Woodford, who runs the £5.3 billion Invesco Perpetual Income and £7.3 billion Invesco Perpetual High Income funds, said he did not believe there were any 'green shoots' around, nor that there would be any in the near future.
He said: 'I think we are in a pretty difficult environment globally and the UK and the US are having a particularly difficult time. The unsual characteristic of this crisis is that it has been running for such a long time and we are unlikely to see any economic recovery soon.'
'My view is that this is going to go a lot longer than the second half of this year. This crisis will encompass a long adjustment...the scale of debt build up is unprecedented. The process of rebalancing the world economy will take many years. We could be in a weak economic environment for three or four years.
'I don't expect to see a sustained growth in this economy or in America for a significant time, three or four years'.
Over the past three years, Woodford has returned -6.1% with the High Income fund and 6.9% with the Invesco Perpetual Income fund while the FTSE All Share TR benchmark fell 27.2% during that period.
From Citywire
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