Defensive heavyweights hold up well for Woodford

GlaxoSmithKline and British American Tobacco, two of Neil Woodford's largest holdings, have reported rising revenues in the third quarter.

GlaxoSmithKline reported a 4.3% increase in sales to £7.1bn for the three months to 30 September, up from £6.8bn for the same period in 2010. Having raised its dividend by 7% in each of the first two quarters, the company increased it by a further 6% to 17p and said it would raise its 2011 buyback target from £2bn to £2.3bn. Woodford holds 8.2% of his £10.5bn High Income fund in Glaxo, as well as 8.1% of his £8.4bn Income fund. As well as remaining a perennial favourite of Invesco Perpetual's head of investment, Glaxo's attractions for UK income managers have only increased as inve...