Hargreaves Lansdown changes name of UK Shares fund eight months after launch

Hargreaves Lansdown has changed the name of the HL Select UK Shares fund to HL Select UK Growth Shares eight months after its launch.

The move is aimed at distinguishing the £252m fund from the firm’s income offering.

“There are no other changes to the fund,” fund manager Charlie Huggins says. “We have simply decided to add ‘Growth’ into the fund’s name to make it easier for clients to choose between the two HL Select Funds – HL Select UK Growth Shares and HL Select UK Income Shares.”

Co-managed by Huggins and Steve Clayton, the HL Select UK Growth Shares fund launched in December 2016 as the first in a range of in-house, low-cost equity funds. HL Select UK Income Shares launched in March 2017.

The managers recently initiated a 2 per cent position in teleradiology firm Medica Group, which provides an out of hours radiologist service to counter the shortage of radiologists in NHS hospitals.

“We think it’s a unique business, with a powerful market position by virtue of its access to a large pool of highly qualified, scarce professionals, superior clinical models and ability to deliver a service that improves outcomes for clinicians, patients, and hospitals alike,” Clayton says.

“Longer-term growth prospects seem exciting in our view. Medica is still quite small, valued at around £250m, but we rather suspect that may change as the business grows in the years ahead.”

Over six months HL Select UK Growth Shares has returned 8.1 per cent compared to the 4.9 per cent IA UK All Companies sector average, FE data shows.