Woodford Fund Breaches 10% Limit After Guernsey Delistings
Law360, London (July 31, 2019, 2:13 PM BST) -- Neil Woodford’s investment fund has breached a regulatory 10% cap on holdings of unlisted stocks after two of his stock choices were removed from the Guernsey stock exchange, the firm's management reported on Wednesday.
The Woodford Equity Income Fund had listed stakes in an energy company and an artificial intelligence firm on The International Stock Exchange on the island, a British dependency.
The move allowed the high-profile British stock-picker to sidestep European rules limiting the amount of securities a fund manager can hold in unlisted companies to 10% of its portfolio. The stocks counted as quoted holdings for regulatory purposes, even though they...
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