Influential manager Neil Woodford has hit out at the “misinformation and lazy commentary” driving investors to make “appallingly bad decisions” as he predicts a “spectacular” revival in his own funds’ fortunes.
Woodford has been on the defensive after a host of recent slides in his flagship Equity Income Fund, which has halved in value since early 2017.
In an interview with the Financial Times, Woodford addressed his critics, saying it would be a “fundamental betrayal” to ditch the investment strategy that he still believed in.
Woodford will stick with value plays, even though he recognised that in two and a half years the fund would be too small to stay in business if it did not pick up.
He told the FT: “To do anything different from what we do now would be a fundamental betrayal, would be frankly a lie and we would not deserve to be in business if we did such a thing.”
The former Invesco man had an enviable track record over his 15 year career with the manager before setting up his own fund house in 2014.
He added: “There is a mountain of fake information and fake analysis out in the marketplace which, in the end, does impact investors’ decisions detrimentally…When you passionately believe in what you’re doing, as I do, when clients are saying, ‘nah, we want our money back now because we’d much rather be investing in these things that have gone up’, that, for me, is a frustration. I think they’re making a poor investment decision.”