Fund selectors' verdict on Woodford's 'annus horribilis'

'He is still an excellent fund manager'

Fund buyers have backed veteran fund manager Neil Woodford to weather the recent storm for his portfolios, as a number of his holdings "hit the buffers".

Like any manager, Woodford (pictured) has suffered difficult periods throughout his career, but buyers have noted his recent misfortunes have been driven by stock-specific reasons, rather than sector calls as in the past.  The latest hit to his portfolios came from Provident Financial - which was a top five holding in Woodford's £9.2bn Equity Income fund and £708m Income Focus fund. Its shares plunged nearly 70% yesterday after the firm issued a second profit warning in three months, revealed one of its products was under investigation by the FCA, cancelled its interim dividend, and s...