Speaking on an Invesco Perpetual webcast, Woodford said the macroeconomic environment would get more difficult and certain sectors that have enjoyed good growth in recent years will find life tough.
But he stressed there were still good investment opportunities out there and now would be the wrong time to move out of equities.
He said: “By the same token there are others that will navigate their way through this difficult economic recession in a resilient way and those businesses to my mind look very attractive.
“This is certainly not a time to be deserting equities, the valuation generally of those sorts of businesses is very low and there are some great opportunities to invest.”
Woodford said the current economic deterioration has created a greater risk in the market than investors have faced in a long time but this has also brought its own opportunities.
He said he was unconcerned with the relatively disappointing short term performance of his funds, branding it “pretty irrelevant”.
He said he would not be making changes to his portfolio as he was confident it would perform over the long term.