Wealth Manager - the site for professional investment managers

Register to get unlimited access to all of Citywire’s Fund Manager database. Registration is free and only takes a minute.

Woodford reveals his shock-proof top 10

1 Comment
Woodford reveals his shock-proof top 10

Renowned fund manager Neil Woodford has unveiled the top 10 holdings in his new fund that he believes are built to last.

Woodford's top position in the fledgling CF Woodford Equity Income fund is AstraZeneca at 8.3%. The star manager publicly opposed Pfizer's takeover bid the company. It is followed by fellow pharma GlaxoSmithKline at 7.1% and British American Tobacco at over 6.2%.

The top 10 bears a perhaps unsurprising resemblance to the top 10 of his former fund, Invesco Perpetual Income, now run by Citywire AA-rated Mark Barnett, dominated by big pharma and tobacco. Other holdings that cross both top 10s are BT, Roche, Capita and Rolls-Royce.

Woodford's top 10 differs with the inclusion of Imperial Innovations and Reynolds American, however.

Woodford said the portfolio seeks to avoid sectors that he believes are vulnerable to a faltering global economy.

'There is significant emphasis in my new fund on the tobacco and pharmaceutical sectors. These two sectors are resilient to falling demand, have strong balance sheets and attractive valuations,' he added. 

Woodford's view on the global economy remains unchanged, he noted: 'The liquidity flows that have supported asset prices over the past five years are going into reverse, while growth in many parts of the world is being downgraded.

'The global economy and financial markets both face a tricky time over the next few years, but there are still many undervalued assets in equity markets and it is these opportunities that the fund is seeking to exploit.'

Comparing himself to a pilot, Woodford said:'We have taken off and we have already gained a lot of height, but we are not yet at cruising altitude. The portfolio will continue to evolve.'

The fund raised £1.6 billion in its offer period.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Potential US rate rise, cheap oil & the Europe opportunity

Potential US rate rise, cheap oil & the Europe opportunity

This week we analyse the implications of a possible rise in US interest rates, the impact of cheap oil and the European equity opportunity.  

Play Carmignac's Crowl: what QE could mean for Europe

Carmignac's Crowl: what QE could mean for Europe

The ECB is widely expected to finally fire its QE gun this week. Carmignac's Sandra Crowl discusses the implications for the eurozone.

Play Grexit worries, currency wars and a grizzly outlook for 2015?

Grexit worries, currency wars and a grizzly outlook for 2015?

The first Investment Pulse of the year looks at the potential impact of Greece leaving the euro, volatility in currency markets and the UK’s economic prospects.

Your Business: Cover Star Club

Profile: DIY investing is biggest threat to industry, says Whitechurch

Profile: DIY investing is biggest threat to industry, says Whitechurch

The industry is at risk of pushing potential investors down the DIY route unless it does more to make its services accessible says the Whitechurch Securities boss

Wealth Manager on Twitter