FUNDS
22 August 2019 | SHARES | of the recent Neil Woodford
ůŝƋƵŝĚŝƚLJŝƐƐƵĞƐ͘
ďŽƵƚάϭ͘κďŶŽĨƚŚĞƚƌƵƐƚ͛Ɛ
ĂƐƐĞƚƐĂƌĞŝŶϯϳƵŶůŝƐƚĞĚ
ĐŽŵƉĂŶŝĞƐůĞĚďLJƉĂLJŵĞŶƚƐ
ďƵƐŝŶĞƐƐŶƚ&ŝŶĂŶĐŝĂů͕ƐƉƵŶͲ
ŽƵƚŽĨůŝďĂďĂ͕ĂŶĚ ůŽŶDƵƐŬ͛Ɛ
^ƉĂĐĞy͕ǁŚŝĐŚƌƵŶƐŵĂŶLJEĂƐĂ
ŵŝƐƐŝŽŶƐĂŶĚĚĞǀĞůŽƉĞĚƚŚĞĮƌƐƚ
ƌĞͲƵƐĞĂďůĞƌŽĐŬĞƚ͘
/ŶƚĞƌĞƐƟŶŐůLJ͕^ĐŽƫƐŚ
DŽƌƚŐĂŐĞ͛ƐŽǁŶĂŶĂůLJƐŝƐĞĂƌůŝĞƌ
ƚŚŝƐLJĞĂƌƉŽŝŶƚĞĚƚŽĂκϭεй
ƌĞƚƵƌŶĞĚŽŶƵŶůŝƐƚĞĚŝŶǀĞƐƚŵĞŶƚƐ
ŽǀĞƌƚŚĞƉƌĞǀŝŽƵƐĞŝŐŚƚLJĞĂƌƐ͕
ďĞƩĞƌŝŶŐƉƵďůŝĐůLJůŝƐƚĞĚƐƚŽĐŬƐ͘
ŝŐŚŝƚƐƚŚĂƚŚĂǀĞƐŝŶĐĞŐŽŶĞ
ƉƵďůŝĐŝŶĐůƵĚĞůŝďĂďĂ͕ŵƵƐŝĐ
ƐƚƌĞĂŵŝŶŐďƵƐŝŶĞƐƐ^ƉŽƟĨLJ
ƚŚĂƚŇŽĂƚĞĚůĂƐƚLJĞĂƌĂƚΨϯϬďŶ͕
ĂŶĚ>LJŌ͘
dŚĞƚƌƵƐƚƌĞŵĂŝŶƐĐŽŶǀŝŶĐĞĚŽĨ
ŝƚƐ͚ǀĞŶƚƵƌĞĐĂƉŝƚĂů͛ƚĂůĞŶƚƐĂŶĚ
ƚŚĂƚƐĐŽƉĞĨŽƌƵƉƚŽϮρйŽĨƚŚĞ
ƚƌƵƐƚƚŽďĞƵŶůŝƐƚĞĚŐŝǀĞƐŝƚƚŚĞ
ĨƌĞĞĚŽŵƚŽƚĂƉĞĂƌůLJƐŽŵĞŽĨƚŚĞ
ŵŽƐƚĞdžĐŝƟŶŐŐƌŽǁƚŚĐŽŵƉĂŶŝĞƐ
ĂƚĂŶĞĂƌůLJƐƚĂŐĞ͘
,/','ZKtd,͕
KtK^d^dZd 'z
dŚĞďŽƩŽŵůŝŶĞŝƐ͕ŝŶǀĞƐƚŽƌƐǁŝůů
ũƵĚŐĞƚŚĞƐƵĐĐĞƐƐŽĨ^ĐŽƫƐŚ
DŽƌƚŐĂŐĞďLJŚŽǁƚŚĞƐŚĂƌĞƉƌŝĐĞ
ƉĞƌĨŽƌŵƐ͕ĂŶĚƚŚĂƚŝƐƐƵƌĞůLJƚŚĞ
ƐĞĐƌĞƚƚŽƚŚĞƚƌƵƐƚ͛ƐŝŵŵĞŶƐĞ
ƉŽƉƵůĂƌŝƚLJ͘>ĂƐƚLJĞĂƌƚŽϯϭ
DĂƌĐŚϮϬϭε^ĐŽƫƐŚDŽƌƚŐĂŐĞ
ŵĂĚĞĂŶƵŶĚĞƌůLJŝŶŐϭκ͘ςй
ƚŽƚĂůƌĞƚƵƌŶŽŶŶĞƚĂƐƐĞƚƐ͕
ƵŶĚĞƌƉŝŶŶŝŶŐĂϭς͘ρйƚŽƚĂů
ƌĞƚƵƌŶĨŽƌƐŚĂƌĞŚŽůĚĞƌƐ͕ďĞĂƟŶŐ
ƚŚĞϭϬ͘ϳйŐĂŝŶĨƌŽŵƚŚĞ&d^ ůůͲ
tŽƌůĚŝŶĚĞdž͕ŝƚƐďĞŶĐŚŵĂƌŬ͘
dŚĂƚŵĂLJůŽŽŬůŝŬĞĂƉƌĞƩLJ
ĚĞĐĞŶƚƉĞƌĨŽƌŵĂŶĐĞďƵƚŝƚŝƐ
ŝƌƌĞůĞǀĂŶƚ͕ƐĂLJƐƚŚĞƚƌƵƐƚ͛ƐƚŽƉ
ďƌĂƐƐ͚͘/ƵƌŐĞƌĞĂĚĞƌƐƚŽƉĂLJ
ůŝƩůĞŚĞĞĚƚŽƚŚĞŵƚŚĞĂŶŶƵĂů
ƉĞƌĨŽƌŵĂŶĐĞĮŐƵƌĞƐƐƵĐŚŝƐ
ƐƚƌĞŶŐƚŚŽĨŝƚƐƉůĞĚŐĞƚŽƚŚĞůŽŶŐͲ
ƚĞƌŵ͘^ĐŽƫƐŚDŽƌƚŐĂŐĞǁĂŶƚƐ
ƚŽďĞũƵĚŐĞĚŽŶĮǀĞͲLJĞĂƌƌŽůůŝŶŐ
ƉĞƌĨŽƌŵĂŶĐĞ͕ŝƚƐƚƌƵĞŵĞĂƐƵƌĞ͘
/ƚŝƐŬŶŽĐŬͲŽƵƚ͘dŽϯϭ:ƵůLJϮϬϭε
ŶĞƚĂƐƐĞƚƐŚĂǀĞŐĂŝŶĞĚϭςκ͘ςй
ĂŶĚƚŚĞƐŚĂƌĞƉƌŝĐĞϭϳς͘Θй͕
ŽŶĂƚŽƚĂůƌĞƚƵƌŶƐďĂƐŝƐ͘dŚĂƚ͛Ɛ
closing in on twice as good as its
ďĞŶĐŚŵĂƌŬ͛Ɛεϯ͘Θй͘/ůůƵƐƚƌĂƟǀĞůLJ͕
ƚŚĞƉĞƌĨŽƌŵĂŶĐĞŐĂƉǁŝĚĞŶƐ
ŵƵĐŚĨƵƌƚŚĞƌŽǀĞƌϭϬLJĞĂƌƐ͕
ǁŝƚŚEsĂŶĚƐŚĂƌĞƉƌŝĐĞƵƉ
ρϭΘ͘εйĂŶĚςϮε͘ϮйǀĞƌƐƵƐ
Ϯκρ͘ϭй͘
Only >ŝŶĚƐĞůůdƌĂŝŶ;>d/Ϳ has
ĚŽŶĞďĞƩĞƌŽĨĂůůƚŚĞƚƌƵƐƚƐůŝƐƚĞĚ
ŽŶƚŚĞƐƐŽĐŝĂƟŽŶŽĨ/ŶǀĞƐƚŵĞŶƚ
ŽŵƉĂŶŝĞƐ͛'ůŽďĂůƐĞĐƚŽƌ͘
^ĐŽƫƐŚDŽƌƚŐĂŐĞǁĂŶƚƐŝƚƐ
investors to share in its thinkingĂŶĚŽďƐĞƌǀĂƟŽŶƐĂŶĚƉƌŽǀŝĚĞƐ
ĂƉůĞŶƚLJŽĨĚĂƚĂ͕ŝŶƐŝŐŚƚĂŶĚ
ŝŶĨŽƌŵĂƟŽŶŽŶŝƚƐĂŝůůŝĞ'ŝīŽƌĚͲ
backed website, which Shares
recommends following even if
LJŽƵĚŽŶ͛ƚďƵLJƚŚĞƐŚĂƌĞƐ͘
Costs are also reasonable,
with an ongoing management
ĐŚĂƌŐĞŝĨϬ͘ϯϳй͚͘dŚŝƐŐŝǀĞƐƚŚŝƐ
ƐƚƌĂƚĞŐLJĂŶĞdžĐĞƉƟŽŶĂůĐŽƐƚ
ĂĚǀĂŶƚĂŐĞƌĞůĂƟǀĞƚŽƉĞĞƌƐ͕͛
according to Morningstar
ĂŶĂůLJƐŝƐǀĞƌƐƵƐŐůŽďĂůůĂƌŐĞĐĂƉ
ŐƌŽǁƚŚĞƋƵŝƚLJĂǀĞƌĂŐĞƐ͘SHARES SAYS: È
A clear long-term growth
strategy aimed at uncovering
super-normal returns, the
style lends itself to short-term
volatility. But this really is a buy
and forget type investment, one
that has proven itself tie and
again. A long-run favourite of
ours and it remains so.10 11 12 13 14 15 16 17 18100300500(^700) SCOTTISH MORTGAGE
SCOTTISH MORTGAGE - N.A.V. (DIL)FTSE ALL WORLD $ - PRICE INDEX
LJ^ƚĞǀĞŶ&ƌĂnjĞƌ
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