Woodford: Sell-off was no surprise

Neil Woodford said he has been completely ‘unsurprised' by the market sell-off and is no more concerned about the macro outlook than before the recent period of hightened volatility.

The Invesco Perpetual Income and High Income manager, responsible for around £18bn AUM, said the recent share price volatility has centred on weak economic growth - something he has been preparing his portfolios for over time - and the ongoing sovereign debt crisis in Europe. "A prolonged period of consumer austerity and low economic growth for the UK now looks inevitable. The recent sell-off in equity markets confirms that the stock market was not expecting this. "Is this tougher outlook a surprise to us? Absolutely not - we are only surprised the consensus has taken so long to recog...