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Woodford Blames Frozen Fund’s Losses on Momentum-Driven Market

  • Says momentum-driven market is ‘antithesis’ of his approach
  • Woodford Equity Income Fund is down 11.2% since it was frozen

Neil Woodford blamed “a momentum-driven market” for underperformance at his flagship fund, in its first report since it was frozen in early June.

The embattled stock picker shocked the financial world by halting withdrawals from his LF Woodford Equity Income Fund after a run of poor results led to mounting redemption requests.