Hargreaves Lansdown is to launch a concentrated global equity fund.
The HL Select Global Growth Shares, which launches on 3 May at £1 fixed launch price, will invest in a portfolio of 30 to 40 'high quality' companies of varying size around the world.
It will carry an ongoing charges figure of 0.6% in addition to Hargreaves’ Vantage platform fee of 0.45%.
Sitting in the Investment Association’s Global sector and benchmarked to the FTSE All-World index, the fund’s focus is capital growth over the long term rather than income – though Hargreaves expects it to pay a dividend.
The mandate is the latest addition to the firm’s £460 million HL Select fund range, launched in 2016 and home to its existing UK Growth and UK Income funds. It will be managed by the same team as the other funds, led by Steve Clayton.
Clayton (pictured above) said: ‘Investing globally opens up new opportunities to find truly exceptional companies from a much bigger pool of choice.
‘We look for businesses that are in charge of their own destiny, which will grow through thick and thin, regardless of issues like Brexit.
‘By taking a wary attitude to debt, we hope to shield investors from the worst of any future downturns, while capitalising on the upswings.’