LONDON -- The shares of Edinburgh Investment Trust (LSE:EDIN) dropped 1% to 589 pence during early London trade this morning after its famous fund manager Neil Woodford downplayed this year's incredible stock market rally.

Woodford said he'd become "a bit more cautious," and claimed that the stock market was being "propped up by symptomatic treatment rather than by a cure of the world's economic problems."

Edinburgh Investment trust delivered a 22.3% growth in the fund's net asset value, compared to a 16.8% return from the FTSE All-Share Index.

This outperformance was mostly thanks to Woodford's overweight holdings in the pharmaceuticals sector, where more than a quarter of Edinburgh's assets are invested. The company also benefited from a zero-weighting in the mining sector, which suffered an abysmal year.

Investment manager Neil Woodford added:

[I have] very strong levels of conviction in the attractiveness of the businesses in which the Company is invested.

The overall market is no longer as cheap as it was, but some high quality, dependable growth companies remain significantly undervalued. The Manager remains convinced by their potential to deliver attractive positive returns over the medium/long term, regardless of the economic headwinds we expect to prevail.

With a market value of 1.1 billion pounds, Edinburgh Investment Trust offers a trailing dividend yield of 3.9%.

Neil Woodford -- also head of U.K. Equities at Invesco Perpetual -- has more than 30 years' investment experience and boasts an exceptional track record.

We've detailed Woodford's market-thrashing approach and some of his current high-yielding stock picks in the exclusive Motley Fool report, "8 Shares Held by Britain's Super Investor."

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