Pharmaceutical company GlaxoSmithKline (GSK) was one of the largest holdings in CF Woodford Equity Income Fund (GB00BLRZQB71), accounting for around 7.5 per cent of its assets at the end of February 2017 and 6.4 per cent at the end of March, the month in which the fund's manager, Neil Woodford, started to sell it down. He disposed of the rest in April.
"Over a holding period of over 15 years I have consistently believed that GlaxoSmithKline was capable of delivering growth and realising shareholder value," said Mr Woodford. "Neither has been forthcoming to the extent that I had hoped and expected.
"Its core pharmaceuticals division has changed substantially, but is still contributing broadly the same level of revenues as it was in 2004; the consumer healthcare division has delivered modest progress, but its growth rate and margins have been well below that of its peers and vaccines has performed well at times, but growth has faltered in recent years. The one genuinely successful area has been the development of its HIV franchise, ViiV.