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CF Woodford Equity Income Fund discloses top 10 holdings

Woodford Investment Management is disclosing the full portfolio of the CF Woodford Equity Income Fund for the first time on 14 July.

In the meantime, it has disclosed the top 10 holdings for the fund as at 30 June 2014.
Neil Woodford, head of investment, says: “My cautious view on the global economy hasn’t changed. The liquidity flows that have supported asset prices over the past five years are going into reverse, while growth in many parts of the world is being downgraded.
“The global economy and financial markets both face a tricky time over the next few years, but there are still many undervalued assets in equity markets and it is these opportunities that the fund is seeking to exploit.
“I’ve been using a pilot analogy to explain the process of building the portfolio of my new fund. We have taken off and we have already gained a lot of height, but we are not yet at cruising altitude. The portfolio will continue to evolve.
“I have been very careful in building a portfolio that avoids sectors that I believe are vulnerable to a faltering global economy. There is significant emphasis in my new fund on the tobacco and pharmaceutical sectors. These two sectors are resilient to falling demand, have strong balance sheets and attractive valuations."
The top 10 holdings are: AstraZeneca (8.3 per cent), GlaxoSmithKline (7.11 per cent), British American Tobacco (6.2 per cent), BT (6.02 per cent), Imperial Tobacco (5.31 per cent), Roche (3.9 per cent), Imperial Innovations (3.6 per cent), Reynolds American (3.55 per cent), Rolls-Royce (3.47 per cent) and Capita (3.36 per cent).

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