Two listed investment companies with a combined 170-year history were among the top buys last year on Millennial-focused investing platform Pearler, as they try to loosen the grip of rival exchange-traded funds on the next generation of investors.

The 94-year-old Australian Foundation Investment Company (AFIC) was the 12th most popular holding among Pearler’s 35,000 mostly Millennial and Gen Z customers last year, while 76-year-old Argo Investments came in at 15th on the 2021 ranking, according to data supplied by the online broker.