Given the recent poor performance in Woodford Equity Income, do you think I should sell it or wait for the fund to recover?
There can be no definitive answer, if only investment were that easy. However all active managers go through poor periods which can last not just months but years. Generally the good news is the good ones come out strongly after this period and in previous times this has happened with Woodford. Indeed it has been right to buy them during those poor periods.
Patience is required and this can be difficult when the media are in full flight. The fewer decisions you can make the better, investors tend to trade too much, both a buy and sell decision needs to be right and usually one goes wrong.
One other point I would make is that within a portfolio you want your fund managers doing different things, that way you get a real diversification, that means that funds will perform in different market environments.
My conclusion is an easy one, I would hold onto the Woodford holdings, as I am doing within my own portfolio.