Hansa Investment Company Ltd · LSE:HAN
Hansa Investment — Hansa Investment Company Webinar August 2025 Hosted by Edison
45 slides from Hansa Investment's conference presentation, August 2025
Slide 1: Portfolio update
Portfolio update August 2025
Slide 2: Hansa Investment Company Limited (HICL)
Hansa Investment Company Limited (HICL) HICL is a globally diversified, multi-asset class investment company which seeks to identify compelling opportunities in long funds, hedge funds, direct global equities and private assets. HICL operates without being constrained by benchmarks but instead seek
Slide 3: Index
Index The Deal Our Approach Why HICL Track Record Appendix © 2025 Hansa Capital Partners LLP 3
Slide 4: The Deal
The Deal © 2025 Hansa Capital Partners LLP 4
Slide 5: Simplified Holdings
Simplified Holdings Historic Post-Combination HICL HICL Core and Thematic Global Equities Ocean Wilsons Core and Thematic Global Equities Diversifying Assets Diversifying Assets Private Assets Funds (Direct) Holdings Ltd. Funds (Direct) Ocean Wilsons Wilson Sons S.A. (Investments) Ltd. Core and Them
Slide 6: The Combination
The Combination HICL OWH Sale of Wilson Sons Background HICL holds a diversified OWH holds a diversified OWH has sold its holding in portfolio of investment and a portfolio of investments and held Wilson Sons for net proceeds of strategic holding in OWH a 56% interest in Wilson Sons $594m (£434m) Ca
Slide 7: Benefits of the Combination
Benefits of the Combination The combination of OWH and HICL will create a differentiated investment company. Compelling Multi-Asset Portfolio Scale Valuation Recognition Improved Liquidity This diversified, global portfolio will Combining HICL and OWH will The combination will allow HICL Average dai
Slide 8: Comparing the Merged Structure to Peers
Comparing the Merged Structure to Peers The combined company compares favourably to the sector, both in terms of size and performance. Size 3 Year Performance 5 Year Performance Future HICL/OWH* >£900m 28%* 59%* Flexible Investment £780m 13% 45% Company Sector *The 3-year and 5-year net GBP performa
Slide 9: Our Approach
Our Approach © 2025 Hansa Capital Partners LLP 9
Slide 10: Our Sleeve Approach
Our Sleeve Approach We think about the portfolio in terms of four sleeves which are blended together to give our multi-asset fund that is HICL. The allocation to each sleeve is dynamic and changes through time. Core and Thematic Funds Global Equities (Direct) Diversifying Assets Private Assets The l
Slide 11: Asset Allocation
Asset Allocation We have a long term bias towards public and private equity markets but will opportunistically move into other asset classes to take The Allocation of Assets advantage of both valuations and the position within the business cycle. We will invest in any geography, sector or asset clas
Slide 12: Core and Thematic Funds
Core and Thematic Funds We identify which markets are best managed actively and those where passive investing can be beneficial. Within both our Core Regional and Thematic segments we blend a mixture of active and passive funds. We always select the best-in-class active managers wherever in the worl
Slide 13: Global Equities (Direct)
Global Equities (Direct) The direct equity holdings stand apart – a differentiated portfolio built from the bottom up, not shaped by benchmarks or convention. Value Orientation Aligned Ownership Our holdings typically trade at a We favour companies where the significant discount to our estimate of m
Slide 14: Diversifying Assets
Diversifying Assets We use diversifying assets to help manage risk, deliver lower volatility than equities and act as a defensive haven at points of peak market risk. We blend a combination of assets that both behave differently to equities but also deliver a return across the cycle. Multi-Strategy
Slide 15: Private Assets
Private Assets With companies staying private for longer, investing in private equity is essential for those investors able to tolerate the lack of liquidity. Successful private equity investing demands the following: Robust Due Diligence Access Careful Management of Cashflows The limited protection
Slide 16: Risk Management
Risk Management As long term investors we don’t view volatility as risk. Instead, we focus on mitigating the effects of drawdowns. Diversifying Assets High Quality Managers Portfolio Construction This segment of the portfolio is designed to We select best-in-class managers who have Careful considera
Slide 17: Why HICL
Why HICL © 2025 Hansa Capital Partners LLP 17
Slide 18: Our Points of Difference
Our Points of Difference Genuinely Long Term Truly Unconstrained Highly Aligned Understanding Multiple Asset Classes We have consistently stayed Our multi-asset portfolio looks We control our own destiny with all We have a deep knowledge of invested in equity markets, riding nothing like the traditi
Slide 19: Genuinely Long Term: Staying in Markets
Genuinely Long Term: Staying in Markets We have consistently blocked out the noise, held our nerve and stayed in equity markets. This has been undoubtedly the right call for long term investors. We have consistently held our equity 100% weighting at c.80% over the last decade. 600 90% 500 80% 70% 40
Slide 20: Genuinely Long Term: A Sought-After Partner
Genuinely Long Term: A Sought-After Partner The combination of HICL’s permanent capital structure and a well-connected network and enables us to invest in exceptional managers, particularly in private markets. Our stability makes us a prized partner for funds that are not available to the average in
Slide 21: Truly Unconstrained
Truly Unconstrained Multi-asset portfolios have traditionally been 60% equities, 40% bonds. However, we view them very differently. We have typically had c.11% of the portfolio in diversifying assets but only a small proportion of that has been in bonds. This mixture of hedge funds and alternative a
Slide 22: Highly Aligned
Highly Aligned Ownership Controlling Our Own Destiny We have direct skin in the game, unlike HICL is managed for the benefit of all many other fund managers. shareholders. The directors and partners of Hansa Capital Stability and clarity of strategy are the Partners will be significant owners of the
Slide 23: Understanding Multiple Asset Classes
Understanding Multiple Asset Classes We have deep experience of constructing multi-asset portfolios. Our key skill is knowing how to blend assets together. Understanding different asset classes, their characteristics and risks, and how they interact with each other is critical when constructing a po
Slide 24: Track Record
Track Record © 2025 Hansa Capital Partners LLP 24
Slide 25: Performance
Performance 3 Years 5 Years 10 Years 1 Year (p.a.) (p.a.) (p.a.) NAV Performance TR (GBP) 9.5% 12.1% 10.7% 7.0% NAV Performance ex. OWHL TR (GBP) 4.6% 8.1% 6.3% 5.5% Ordinary Share TR (GBP) 24.3% 13.4% 12.3% 6.2% ‘A’ Ordinary Share TR (GBP) 24.8% 13.2% 11.5% 6.0% 60:40 MSCI All Country World Index N
Slide 26: Key Winners and Losers
Key Winners and Losers 85% 75% 68% 15% 12% 11% 11% 10% -22% -23% CTT Correios de Helikon Long Short Interactive Brokers BlackRock Frontiers Polar Capital Funds Simplex Value Up BioPharma Credit PLC Redwheel Next RA Capital Armistice Capital Portugal Equity Fund Group Inc Investment Trust PLC plc - G
Slide 27: Global Equities (Direct) Performance
Global Equities (Direct) Performance The Global Equities (Direct) sleeve launched in April 2017 and has outperformed the market since then. Since Inception Global Equities (Direct) 138.2% MSCI ACWI 114.7% MSCI ACWI Equal Weighted 45.1% FTSE All Share 61.8% 25% 20% 15% 10% 5% 0% -5% -10% -15% 2017 20
Slide 28: Diversifying Assets Performance
Diversifying Assets Performance The diversifying sleeve of HICL was launched in June 2016 to provide a diversifying alternative to equity markets. The returns since have outperformed UK inflation and Gilts. Net Performance Largest Drawdown HICL Diversifying Assets MSCI ACWI Index UK Gilts Index -4.5
Slide 29: Private Equity Performance
Private Equity Performance The majority of the private equity assets are part of Ocean Wilsons (Investments) Ltd. (OWIL). Performance of all funds OWIL has committed to since the start of 2014 is shown in the table below: 1 Jan YTD Time weighted 2014 – 2014 2015 2016 2017 2018 2019 2020 2021 2022 20
Slide 30: Appendix
Appendix © 2025 Hansa Capital Partners LLP 30
Slide 31: Timeline
Timeline • Latest date to vote – 9 September 2025 HICL Key Dates • General Meeting – 12 September 2025 • Latest date to vote – 9 September 2025 OWH Key Dates • Court Meeting – 12 September 2025 • Court Sanction Hearing – expected 22 September 2025 • Effective Date of the Scheme – expected 24 Septemb
Slide 32: Discrete Performance
Discrete Performance 30/06/24 – 30/06/23 – 30/06/22 – 30/06/21 – 30/06/20 – 30/06/25 30/06/24 30/06/23 30/06/22 30/06/21 HICL NAV (GBP) 9.5% 21.2% 5.9% -10.1% 31.6% HICL ex OWHL NAV (GBP) 4.5% 14.9% 5.2% -11.1% 20.8% Ordinary Shares 24.3% 13.0% 3.7% -18.8% 50.9% ‘A’ non-voting Ordinary Shares 24.8%
Slide 33: Case Study – Core Regional and Thematic Funds
Case Study – Core Regional and Thematic Funds • The Helikon Long Short Equity Fund is a concentrated, value- 2024 Themes and Investment Ideas: driven, predominantly European equity long/short strategy that focuses on finding pricing dislocations. • This strategy has been run by the same team since 2
Slide 34: Case Study – Core Regional and Thematic Funds
Case Study – Core Regional and Thematic Funds • RA Capital is a Boston-based biotechnology manager who Private early-stage biopharma acquisitions since 2002: specialise in earlier stage investments, with approximately 20% of the portfolio invested in private companies. • The Fund is truly unconstrai
Slide 35: Case Study – Global Equities (Direct)
Case Study – Global Equities (Direct) Interactive Brokers is a multinational brokerage firm headquartered in the US. We like this business for the following reasons: Quality • Fastest growing, lowest cost, highest margin broker, catering to institutional and retail clients. • As the lowest cost prov
Slide 36: Case Study – Diversifying Assets
Case Study – Diversifying Assets • An investment with one of the world’s leading institutional investors in insurance-linked securities who launched their first strategy in 1998. • Catastrophe bonds can provide investors with attractive returns that are uncorrelated to both traditional and alternati
Slide 37: Case Study – Private Assets
Case Study – Private Assets • Leading venture capital firm founded by Vinod Khosla in 2004. A selection of their investments: • Invests across the technology space in areas such as enterprise/AI, fintech, MedTech, sustainability and robotics. • Highly aligned to investors with a large proportion of
Slide 38: HICL’s History
HICL’s History Rea Brothers acquire the management of a number of invesment companies, including Scottish & Mercantile Ocean Wilsons successfully floats 41.75% of Wilson Sons Limited on the Sao Paulo and the Luxembourg Stock Exchanges Rea Brothers purchases 58% of Ocean Wilsons Finsbury Trust Hansa
Slide 39: Proposed Board of Directors following Completion of the Combination
Proposed Board of Directors following Completion of the Combination Jonathan Davie Andrey Berzins Pedro Gonçalves Simona Richard Lightowler William Salomon Christopher Independent Director, Independent Director Independent Director Heidempergher Independent Director, Chair Of Non-independent, Non- T
Slide 40: Investment Adviser
Investment Adviser William Salomon Alec Letchfield Christopher Townsend Chairman, Senior Partner Chief Investment Officer, Partner Investment Director 41yrs / 24yrs 31yrs / 11yrs 25yrs / 15yrs William Lewis George Clifton-Brown Henry Millhouse Robert Royle Research Analyst Research Analyst Research
Slide 41: Biographies
Biographies Alec Letchfield Chief Investment Officer, Partner Alec has over 30 years' experience in managing offering for the HSBC Group. This highly multi-asset class and equity portfolios for both diverse range of solutions generated excellent private clients and institutional investors. After inv
Slide 42: Biographies
Biographies William Lewis George Clifton-Brown Henry Millhouse Robert Royle Research Analyst Research Analyst Research Assistant Analyst Investment Manager, Global Equities Will joined Hansa Capital Partners LLP in George joined Hansa Capital Partners LLP Henry joined Hansa Capital Partners LLP in R
Slide 43: Responsible Investing
Responsible Investing As long-term investors, Hansa Capital Partners has a natural desire to be a responsible investor and good corporate citizen. Our Responsible Investment Policy seeks to incorporate Environmental, Social and Governance factors into our fund and company decision-making. When asses
Slide 44: Important notice
Important notice It is very important that you consider this disclaimer and warning before using the information provided within this presentation pack, as it explains certain regulatory and legal restrictions applicable to any investment services provided, the use and distribution of information in
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