London, UK, 19 December 2014
Edison issues research update on Hansa Trust
Hansa Trust's long-term, endowment-style approach to investing means it tends to have a bias towards equities, which on an underlying basis currently account for c 90% of the portfolio. Within this, the portfolio is differentiated through its access to funds not typically available to the retail market, its focus on UK special situations and a significant indirect holding in Wilson Sons, a quoted Brazilian maritime services business. The manager also has the ability to allocate to uncorrelated assets as the market cycle matures. The discount has narrowed modestly over the last year to c 21%, or 29% on a look-through basis, but there is still ample scope for this to contract further.
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