Woodford’s time of trial

regulation and disclosure requirements. And many chief executives, weary of constant scrutiny by analysts and media, espe - cially over their pay packets and the charges of fat-cattery, would much prefer the more discreet world of private equity.

Now comes the prospect of a Jeremy Corbyn, pictured, government with plans to nationalise public utilities, rail service operators and the Royal Mail, along with legislation for workers on boards. The era

As a prime example of how investment fortunes can wax and wane, there is no more compelling example currently than that of fund manager Neil Woodford. Once the top choice for investors looking for sustained outperformance, his funds attracted billions of pounds. But today losses and withdrawals have become a torrent. According to rating agency Morningstar, the star fund has lost almost two-thirds of its value, tumbling from £10.2 billion in May 2017 to £3.8bn today.

A blow to the fund was dealt by the collapse of shares in major holding Provident Financial. Share price plunges in Prothena and Allied Minds also dragged down performance. Over three years the fund is down 16.4 per cent while the FTSE All-share has risen 28 per cent.

But Woodford has insisted his UK value strategy was right and the fund will recover. Now there is investor unease over a swap deal with Woodford Patient Capital investment trust to reduce exposure to unquoted companies. And further uncertainties over Brexit have again hurt Woodford’s holdings of stocks exposed to the UK economy. Not for the first time, “value” stocks have proved a huge gamble. Loyalists point to previous episodes when a turnaround came – eventually. But investor loyalty is being stretched to breaking point.

Jeremy Corbyn wants to nationalise public utilities, rail service operators and the Royal Mail