Correction in equities curbs risk appetite

Invesco Perpetual UK manager Neil Woodford sees the decline in global equity markets since May as a much needed correction in investors' risk appetite. Woodford, whose Income and High Income portfolios underperformed in the first quarter on the back of low exposure to mining and oil stocks, now runs some £12bn in assets for the group. He said: "As there is nothing new in terms of economic horizon, inflation, interest rates, credit quality or corporate performance to trigger this reappraisal of risk, we believe global equity markets are waking up to the fact the world is not quite as benig...