Portfolio's defensive stance result of continued economic slowdown

Invesco Perpetual Income Fund manager Neil Woodford sees the UK economy to remain in the doldrums and will continue to take a defensive stance for the portfolio. Last year this defensive positioning paid off for Woodford, as statistics from Standards & Poor's (S&P) show the Invesco Perpertual Income Fund made an annualised return of 12.5%, compared to the mean average of its peers of 6.5%. Its performance in relation to its benchmark, the FTSE All-Share Index for 2005, has been 26.1% compared to 22% previously. He says conditions for the UK consumer continue to be difficult in the wake ...