Woodford focuses portfolios and hedges currency risk on euro fears

Invesco Perpetual's Neil Woodford is running the most concentrated portfolios seen in his 25-year fund management career in an effort to shield his funds from economic headwinds.

Woodford (pictured), manager of the Invesco Perpetual Income and High Income funds, is also using currency hedging strategies in case a euro decline or break-up affects returns for European-listed holdings such as Sanofi, the French pharmaceutical. The manager said he is "comfortable" being exposed to Europe via good businesses at attractive valuations, but has taken out insurance on his direct exposure in the belief that the single currency may not survive in its current form. "I simply do not know how the euro crisis will end and would not want to see good domestic currency share pr...