Hargreaves: My sale of HL shares was purely serendipitous

Timing market "invariably pure luck"

Anna Fedorova
clock • 2 min read

Hargreaves Lansdown co-founder Peter Hargreaves has said that his recent sale of HL stock was "purely serendipitous" and had nothing to do with concerns over the impact of the coronavirus outbreak on markets.

In a letter to markets, HL co-founder and chairman of Blue Whale Capital Hargreaves said the timing of his sale of £550m of stock in his company was accidental, and he had made no further sales as the panic around the virus unfolded. When he announced the sale of assets to institutional shareholders last month, Hargreaves told markets he was doing so to "diversify his assets", and had increased his original intended £500m sale by £50m due to "strong investor demand".   The sale represented around a fifth of his shareholding, but he still owns 24.3% of the firm, saying he is "very proud...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Equities

Partner Insight: Are you prioritising fundamentals over election noise?

Partner Insight: Are you prioritising fundamentals over election noise?

With half the world facing elections this year, are investors being distracted by short-term noise and overlooking potential international opportunities?

Orbis Investments
clock 19 November 2024 • 5 min read
Partner Insight: Are global equity markets shifting in our favour?

Partner Insight: Are global equity markets shifting in our favour?

Orbis Investments
clock 30 October 2024 • 3 min read
Net gains: What a tennis great can tell us about equity investing

Net gains: What a tennis great can tell us about equity investing

'When you lose every second point you learn not to dwell on every shot'

Sheldon MacDonald
clock 16 September 2024 • 4 min read