Mayo cuts Woodford's High Income on economy fears

Fund Intelligence investment director Chris Mayo has cut his weighting to Neil Woodford's High Income fund because of concerns over the UK economy.

Mayo, who runs the £20m Income, Balanced and Growth model portfolios, has taken 2% out of Woodford’s Invesco Perpetual High Income fund and 2% from the Rathbone Income fund in each of the portfolios in favour of overseas exposure. Mayo says global income is set to become a popular sector this year as the number of FTSE 100 firms paying a high yield remains low, and has added a 4% holding in the Lazard Global Equity Income fund. He has used the cuts to increase his holding in the UBS US Equity by 2% and 1% each in GLG CoreAlpha and Cazenove European. Mayo still holds a 5% position i...