Morningstar Manager Research has downgraded the beleaguered Woodford Equity Income fund from 'neutral' to 'negative', in the wake of what its analysts described as "heightened levels of redemptions".
On 21 May, the group had previously downgraded the fund - on which Woodford Investment Management suspended dealing with immediate effect on 3 June - to ‘neutral' on account of its "extreme" portfolio positioning. Morningstar associate director, equity strategies, manager research Peter Brunt said today (5 June): "Following heightened levels of redemptions, the authorised corporate director and Woodford Investment Management suspended dealing in this fund's shares. Laura Suter: Addressing the Woodford conundrum "Our most recent report on the fund in May 2019 cited, ‘Persistent rede...
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