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View the article online at http://citywire.co.uk/wealth-manager/article/a758363

Woodford buys major holdings in tech trio from Invesco

by Robert St George on Jun 23, 2014 at 14:35

Woodford buys major holdings in tech trio from Invesco

Neil Woodford has started to buy shares in several of his favourite technology firms from his former employer.

The Citywire A-rated manager has snapped up exactly the same number of shares as Invesco has sold in companies including ReNeuron, e-Therapeutics and Revolymer.

Woodford (pictured) had held stem-cell specialist ReNeuron through his former Invesco Perpetual funds and in his St James’s Place mandate, and has now acquired 242 million shares for his new CF Woodford Equity Income fund. That stake is worth around £7 million and means Woodford now owns 14.9% of the company.

On the same day that Woodford bought his shares in ReNeuron, Invesco reduced its holding in the firm by 242 million shares.

Woodford has also been a longstanding investor in e-Therapeutics and has bought 18.2 million shares in the business for his new fund. That is worth around £5 million and takes Woodford’s ownership of e-Therapeutics to 17.7%. Again, Invesco cut its position in e-Therapeutics by the same number of shares on the same day.

Invesco similarly sold 10 million shares in polymer developer Revolymer, worth almost £5 million, on the same day Woodford procured a stake of the same size.

Invesco declined to comment on whether a deal had been struck between them over the formal transfer of holdings, while a spokesperson for Woodford Investment Management told Wealth Manager that 'no conversations' had taken place between the two firms on the subject.

Other investments by Woodford for his new fund emphasise his interest in small-cap tech firms.

Benchmark Holdings listed only in December last year, for example, and focuses on biotechnology for aquaculture and agriculture. Woodford has initiated a position in Benchmark with the purchase of 8.5 million shares, equivalent to 6.2% of the firm and worth around £7 million.

He has furthermore committed to a stake worth around £86 million in Imperial Innovations as part of the venture-capital firm’s fundraising.

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1 comment so far. Why not have your say?

Peter Sharp

Jun 23, 2014 at 20:22

Steady as it goes Neil . Most of your investors must be very long term individuals after your previous track record.

No need to show how quickly you can get fully invested

Steady fella,

Peter

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