Woodford's funds hit by September biotech sell-off

Manager increases positions on weakness

Neil Woodford's UK Equity Income fund and his Patient Capital investment trust were both hit by a biotech sell-off during a 'weak and volatile' September.

The £7.1bn fund declined 2.9% during the month, while the £850m trust was down 7.8%, with biotech stocks among those particularly hit. A widespread sell-off in US biotech shares has caused Prothena, a 2% holding in the fund, to be one of the largest detractors to performance over the month of September. However, Woodford (pictured) has been adding to this holding in the UK Equity Income fund, saying the company's fundamentals remain intact. Woodford IM said: "Given the way the sector has traded this year, the sell-off is perhaps unsurprising, but we were disappointed that Prothena ...