Hansa Investment Company


Market Cap£216m

Last Close 180p

HANA was created in 2019 through the redomiciliation of Hansa Trust from the UK to Bermuda. It aims to achieve medium- to long-term growth through a diversified, multi-strategy approach, combining a strategic stake in Ocean Wilsons Holdings (OWHL) with a portfolio of global equities and predominantly third-party managed funds, giving access to primarily non-UK equities, along with more thematic and diversifying funds. Hansa IC does not have a benchmark.

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Investment summary

Hansa Investment Company (HAN/HANA) fund manager Alec Letchfield argues that investors should not be overly distracted by the fund’s exposure to Brazil via its c 13% position in maritime services company Wilson Sons (WSON). The holding should be beneficial to overall performance, as the business has proved financially resilient despite the currently challenging world trade environment, and WSON’s share price has recovered from its summer lows, significantly outpacing the recovery in the main Bovespa Index. However, the remaining c 87% of the portfolio is much more significant. Here, performance has not been immune to recent market declines, but Hansa IC has outperformed the MSCI All Country World Index during 2022 YTD. The company’s healthy mix of growth, value and defensive/uncorrelated strategies, gained via funds and direct equity investments, suggests that its persistent +30% share price discount to NAV may be unwarranted, especially considering Hansa offers investors a quality portfolio of hard-to-access funds with a growth tilt, value-biased global equities, a defensive allocation and an interesting play on Brazilian growth and global trade.

Content on Hansa Investment Company
Hansa Investment Company – Brazil – game-changer or sideshow?
Investment companies | research Review | 6 May 2021
Hansa Investment Company – Overdue a reappraisal?
Investment companies | research Update | 20 November 2020
Hansa Trust – Finding opportunities away from the mainstream
Investment companies | research Review | 12 July 2019
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Share price graph
Price performance
Actual 1.1 (3.2) (15.9)
Relative* (5.3) (6.3) (18.2)
52-week high/low 216.0p/172.0p
*% relative to local index
Key management
Jonathan Davie Chairman
Alec Letchfield Portfolio manager

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