Woodford buys Lloyds; Glaxit after 'frustrating' 15 years

Bought into banks for first time since 2003

Neil Woodford has moved into banks for the first time since 2003 with the addition of Lloyds to his £10bn Woodford Equity Income fund, while also selling GlaxoSmithKline after holding the company for 15 years.

Commenting on his recent portfolio shake-up, Woodford said that while GlaxoSmithKline's core business remained strong, three out of the four business units were "perennial underperformers" as he described his experience with the stock as "frustrating". Dubbing his exit from Glaxo as 'Glaxit', Woodford said in a fund update: "Some investors remain hopeful of recovery but I am now less optimistic. I have become more concerned about the prospects for the one Glaxo engine that has been firing on all cylinders." Woodford Income Focus raises £553m at launch Woodford, whose group manages ...