Neil Woodford sells aircraft engine manufacturer he has held for almost a decade, saying recent profit warning has shaken his confidence in the business. citywire AAA-rated fund manager Neil Woodford has sold Rolls-Royce after nearly a decade of holding the aircraft engine manufacturer. Woodford sold the stock from both his Woodford Equity Income Fund and Woodford Patient Capital investment trust after the company last month issued its fourth profit warning in just over a year and warned the dividend may be cut.
The manager, who has held the stock for nearly 10 years, having been an investor as manager of his previous funds Invesco Perpetual Income and High Income, said the warning showed a worrying deterioration in the company’s civil aerospace business, which had previously shown more resilience than its military aerospace and marine businesses.
[Citywire- December 10, 2015 - Daniel Grote]
