Hansa Trust PLC Edison issues research review on Hansa Trust
24 November 2015 - 9:27PM
RNS Non-Regulatory
TIDMHAN
Hansa Trust PLC
24 November 2015
London, UK, 24 November 2015
Edison issues research review on Hansa Trust
The repositioning of Hansa Trust's portfolio from April 2014 has
had a positive impact on performance, the main change being a
reallocation from large-cap UK equity holdings to selected core
regional funds. Wilson Sons has outperformed its local market, but
the depreciation of the Brazilian real has affected its sterling
value and Wilson Sons now constitutes 15% of the portfolio. Hansa
would look to increase uncorrelated investments in due course if it
sees the risk/reward balance in equity markets as less attractive.
The combination of Hansa's long-term endowment style of investment
and a wide discount to NAV makes for an interesting, differentiated
proposition.
The discount to cum income NAV stands at 30% compared with the
three-year average of 26% and a minimum of 18%. Weak sentiment
towards emerging markets probably plays a role in this but, as
noted, Brazilian exposure is now lower and even without a reversal
in market views the look-through discount of 38% suggests
significant scope for narrowing.
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