reports
- Pedro Fonseca
Hansa Investment Company - Brazil – game-changer or sideshow?
Hansa Investment Company (HAN/HANA) fund manager Alec Letchfield argues that investors should not be overly distracted by the fund’s exposure to Brazil through a c 11% position in maritime services company Wilson Sons (WSON). While the holding could prove beneficial as global economic growth and trade continue to recover, the remaining c 90% of the portfolio is much more significant, and Hansa IC’s persistent 30%+ discount to NAV is arguably unwarranted given its healthy mix (via funds and direc...
Hansa Investment Company Limited: 1 director bought
A director at Hansa Investment Company Limited bought 102,300 shares at 205p and the significance rating of the trade was 51/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last tw...
- Pedro Fonseca
Hansa Investment Company - Overdue a reappraisal?
Investors looking at Hansa Investment Company (Hansa IC; HAN/HANA) may have been perplexed in the past as to why its strongly performing multi-asset fund portfolio sits alongside a large strategic holding in a Brazilian maritime services company, Wilson Sons (WSON) and a value-oriented selection of direct equities. In this short update, we seek to address this question and argue that Hansa IC’s deep ‘double discount’ (c 45%) to net asset value and near-2% dividend yield could mean long-term inve...
- Sarah Godfrey
Hansa Trust - Preserving capital with less correlated returns
Hansa Trust (HAN/HANA) benefited from the diversification of its portfolio in 2018, with its strategic holding in Brazilian maritime services firm Wilson Sons (WSON) and its defensive allocation to hedge funds helping it to post a small positive NAV return, in contrast to most world equity markets. Fund Manager Alec Letchfield is mindful of the challenges facing the global economy in the year ahead, but remains cautiously optimistic for a more positive investment backdrop. Letchfield has transit...
- Sarah Godfrey
Hansa Trust (HAN) - Focus on long-term capital preservation & growth
Hansa Trust (HAN/HANA) has undergone a transformation in the past four years and now offers investors a blend of core regional equity funds; thematic exposure to areas including technology; diversifying assets such as hedge funds; direct holdings in global equities; and a longstanding strategic stake in Brazilian maritime services firm Wilson Sons (WSON). The aim is to preserve and grow capital, while giving investors access to assets they would be unable or unlikely to access individually. Poss...
- Sarah Godfrey
Positioned for interesting times
Hansa Trust (HAN/HANA) seeks to be differentiated from peers by giving investors access to a portfolio of global equities, specialist funds and a strategic (c 20%) holding with exposure to Brazil, which began as a small position but has grown as a result of superior long-term performance. There is a long-term bias to equities but the focus on preserving and growing capital means that, at certain points in the cycle, the manager may invest more in defensive assets to dampen volatility. Strategy c...
- Sarah Godfrey
Positioned for interesting times
Hansa Trust (HAN/HANA) seeks to be differentiated from peers by giving investors access to a portfolio of global equities, specialist funds and a strategic (c 20%) holding with exposure to Brazil, which began as a small position but has grown as a result of superior long-term performance. There is a long-term bias to equities but the focus on preserving and growing capital means that, at certain points in the cycle, the manager may invest more in defensive assets to dampen volatility. Strategy c...
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