Woodford sells Rolls-Royce stake as confidence in business model shaken

In a recent blog post, Woodford said he has held Rolls-Royce for almost a decade, and since launch in his open- and closed-ended funds. On 12 November, the manager had 2.2% of his £7.7bn Woodford Equity Income fund invested in Rolls-Royce, as well as 0.8% of the £832m Patient Capital trust. Rolls-Royce has issued six profit warnings and downgrades over the past two years that have caused its share price to more than halve, closing at 578.5p on Wednesday. Woodford said the company has struggled as it transitions between civil aerospace engine designs and invests in new capacity to d...