Bolton vs Woodford: Mixed year for investment trust stars

Industry heavyweights Neil Woodford and Anthony Bolton have had contrasting fortunes running their closed-ended vehicles over the past year.

Woodford’s defensive stance has paid off during a year of turbulent markets, with his £920m Edinburgh Investment trust returning 16.5%. Large positions in GlaxoSmithKline, AstraZeneca, and British American Tobacco have held up well, with the trust the second top performer out of AIC members. The only trust to better Woodford was the sector specialist Biotech Growth trust, managed by Frostrow Capital, which returned 23%. In contrast, Anthony Bolton’s £570m China Special Situations trust is the second worst performer, falling 31.2%. The trust’s share price dropped 20% in the first...