Hansa Trust PLC Edison issues review on Hansa Trust (HAN/HANA)
26 July 2017 - 12:49AM
RNS Non-Regulatory
TIDMHAN
Hansa Trust PLC
25 July 2017
London, UK, 25 July 2017
Edison issues review on Hansa Trust (HAN/HANA)
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 changes since
the start of FY15 appear to be bearing fruit and recent NAV and
share price performance have been strong, yet Hansa Trust remains
at a wide discount to NAV relative to peers. This provides scope
for the discount to narrow substantially should the positive
performance trend be maintained.
At 20 July, Hansa Trust's A (non-voting) shares traded at a
32.4% discount to cum-income NAV while the ordinary shares were at
a 29.7% discount. This is wider than peer discounts, possibly owing
to ongoing concerns over Brazil, a perception of illiquidity as a
result of the strategic investment in OWHL, or a lack of awareness
of the revamped strategy. OWHL also trades below NAV (see Exhibit
4) creating a double discount; on a look-through basis the combined
discount is 40.6%, meaning that each GBP1 invested in the trust
buys exposure to underlying assets worth GBP1.68.
Click here to view the full report.
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For more information please contact Edison:
Sarah Godfrey, +44 (0)20 3681 2519
Gavin Wood, +44 (0)20 3681 2503
investmenttrusts@edisongroup.com
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