Investors in the LF Equity Income fund, formerly run by Neil Woodford, will receive between 46p and 59p per unit they hold in the fund for their first capital distribution, Link Fund Solutions has said.
Investors in the fund, which operates nine share classes, will receive at least 46.36p for the ‘F Acc' version, and at most 58.99p for the ‘Z Acc' share class, the fund's ACD revealed on Tuesday (28 January). Readers can view the full breakdown in the table below.
Investors will receive confirmation of the total amount they are due later on Tuesday. The payment will be made "on or around 30 January", with investors who hold the fund through a platform set to receive theirs "a few days after 30 January due to the time it may take for your platform to process your payment".
The payment equates to approximately 70% of the fund's total value, representing the liquid part of the portfolio that BlackRock has offloaded already.
Ryan Hughes, head of active portfolios at AJ Bell, said the news "represents the first day of closure for investors who have suffered from the terrible performance of the Woodford Equity Income fund".
However, he added: "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, there is still huge uncertainty around the money still stuck in illiquid assets.
"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."
This article originally appeard in Professional Pensions' sister title Investment Week
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