Lindsell Train  

Train denies Hargreaves conflict of interest

"It demonstrates the bad things that can happen when investment managers take risk with portfolio concentration and illiquidity," Mr Train said. 

He added: "And the truth is – as we seek to communicate to all our investors – that there is risk inherent in the concentrated nature of our portfolio and to an extent with liquidity too."

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The manager, however, made it clear in his latest update that his UK Equity fund does not invest in unquoted shares and that at least 99 per cent is invested in companies with a market cap in excess of £1bn. 

Mr Woodford's fund ran into trouble partly because of its holding in unquoted shares.