The firm has decided to release the performance contribution data for all of its holdings on a quarterly basis in a bid to continue improving management transparency.
Of the total 16.9% return produced by the fund over the year to end June 2015, 3.2 percentage points were added by the performance of intellectual property company Allied Minds. The stock which on average over the year made up 2.95% of the portfolio rose 186.8% over the year.
The 515.4% and 154.5% returns produced respectively by pharma stocks 4D Pharma and Protean added 1.6 and 1.4 percentage points to overall performance, despite the pair only accounting for 0.8% and 1.2% of the fund on average over the year. They are also the only two of the top five contributors that do not appear in the fund’s top 10 holdings.
Rounding out the top five contributors were so-called core holdings, Imperial Tobacco and Reynolds American, both of which contributed 1.3 and 1.2 percentage points respectively.
On the other side, the biggest anchor on performance was energy firm Drax, the stock price of which has suffered in recent weeks on the back of a government decision to change tack on biomass subsidiary issues. The firm weighed down the performance of the Woodford fund by 0.98 percentage points. Other poor performers were GlaxoSmithKline (-0.91 percentage points), Rolls Royce (-0.57), Rightster (-0.45) and Centrica (-0.3).
Of these bottom performers, only GlaxoSmithKline and Centrica appear in the fund’s top 10 holdings
