PSigma's Becket drops IP Income on Woodford exit

PSigma Investment Management CIO Tom Becket has sold out of the £11bn Invesco Perpetual Income fund after ten years following news of manager Neil Woodford's departure.

Becket (pictured) had held the fund since 2003 and had a 2% weighting in his balanced portfolios, but said it is the "wrong fund in the wrong situation". He said at present he is more interested in backing cyclicals than defensives. Woodford has announced he will be leaving Invesco Perpetual next April after 25 years with the group, handing his funds to Mark Barnett. Becket said: “We are uncomfortable with both the earnings growth prospects and valuations of some of the defensive sectors. We have held the fund for ten years and could not fail to be impressed by Woodford’s success. But...