Neil Woodford Sells HSBC

Equity income fund manager Neil Woodford has sold HSBC after buying it last year. HSBC was the first bank he had invested in for more than a decade

Emma Wall 1 September, 2014 | 10:00AM

Star equity income fund manager Neil Woodford has sold his holding in HSBC (HSBA). The bank was not in his top 10 holdings for the Woodford Equity Income fund, but was an important investment as Woodford had not bought banking shares for more than a decade when he invested in HSBC early last summer.

Woodford bought HSBC for the mandate he ran for St James’ Place in May 2013, before also purchasing the bank for his own Equity Income fund at launch in June this year.

In a blog posted this morning, Woodford said that the decision not to own UK banks in the interim was fuelled by concerns about the quality of loan books, capital adequacy and high leverage ratios.

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Securities Mentioned in Article

Security NamePriceChange (%)Morningstar
Rating
HSBC Holdings PLC332.25 GBP0.00
LF Woodford Equity Income A Sterling Acc12.37 GBP-0.16

About Author

Emma Wall  is former Senior International Editor for Morningstar

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