HANSA TRUST AGM July Alec Letchfield, Hansa Capital Partners

Transcription

1 AGM July 201 Alec Letchfield, Hansa Capital Partners

2 Strategic Review The Four Silo Approach Hansa Trust Now Hansa Trust January 2014 Core Regional Silo Description % Regional exposure based on the output of the Hansa House View. 31% Description % UK Equities Special situation UK equities but also included larger UK holdings 6% UK Equities UK equity exposure through directly invested special situations 24% Strategic Stakes Wilson Sons Brazilian operating assets (includes Ocean Wilsons Investment portfolio) 3% Eclectic & Diversifying Silo Strategic Stakes A silo including two elements: Diversifying. As business cycles mature we seek to dynamically shift to those asset classes and sectors which will add portfolio protection Eclectic. Growth sectors such as biotechnology and technology 27% Wilson Sons Brazilian operating assets 18% The Four Silo Approach - By blending assets and managers with different characteristics we aim to develop the optimal portfolio 2

3 Performance Review 3

4 Performance to end June Mar Jun 1 Calendar YTD 3 years (p.a.) years (p.a.) 10 years (p.a.) Performance (NAV) -0.6% 1.2% 6.8% 8.1% 8.2% Performance ex. OWHL 3.9%.9% 12.1% 11.4% 6.6% Benchmark 4.1% 1.6% 3.3% 3.6% 4.3% Ordinary Share -0.4% -6.3%.6%.2%.3% A Ordinary Share -1.8% -3.2% 7.0%.0%.7% 27 NAV cum income Benchmark Jun-0 Jun-06 Jun-07 Jun-08 Jun-09 Jun-10 Jun-11 Jun-12 Jun-13 Jun-14 Jun-1 27 Ord.Share A Ord.Share FTSE All Share MSCI ACW + FM Jun-0 Jun-06 Jun-07 Jun-08 Jun-09 Jun-10 Jun-11 Jun-12 Jun-13 Jun-14 Jun-1 Source: Hansa Trust internal, unaudited, data: Bloomberg, Morningstar, FTSE 4

5 Performance of the different silos 1 months to end June % 1.0% 1 months to end June %.0% 0.0% -.0% -10.0% -1.0% UK Equities Core Regional Funds Eclectic & Diversifying Assets (ex OWIL) Ocean Wilsons Holdings Limited Cash Benchmark Cash performance is negative because of FX/loans held by Hansa Trust

6 Performance Contribution 1 months to end June 201 Diversifying - Fixed Income 2,000,000 Core Regional Funds Eclectic - Sector Diversifying - Alternatives UK Equities Ocean Wilsons 20,000,000 1,000,000 10,000,000,000,000 2,029,03 1,32,737 1,396,31 1,29,906 1,070, , ,414 40, ,03 184,897 9,488 63,24 341, ,49 1,37,747 1,43,60 2,2,72 1,74,663 1,714,60 1,241,916 91, , ,300 4,10 30,90 1,9 27,00 61,00 10,000 11, ,477 36,10 48, ,70 820,179 2,92,600 12,028,476 1,36, ,20 2,634,187-6

7 Performance has improved as a result of the portfolio changes made in March 2014 to 30 June 201 performance including Ocean Wilson Holdings 31 March 2014 to 30 June 201 performance excluding Ocean Wilson Holdings NAV Performance (gross of fees) 1.% 1.0% 0.% 0.0% -0.% -1.0% -1.% -2.0% -2.% -3.0% -3.% Actual Performance Performance had there been no portfolio changes NAV Performance (gross of fees) 9.0% 8.0% 7.0% 6.0%.0% 4.0% 3.0% 2.0% 1.0% 0.0% Actual Performance Performance had there been no portfolio changes Comparator portfolio represents Hansa Trust portfolio held static since January

8 Current Portfolio Positioning 8

9 Current Portfolio Positioning (as at 30 June 201) Core Regional Funds UK Equities Eclectic / Diversified Strategic 3.0% 30.0% 30.8% 2.0% 24.6% 23.9% 20.0% 18.1% 18.1% 1.0% 12.7% 14.9% 11.7% 10.0% 8.0%.0% 0.0%.8% 6.2% 4.3% 1.8% 1.% 0.2% 3.% 3.0% 4.1% 1.6% 2.% Source: Hansa Trust internal, unaudited 9

10 Example Managers Long-only Pan European Equities Long-only Japanese Equities Global Long / Short Event-Driven (primarily equities) Long-only Technology Equities Newly launched Fund no track record available. 10

11 Market outlook Dynamic Asset Allocation The Typical stock market cycle: At peaks and troughs, valuations are generally the most important driver for future returns. These periods often entail making some bold decisions! Outside of market extremes, the business cycle becomes the primary driver - macro surprises, the strength and direction of company profitability, central bank liquidity etc. 11

12 Valuations have risen.not yet excessive Chart 1: US 12M forward PE Chart 2: Europe 12M forward PE Chart 3: Asia 12M forward PE 30 2 EXPENSIVE CHEAP US Fwd PE +1 St dev -1 St dev Europe ex UK fwd PE +1 St dev -1 St dev Asia ex Japan fed PE +1 St dev -1 St dev Chart 4: World 12M forward PE Chart : EM 12M forward PE Chart 6: Japan 12M forward PE World fwd PE +1 St dev -1 St dev EM fwd PE +1 St dev -1 St dev Japan fwd PE +1 St dev -1 St dev 12

13 IMPORTANT NOTICE This presentation pack is issued by Hansa Capital Partners LLP, which is authorised and regulated by the Financial Conduct Authority. Hansa Capital Partners LLP is the Manager and Company Secretary to Hansa Trust PLC. Investment Trusts are UK Public Listed companies and are not authorised or regulated by the Financial Conduct Authority. The staff at Hansa Capital Partners LLP and/or the Directors of Hansa Trust PLC may hold positions in the securities mentioned in this presentation or may buy, sell or offer to make a purchase or sale of such securities from time to time. This presentation pack is not a prospectus, does not contain any representations, and does not constitute or form part of any offer or invitation to buy, underwrite or solicit any offer to purchase securities, nor shall it or any part of it form the basis of or be relied upon in connection with any contract therefore. This presentation pack has been solely supplied for your information and you may not be reproduce it, distribute it to another person or publish it, in any case in whole and in part, for any purpose. The information contained in this pack is selective, is for background purposes only and is subject to amendment. Past performance is not necessarily a guide to future performance. The price of shares and income generated may fall as well as rise. An investor may not get back the amount invested.