Veteran investor Neil Woodford’s fund Woodford Investments has reported operating profit of £41.7m and paid directors £36.5m in dividends in the 12 months to the end of March last year.
However, the accounts do not take into account recent outflows from the fund, and profits are likely to be impacted in the next set of full-year results.
Woodford sold around £1.4bn in the six months to November last year, according to reports, selling down positions in companies such as pharma business Astra Zeneca, brickmaker Forterra and travel website Hostelworld.
His flagship Equity Income Fund fell in value from £10.7bn in the summer of 2017 to £5.3bn in November.
The company's accounts for the previous year only cover a six-month period due to a change in legal structure.
A spokesperson for Woodford said: “Profits are transferred into Woodford Capital to enable Woodford Investment to invest excess balance sheet cash of the limited company.
“The money is reinvested into the Woodford funds, such as Woodford Patient Capital Trust, used to make charitable donations, as well as providing an income for the directors.”