Barnett shifts Woodford fund

Michael Bow
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EDINBURGH Investment Trust’s new manager Mark Barnett has overhauled the fund he inherited from Neil Woodford this year – helping him beat the stock market.

Barnett has cut the £1.4bn trust’s top two holdings – Astrazeneca and Glaxosmithkline – from 9.2 per cent to 4.5 per cent and 9.1 per cent to 4.9 per cent respectively, and used the cash to build a foothold in other firms including Babcock, Reed Elsevier and Compass. The fund’s net asset value rose 12.5 per cent in the year, compared to a 8.8 per cent return for the FTSE All Share.