Top U.K. fund manager Neil Woodford says Europe is on the verge of recession, and continues to see tough times ahead for the developed world.

“The increasingly tough economic outlook is not a surprise to us and we believe the eurozone is on the verge of a renewed recession and there are downside risks to forecasts of UK economic growth,” Woodford tells Investment Week. “We maintain our view the developed world faces a prolonged period of low economic growth.”

Woodford says he’s been disappointed by recent U.K. retail sales data. One stock he seems high on, however, is Roche, the Swiss pharma firm. He’s been increasing his exposure to the stock in two of his funds, Investment Week reports.