Morningstar downgrades Woodford Equity Income on 'extreme' positioning

The fund, which is bottom quartile over six months, one year and three years, was previously allocated a bronze rating but has now been downgraded to neutral. Peter Brunt, associate director, equity strategies, manager research, said Morningstar has lost conviction in the potential for Woodford Equity Income to outperform over the long term.  Woodford to cut unquoted holdings in £4.3bn Equity Income fund to zero "Persistent redemptions, underperformance, and stock-specific issues, combined with the manager's relentless willingness to push the portfolio to its liquidity limit, have ...