Update: Jupiter Merlin team sells entire Woodford Equity Income stake

Reduced holding gradually over time

Jupiter's multi-manager Merlin team had sold out of its entire holding in the Woodford Equity Income fund by the end of September, having started to gradually reduce its exposure in 2015 from a peak of around £947m, Investment Week understands.

John Chatfeild-Roberts, head of Jupiter Asset Management's Merlin fund range, had already reduced exposure to the Woodford Equity Income fund across three multi-manager portfolios by £382.8m over the period from August 2015 to 31 May 2017. The biggest change during that period was seen on the Jupiter Merlin Income fund, which had reduced its allocation to the UK equity income product by £360.4m between October 2015 and April 2017. On 15 April 2017, it held £193.8m in Neil Woodford's fund, which made up 6.2% of the portfolio. However, this reduction happened gradually over two years; o...