Information  X 
Enter a valid email address

Hansa Investment Co (HAN)

  Print      Mail a friend

Friday 20 November, 2020

Hansa Investment Co

Edison issues review on Hansa Investment Company

RNS Number : 0657G
Hansa Investment Company Limited
20 November 2020
 

 

London, UK, 20 November 2020

Edison issues review on Hansa Investment Company (HAN/HANA)

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 investors can effectively afford to wait for an exit from or reappraisal of the WSON holding, and/or a rerating of the equity portfolio.

 

Discussion over the WSON holding has dominated the discourse around Hansa IC, but is arguably less relevant given it is now only c 10% of the fund. Letchfield deserves credit for his fund selections, which have allowed investors to access global growth themes such as technology and healthcare while retaining a degree of downside protection via the 'diversifying' silo. While the value-oriented direct equity portfolio has detracted from recent returns, it acts as a foil to the more growth-focused fund selections and could be beneficial if there is a change in market leadership from growth to value. Although Hansa IC's discount to NAV is to some extent understandable, it remains wider than we believe is justified by the underlying holdings. 

 


Click here to view the full report.

 

All reports published by Edison are available to download free of charge from its website

www.edisongroup.com

About Edison:   Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world-renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisers and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

Edison is authorised and regulated by the Financial Conduct Authority .

Edison is not an adviser or broker-dealer and does not provide investment advice. Edison's reports are not solicitations to buy or sell any securities.

For more information please contact Edison:

Sarah Godfrey, +44 (0)20 3681 2519

Mel Jenner, +44 (0)20 3077 5720

[email protected]

 

Learn more at   www.edisongroup.com and connect with Edison on: 

LinkedIn  https://www.linkedin.com/company/edison-investment-research  

Twitter   www.twitter.com/Edison_Inv_Res  

YouTube  www.youtube.com/edisonitv  

This information is provided by Reach, the non-regulatory press release distribution service of RNS, part of the London Stock Exchange. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
NRAKZMZMDGFGGZM

a d v e r t i s e m e n t