Financial services giant Hargreaves Lansdown joins car bible Auto Trader on the list of purchases made by the Liontrust Macro UK Growth fund so far this year.
In its February 2016 review, a spokesman for Liontrust said the fund bought Auto Trader based on its “fundamental merits”, and because it is well positioned to benefit from the trend towards the digitisation of print media.
Hargreaves London was added due to its “broad thematic attractions” and the “under appreciated potential of its new cash deposits initiative”.
The financial services firms plans to add bank accounts to its Vantage platform, allowing customers to trade funds from a wide variety of managers via a single login.
Hargreaves Lansdown now makes up 0.2 per cent of the portfolio.
Carl Lamb, managing director at Almary Green, said: “I think this is a tactical move because the brand is a strong one, and one which is in the public eye.”
Auto Trader was seen as an attractive proposition amid weak oil prices, on the expectation price pressure on the commodity will lead to more activity in the car market.
Liontrust also noted its significant position increases in Bristol Myers Squibb and Vodafone, which the phone giant making up 2.8 per cent of the overall portfolio.