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When style drift pays, and when it doesn't

When style drift pays, and when it doesn't

The fall from grace of former investment superstar Neil Woodford was the product of several missteps. While the more egregious of these are likely to continue to dominate the headlines, no account of his travails would be complete without considering the turn in fortune experienced by his traditional style of income investing. Indeed, while there’s no denying the extent to which Mr Woodfood’s portfolios drifted towards holding highly speculative illiquid investments, had his holdings in large liquid income plays delivered strong returns, events may not have proved as cataclysmic – or at least not so soon.

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