Neil Woodford has issued a letter to clients promising a revamped portfolio in the suspended Equity Income fund when it re-opens, as he reiterated his commitment to investing in undervalued companies.
Apologising for the suspension of the fund once again, the veteran investor has admitted he has been disappointed with the performance of the fund "for some time". "This underperformance has, in part, been the product of some company-specific issues within the portfolio, but I have also been battling against a momentum-driven market, where a narrow band of stocks in which I have chosen not to invest have driven market returns in a largely valuation-insensitive manner," Woodford wrote in the letter. "These market conditions have persisted for far longer than I had expected and, as a re...
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