Neil Wood­ford re­fresh­es port­fo­lio with fire sale while in­vestors pon­der fu­ture of sus­pend­ed fund

Ahead of an ex­pect­ed up­date on the sus­pen­sion of his flag­ship fund, Neil Wood­ford has re­port­ed­ly raised £459 mil­lion from share sales across his port­fo­lio of funds, City­wire re­ports.

The in­vest­ment man­age­ment firm is hold­ing some of it in cash while putting the rest to use in oth­er stocks, a spokesper­son told Bloomberg — which counts at least £300 mil­lion ($379 mil­lion) in sales from the frozen Eq­ui­ty In­come Fund. Sell­ing off illiq­uid or un­list­ed as­sets is key to Wood­ford’s turn­around mis­sion for the fund, which was suf­fer­ing from an ex­o­dus of in­vestors that shrunk the fund from £10.2 bil­lion to £3.7 bil­lion in two years and squeezed its abil­i­ty to meet any fur­ther re­demp­tions.

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