Over the year to the end of March 2015, Hansa Trust’s net asset value fell by 4.9% and the A share price fell by 5.7%, leaving them trading on a 27.3% discount. The dividend was maintained at 16p. By contrast, the MSCI World Index rose by 16.8% in Sterling terms over that period.
Hansa though reports only on rolling five year periods and compares its performance to a three year average rolling rate of return of a five year UK Government bond, plus 2% with interest being reinvested semi–annually. On this basis Hansa is doing well with a total return of 33.8% over the five years to the end of March as compared to a 20.1% return on the benchmark (NB these numbers are not annualised).
They increased the proportion of the portfolio invested in third party funds during the year and reckon that benefitted performance by 5.9%.
They say the investment portfolio of Ocean Wilsons has returned 4.3% over the past five years (NB this number is annualised). They say the share price of Wilson & Sons has risen by 20.9% in Brazilian Real terms (not annualised) but this has been offset by a 43.3% fall in the Real vs. Sterling (again not annualised). They think though that the business is doing well, as evidenced by a 64% increase in its EBITDA in US dollar terms over the past five years (not annualised) and they think the current fall off in oil & gas related business that Wilson & Sons is experiencing will prove to be temporary.
Within the UK small cap. portfolio, they highlight NCC Group and Galliford Try which have risen by 432% and 247% over five years (not annualised). More recently they had a bid for Kofax.
JLP Credit Opportunities, a distressed credit fund, has detracted from performance over the past year.
HAN / HANA : Hansa hurt by Brazilian exposure