Invesco Perpetual

Neil Woodford's heavy overweight pharmaceutical position on the Invesco Perpetual Income fund dragged the portfolio into the bottom quartile during the first three months of the year.

M&G became the UK's largest asset manager by AUM in the first quarter of the year, knocking rival Invesco Perpetual off the top spot, according to the latest Pridham report, published by Fundscape.

In the first of a two part series, managers reveal the plays that have contributed to their performance since January.

SPECIAL REPORT

S&P Capital IQ has revealed its pick of the best funds with a decade-long track record, as it introduces a new 10-year grading system.

Neil Woodford has for the first time lifted the lid on why he completely sold out of retailer Tesco, while admitting he was disinclined to do so with the stock trading at distressed valuations.

Paul Read, fund manager at Invesco Perpetual, has urged investors keen to buy into financials to focus on the debt offered by banks and their peers, rather than snap up shares in the companies.

CONTRARIAN

A growing focus on short-term fund performance combined with shorter market cycles is prompting professional investors to protect themselves by raising cash positions.

Neil Woodford's love of pharmaceutical companies has been well publicised over the past few years, but the income investor has been particularly excited about the prospects of a company using pieces of pig to regrow human tissue.