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.
