The Argo Investments (ASX:ARG) share price hits a new all-time high

Argo shares have hit a record high today!

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The Argo Investments Limited (ASX: ARG) share price has officially cemented itself at a new all-time high today. At the time of writing, the listed investment company’s (LIC) shares are up 0.22% to $9.14.

Earlier in the session, the Argo share price cracked fresh highs at $9.20 a share. However, with no new announcements from the company, it might be worth taking a look at recent updates.

What’s pushing the Argo Investments share price higher?

For some background, Argo Investments is one of Australia’s oldest LICs – established all the way back in 1946. The company focuses on investing in a diversified mix of Australian equities using an actively managed approach.

Although there are no announcements from Argo today, the company did reveal a net tangible asset (NTA) and investment update yesterday. According to the release, the company’s NTA at the end of June 2021 was $9.01, an increase of ~2.4% on the prior month.

Furthermore, the company’s top 5 holdings at the end of the month were Macquarie Group Ltd (ASX: MQG), BHP Group Ltd (ASX: BHP), CSL Limited (ASX: CSL), Wesfarmers Ltd (ASX: WES), and Commonwealth Bank of Australia (ASX: CBA).

Since then, Wesfarmers has gone on to make a bid for Australian Pharmaceutical Industries Ltd (ASX: API). In another boost for the Argo share price, shares in BHP have appreciated 5% following the LIC’s last report.

Some of Argo’s other holdings have been at the centre of the recent merger and acquisition frenzy. One example of this is the firm’s 1.4% exposure to Sydney Airport Holdings Pty Ltd (ASX: SYD), which recently jumped 33% higher following a takeover bid.

Is Argo a possible Milton doppelgänger?

Investors of Argo shares may also be speculating whether the LIC is Washington H. Soul Pattinson and Co. Ltd’s (ASX: SOL) next target.

The $8 billion Australian investment house that is Soul Patts proposed a merger with the $4.2 billion Milton Corporation Limited (ASX: MLT) last month.

Between Argo Investments and Milton, there are similarities. Both were founded within 10 years of each other, both share similar investments and investment approaches, and both are smaller than Soul Patts.

For the time being, the Argo Investments share price is likely safe from Soul Patts while it attempts to consume Milton.

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Motley Fool contributor Mitchell Lawler owns shares of Commonwealth Bank of Australia and Macquarie Group Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended CSL Ltd. The Motley Fool Australia owns shares of and has recommended Macquarie Group Limited, Washington H. Soul Pattinson and Company Limited, and Wesfarmers Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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