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Invesco ditches £36m stake in property firm as Woodford sell-off continues
by Robert St George on Dec 16, 2013 at 10:58
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.
The move sent Macau’s share price plummeting from 211p to 198p, although it has since recovered to stand at 217p at this morning’s market open. 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 has also trimmed in holdings in several of Woodford’s other picks, including Capita, Drax, and Provident Financial.
The group also completely exited Assura Group, an investor in medical property, which Woodford has owned for at least seven years. The deals raised around £150 million.
The liquidations have been initiated to help Invesco manage the £2 billion in outflows it has incurred from Woodford’s funds since he confirmed he would be departing the firm.
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by Robert St George on Apr 15, 2014 at 10:48