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Invesco ditches £36m stake in property firm as Woodford sell-off continues

Invesco has dumped a swathe of stock in a Macau property developer, the latest in a series of exits from Neil Woodford’s longstanding favourite small caps.

 
Invesco ditches £36m stake in property firm as Woodford sell-off continues

Invesco has dumped a swathe of stock in a Macau property developer, the latest in a series of exits from Neil Woodford’s longstanding favourite small caps.

Invesco has sold just short of 17 million shares in the Macau Property Opportunities fund, worth £36 million, which Woodford has owned for at least four years. The divestment leaves Invesco with a 6% stake in the closed-ended fund, down from 24% last week.

Over the past five years, the fund’s share price has quadrupled.

Macau’s other major shareholders include Lazard, Apollo Multi Asset Management, and Miton.

Last week, Citywire revealed that Invesco had also trimmed holdings in several of Woodford's other picks, including Capita (CPI.L), Drax (DRX.L) and Provident Financial (PFG.L) in order to raise money for investors exiting the manager's funds

The group also completely exited Assura Group (AGRP.L), an investor in medical property, which Woodford has owned for at least seven years. The deals raised around £150 million.

Woodford’s flagship Income and High Income funds have suffered significant outflows since his departure was announced in October, shedding more than £500 million in that month alone. The Financial Times has since estimated that Invesco has suffered redemptions worth more than £2 billion from Woodford's funds over this period. He is due to leave the group to set up on his own in April.

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Woodford and Barnett take £200m hit on Capita crash

by Daniel Grote on Sep 29, 2016 at 10:23

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