The Woodford Equity Income fund (WEIF) has breached UCITS rules limiting the amount of unquoted stocks a fund can hold to 10% once more after two of its investee companies de-listed from their stockmarkets.
Artificial intelligence platform Benevolent AI and cold fusion firm Industrial Heat de-listed from the Guernsey-based International Stock Exchange, Woodford Investment Management told clients in a note seen by Investment Week. This took WEIF over the 10% limit once again, a rule the fund had breached multiple times before its 3 June suspension. Woodford described the episode as "an inadvertent passive breach". The firm added: "The Financial Conduct Authority's guidance, as for all UCITS limits, is that funds should be brought back into compliance following an inadvertent passive breac...
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