its suite of retail funds and complements the existing Equity Income fund and Patient Capital trust. The Share Centre has said it is likely that investors are abandoning the Equity Income fund for the new launch, with the former the top traded fund in February with net sales.
Craig Newman, chief executive of Woodford IM, says: “After speaking to private investors, intermediaries and platforms last year, we knew there was an appetite for a new equity fund targeting a higher income. Aligned with Neil’s outlook for the investment opportunity, the fantastic response highlights investors’ continued interest and requirement for high quality income streams in today’s economic environment.”
Woodford adds: “I am very excited by the income prospects of the companies within the portfolio. In a low interest world, an income-focused equity portfolio is an attractive proposition for investors, while the lack of geographic restraints allows me to access quality income stocks regardless of their location.”