Whitechurch swaps Woodford for Barnett on outflow concerns

Anna Fedorova
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Whitechurch Securities has swapped Neil Woodford's High Income fund for Mark Barnett's UK Strategic Income offering ahead of the former's departure from Invesco Perpetual.

The broker's holding in Woodford's Invesco Perpetual High Income fund has been exited following a review, with Whitechurch citing the possibility of redemptions as a factor in the decision. Ben Willis, head of research, said: "We will probably see some more outflows from Woodford's fund, and we do not want to be affected by forced selling or increased dilution adjustments." Invesco Perpetual has already implemented a dilution adjustment to the price of Woodford's funds, moving to bid pricing on both portfolios after a rise in outflows.  Willis said Barnett's fund is the closest rep...

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