(Bloomberg) -- Neil Woodford’s flagship fund is to wind down and he has been removed as its manager. But what stocks are still sitting in the portfolio?

Housebuilder Barratt Developments Plc, Muddy Waters target Burford Capital Ltd. and embattled sub-prime lender Provident Financial Plc are among the top five holdings of the former star manager’s fund. The wind down is “the end to a sorry saga, but this will be of cold comfort for investors locked in the fund,” said Ryan Hughes, head of active portfolios at U.K. investment platform AJ Bell Plc. Investor returns will suffer, with high costs likely to be incurred as the administrators try to offload illiquid assets in the fund, Hughes said.

The liquidation of the LF Woodford Equity Income Fund will start in January, so the impact on its investments will become clearer then. Smallcap U.K. stocks in which Woodford holds significant stakes -- such as allergy medicines developer Circassia Pharmaceuticals Plc and tech and life science investor Allied Minds Plc -- could see greater impact from the sell down of Woodford’s holdings. His other listed fund, Woodford Patient Capital Trust Plc, fell further on Tuesday and is trading at a record low.

Here are the ten largest holdings in the flagship fund and the percentage of the portfolio they each represent, according to Bloomberg data.

Barratt Developments Plc (7.1% of portfolio)

Woodford’s fund first invested in one of the U.K.’s largest housebuilders in November 2017, and Barratt shares are up 6.5% since then. The stock has fluctuated in recent months amid the twists and turns of Brexit developments.

Burford Capital Ltd. (6.8% of portfolio)

The litigation-finance company has had a turbulent year after being targeted by short seller Muddy Waters over its accounting practices. Woodford invested in the company in May 2014 and, despite the difficult year the company has had, the former market darling is up more than 500% since then, making it one of just a few winners in the portfolio.

Taylor Wimpey Plc (5.4% of portfolio)

Taylor Wimpey is a relatively recent investment, with Woodford first buying a stake in May 2018. It has proved less attractive than its peer, with shares down around 20% since then amid disappointing results and subdued commentary on the housing market.

BenevolentAI Ltd. (5% of portfolio)

Woodford has been the largest investor in the U.K. firm, with a 19% stake in the U.K. firm which uses artificial intelligence to develop drugs. The valuation of the holding has already been reduced during the process of reassessing the fund, and the company saw its overall valuation halved following an investment in September from Singapore-based Temasek Holdings Pte.

Provident Financial Plc (4.6% of portfolio)

The U.K. sub-prime lender was once a member of the FTSE 100 but has never recovered from a dramatic day in 2017, when it revealed a regulatory probe, warned on profit and saw its chief executive depart all in one go. The stock has dropped 65% since Woodford invested in May 2014. It was subject to a failed hostile takeover bid earlier in the year from Non-Standard Finance Plc, also a Woodford-backed outfit.

Theravance Biopharma Inc. (4.1% of portfolio)

A U.S. biotech in which Woodford trimmed its stake back in August, though it still owns 21% of the company. Since the fund first invested in October 2015, Theravance shares are up 151%. The stock jumped last year after it entered a global collaboration with Johnson & Johnson’s Janssen for a treatment for inflammatory intestinal diseases.

Countryside Properties Plc (3.3% of portfolio)

Rounding out the property focus of Woodford’s top ten investments, Countryside Properties is a smaller peer to Barratt and Taylor Wimpey and is more focused on partnerships and urban regeneration work than its larger peers. Shares are up 2.3% since Woodford invested in May 2017.

Oxford Nanopore Technologies (3.2% of portfolio)

A U.K. firm which makes technology for DNA sequencing, it was reported that Woodford was considering offloading the 12% stake held in the firm back in August.

IP Group Plc (3.1% of portfolio)

IP Group, an intellectual property investment vehicle, has taken part in a number of fundraisings alongside Woodford, including in Oxford Nanopore. Shares have fallen 22% since Woodford’s fund invested in May 2014. The fund sold a portion of its stake in IP Group at a discount in September.

Autolus Therapeutics Plc (2.4% of portfolio)

A London-based cancer treatment developer with a listing in the U.S., Woodford trimmed holdings in the firm back in September. The ADRs have fallen 28% since it listed in the U.S. in June 2018.

To contact the reporter on this story: Sam Unsted in London at sunsted@bloomberg.net

To contact the editors responsible for this story: Beth Mellor at bmellor@bloomberg.net, Namitha Jagadeesh

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