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Downgraded Teams Lower the Ratings for These Dodge & Cox and Invesco Funds morningstar.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from morningstar.com Daily Mail and Mail on Sunday newspapers.
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Mark Barnett’s former Invesco funds continue to bleed cash UK Equity High Income hit by outflows of £536m despite new management, according to Morningstar estimates Mark Barnett’s former Invesco funds have continued bleeding cash one year after his departure despite a fresh change in leadership and a brighter outlook for value stocks. The Invesco High Income and Income funds had been battered by redemptions since Barnett (pictured) inherited the mandates from his predecessor Neil Woodford. In 2019 amid the implosion of Woodford’s fund empire and a continued run of bad performance the funds saw an exodus of cash, shedding £1.8bn and £773m respectively, according to data from Morningstar. ....
Opportunity to start with a blank sheet of paper and free from Woodford unquoteds Chelsea Financial Services managing director Darius McDermott said Tellworth is a “chance for a fresh start” for Barnett whose final years at Invesco were marred by torrid performance and heavy outflows. “Mark had a bad time of it at the end of his time at Invesco – taking on huge funds that stayed in redemption over his tenure, coupled with his style being out of favour, was a combination that he and his investors never really recovered from,” McDermott said. At the time of Barnett’s departure his Invesco High Income and Income mandates were lingering near the bottom of the IA UK All Companies sector, sitting on losses of 40% over three years. ....