Hansa Investment Company Ltd · LSE:HAN

Hansa Investment — Investor Presentation (October 2026)

54 slides from Hansa Investment's investor presentation, October 2026

Slide 1: Shareholder Presentation
Shareholder Presentation October 2026
Slide 3: Share Price and Total Returns
Share Price and Total Returns Financial YTD 31/03/26 30/09/26 30/09/26 NAV Per Share 496.0p 554.9p NAV Per Share TR 12.3% Ordinary Share Price 268.0p 335.0p HICL Ordinary Share TR 25.8% Ordinary Discount (46.0%) (39.6%) HICL ‘A’ Ordinary Share TR 25.3% ‘A’ Ordinary Share Price 267.0p 332.5p ‘A’ Ordi
Slide 4: Market and Portfolio Update
Market and Portfolio Update Alec Letchfield CIO, Hansa Capital Partners LLP October 2026
Slide 7: 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. OUR KEY STRENGTHS Time horizon Multi-asset nature Great managers Highly
Slide 8: Simplified structure
Simplified structure Historic: Post-Combination: HICL HICL Ocean Wilsons Country and Diversifying Direct Global Holdings Ltd. Country and Diversifying Direct Global Thematic Funds Assets Equities Private Assets (OWHL) Thematic Funds Assets Equities Ocean Wilsons Wilson Sons (Investments) S.A. Ltd. (
Slide 9: Benefits of the Combination
Benefits of the Combination The combination of OWHL and HICL has created a differentiated investment company. Compelling multi-asset Scale Valuation recognition Improved Liquidity portfolio The combination of HICL and OWHL The combination allowed HICL to The average daily traded volume This diversif
Slide 10: The Combined Portfolio
The Combined Portfolio HICL OWHL Combined Combined (pre-combination) (pre-combination) (30 September 2026) (long-term target) Country and Thematic Funds, 25% Country and Diversifying Assets, 5% Country and Thematic Funds Thematic Funds, , 57% Country and 60% Private Assets, Thematic Funds, 14% 71% D
Slide 12: 2026: Markets are following a very similar pattern to 2025
2026: Markets are following a very similar pattern to 2025 Potentially the fourth year in a row of double-digit returns Q1 performance 31 Mar to 30 Sep YTD to 30 Sep 30% 25% 24% 23% 23% 21% 20% 18% 17% 15% 13% 13% 10% 9% 8% 6% 6% 5% 2% 1% 0% 0% -3% -3% -5% -4% MSCI S&P MSCI MSCI MSCI MSCI MSCI S&P M
Slide 13: An increasingly risky world
An increasingly risky world Despite market strength, risks are everywhere. Geopolitics • Whilst investors are increasingly optimistic that a resolution will be found to the Iran war, the probability of a protracted outcome are not insignificant • Even if a resolution is found, Trump will find someth
Slide 14: An increasingly risky world – geopolitics
An increasingly risky world – geopolitics China reaches $43 trillion GDP (PPP) CHINA $43.5T RUSSIA USA UK $7.3T $4.6T $31.8T GERMANY $6.3T FRANCE $4.7T ITALY TURKEY $3.8T $4.0T JAPAN $6.9T BRAZIL $5.2T INDIA $19.1T INDONESIA $5.4T Source: IMF World Economic Outlook (October 2026 estimates), National
Slide 15: An increasingly risky world – AI
An increasingly risky world – AI Hyperscaler capex has risen exponentially Many of the world's largest companies are now linked to AI 400 350 1.0 5.5 300 4.9 1.0 1.1 250 1.2 Capex ($bn) 1.2 200 MARKET CAP 1.4 AS OF 30 SEPT 4.2 150 2026 ($T) 1.6 100 1.7 3.8 1.8 50 2.0 2.7 2.4 - 2014 2015 2016 2017 20
Slide 16: An increasingly risky world – Bond yields normalising or a warning flag?
An increasingly risky world – Bond yields normalising or a warning flag? Long-term US bond yields are at the highest level since the GFC 6% Potential causes of higher yields: 5% GOOD • Stronger growth 4% BAD • Higher energy prices Yield 3% • Above target inflation 2% UGLY • Excessive government debt
Slide 17: An increasingly risky world – excess
An increasingly risky world – excess Momentum-driven markets Increasing leverage Leveraged ETFs increasingly popular Public release of ChatGPT Dec 21 Jun 22 Dec 22 Jun 23 Dec 23 Jun 24 Dec 24 Jun 25 Dec 25 Jun 26 SK Hynix Samsung Nvidia TSMC Source: Bloomberg © 2026 Hansa Investment Company Limited
Slide 18: Fundamentals Remain Supportive
Fundamentals Remain Supportive Despite the abundant risks, the primary drivers of the market are positive. Economies • Remain robust. Manufacturing on an improving trend overall and services solid Company earnings • Strong and another great quarterly report in the US AI • Whilst the market is focuse
Slide 19: Fundamentals remain supportive – Economies remain buoyant
Fundamentals remain supportive – Economies remain buoyant Real GDP growth is expected to remain robust 3.0% 2.5% 2.0% Real GDP Growth 1.5% 1.0% 0.5% 0.0% US UK Euro Area Japan -0.5% 2024 2025 2026E 2027E Source: International Monetary Fund: World Economic Outlook Update, July 2026 © 2026 Hansa Inves
Slide 20: Fundamentals remain supportive – Company earnings surprising on the upside
Fundamentals remain supportive – Company earnings surprising on the upside 2026 has seen a high level of positive earnings surprises in the S&P 500 30% 25% Average Sales/Earnings surprise in the S&P 500 20% 15% 10% 5% 0% Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Average Sales S
Slide 21: Fundamentals remain supportive – AI is a risk but we may still be early
Fundamentals remain supportive – AI is a risk but we may still be early in the cycle We may only be here! Source: Polar Capital and Gartner © 2026 Hansa Investment Company Limited 21
Slide 22: Fundamentals remain supportive – Policy supportive
Fundamentals remain supportive – Policy supportive The one big beautiful bill act is supportive of US real GDP growth Interest rates have come down albeit the fed hiked in september 1.0% 6.0% Estimated annual increase in US Real GDP growth due to OBBBA 0.9% 5.0% 0.8% 0.7% 4.0% 0.6% Interest Rate 0.5
Slide 24: Positioning – Fully invested; our default
Positioning – Fully invested; our default Over the long-term, it pays to stay in the market 8000 7000 2026: Iran War 6000 2025: Liberation Day 5000 2022: Inflation and aggressive rate hikes 4000 2020: COVID-19 Pandemic 3000 2007: Global Financial Crisis 2000 2000: Dotcom Crash 1987: Black Monday 100
Slide 25: Positioning… but diversification essential
Positioning… but diversification essential We continue to keep the portfolio diversified by geography, by sector and by factor. C O U N T RY SECTOR FA C T O R Emerging markets Biotechnology Value Japan Insurance Idiosyncratic © 2026 Hansa Investment Company Limited 25
Slide 26: Positioning: a portfolio diversified by geography and sector
Positioning: a portfolio diversified by geography and sector As at 30 September 2026 Country Funds Thematic Funds Direct Global Diversifying Assets Private Cash 55.2% 15.9% Equities 9.8% Assets 2.9% 7.8% 8.5% 30% 25% 20% 15% 10% 5% 0% North Global Europe Asia Pacific Japan Global Frontier Technology
Slide 28: Overall performance
Overall performance HICL has performed strongly over all stated time horizons, particularly given its underweight exposure to the Magnificent 7. Financial Calendar 3 Years 5 Years 10 Years 30 September 2026 1 Year YTD YTD (p.a.) (p.a.) (p.a.) HICL NAV Performance TR 12.3% 13.8% 37.4% 21.3% 11.7% 9.4
Slide 29: Top performing holdings
Top performing holdings 12 months to 30 September 2026 Country and Thematic Funds Direct Global Equities Diversifying Assets 110% 90% 79% 64% 57% 41% 40% 41% 23% 20% 18% 15% Polar Capital RA Capital Alma Eikoh Japan Schroder ISF Glencore PLC Subsea 7 Interactive CK Hutchison Nephila Iron BioPharma C
Slide 30: Direct Global Equity performance
Direct Global Equity performance The Direct Global Equities sleeve launched in April 2017 and has outperformed the market since then. Since inception: Hansa MSCI ACWI MSCI ACWI Equal Weighted FTSE All-Share Index Direct Global Equities Net Total Return Net Total Return Total Return 216% 179% 77% 102
Slide 31: 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 inflation and Gilts. Performance Largest drawdown HICL Diversifying Global Treasury Assets World Equity Index Index C
Slide 32: Private Equity performance
Private Equity performance Since 2014 our core/satellite approach has outperformed public markets overall, although it has lagged strongly rising public markets since 2023. The table below shows the performance of all funds to which OWIL has committed since the start of 2014. Performance for later p
Slide 33: Comparing the combined structure to peers
Comparing the combined structure to peers The company’s performance compares favourably to the sector over all time periods. NAV Total Return to end August 2026 Discount as at August 2026 HICL AIC Flexible Investment Sector -21% -40% 77% 70% 50% 50% 36% 34% 32% 19% 11% 1 Year 3 Year 5 Year HICL NAV
Slide 35: Discount… tackling the challenge head-on
Discount… tackling the challenge head-on Hansa Investment Company Limited Ordinary and Hansa Investment Company average Limited Ordinary and A Shares combined A Shares combined relative to AIC overall discount) -20% -20% -25% -25% -30% -30% -35% -35% -40% -40% -45% -45% -50% -50% Aug 16 Aug 17 Aug 1
Slide 36: Discount… tackling the challenge head-on
Discount… tackling the challenge head-on THE CAUSE THE SOLUTION Ownership structure Anchoring Marketing Aligned ownership Share buy-backs A dual share class Typically, investors will We are currently We believe that this We have launched a ownership structure is associate a particular engaging in a
Slide 38: Gross time-weighted performance of the different sleeves
Gross time-weighted performance of the different sleeves Three years to 30 September 2026 106.6% 85.8% 66.0% 61.4% 53.0% 54.6% 40.7% 38.2% 36.0% 19.9% 21.7% 8.2% -0.2% -1.7% -0.7% Core Thematic Country and Global Ocean Diversifying Private Cash/ Total MSCI MSCI Bloomberg 60:40 60:40 60:40 US CPI: Re
Slide 39: Gross time-weighted performance of the different sleeves
Gross time-weighted performance of the different sleeves Five years to 30 September 2026 Robust equity performance The portfolio has performed well against the 60:40 balanced portfolio 134.2% against a heavily distorted index. 79.4% 75.5% 57.6% 54.4% 46.7% 40.0% 33.2% 29.1% 23.7% 22.5% 10.5% 6.0% -0
Slide 40: The Combination
The Combination (Information from prior to Dec 2025 completion of deal) Background HICL OWH Sale of Wilson Sons HICL holds a diversified OWH holds a diversified OWH has sold its holding in portfolio of investment and a portfolio of investments and Wilson Sons for net proceeds strategic holding in OW
Slide 41: Case study
Case study PERFORMANCE Annualised performance Annualised volatility Largest drawdown Sharpe ratio Sortino ratio 50.7% 24.8% -35.4% 2.0% 4.2% FACTS THESIS Helikon was founded in April 2020 by Federico Riggio who is the majority owner and CIO. He is supported by three other highly experienced analysts
Slide 42: Case study
Case study PERFORMANCE Annualised performance Annualised volatility Largest drawdown Sharpe ratio Sortino ratio 20.7% 22.0% -57.0% 0.9% 1.1% FACTS THESIS RA is a Boston-based specialist biotechnology manager founded by Peter Kolchinsky in 2002. The main research engine of the group is the TechAtlas
Slide 43: Case study
Case study PERFORMANCE 1-year share price Share price performance Earnings growth Revenue growth Account growth Pre-tax performance since purchase* (5 years p.a.) (5 years p.a.) (5 years p.a.) profit margin 58% 860% 38% 22% 29% 77% FACTS THESIS The company is a low cost, highest margin broker that s
Slide 44: Case study
Case study PERFORMANCE Performance since Performance since Volatility since Largest drawdown Sharpe ratio Correlation to US inception (p.a.) purchase (p.a.) inception (p.a.) Treasuries 5.7% 19.0% 4.1% -10.2% 0.7% 0.2 FACTS THESIS Established in 1998, Nephila is a catastrophe insurance-linked securit
Slide 45: Case study
Case study FACTS THESIS TA was founded in 1968 in Boston and operates a global upper middle to large cap buyout strategy. We first invested with TA in TA XII in 2016 following an extensive review of peers as we looked to increase our exposure in this area. The manager invest globally with a focus on
Slide 46: 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 47: Board of Directors
Board of Directors Jonathan Davie Andrey Berzins Pedro Gonçalves Simona Richard Lightowler William Salomon Christopher Independent Director, Independent Director, Chair Independent Director, Chair Heidempergher Independent Director, Chair Non-independent, Non- Townsend Chairman of Management Engagem
Slide 48: Investment Manager
Investment Manager Investment Team William Salomon Alec Letchfield Christopher Townsend Chairman, Senior Partner Chief Investment Officer, Partner Investment Director 42yrs / 25yrs 32yrs / 12yrs 26yrs / 16yrs William Lewis George Clifton-Brown Henry Millhouse Robert Royle Research Analyst Research A
Slide 49: Biographies
Biographies Alec Letchfield Chief Investment Officer, Partner Alec has over 30 years' experience in managing Alec is a graduate of University College London, multi-asset class and equity portfolios for both where he studied Economics, and is also a private clients and institutional investors. After
Slide 50: 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 51: 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 52: Discrete Performance
Discrete Performance 30/09/2025 to 30/09/24 to 30/09/23 to 30/09/22 to 30/09/21 to 30/09/2026 30/09/25 30/09/24 30/09/23 30/09/22 HICL NAV (GBP) 37.4% 5.0% 23.5% 8.5% -10.1% HICL ex OWHL NAV (GBP) 17.6% 12.2% 12.6% 3,6% -9.9% Ordinary Shares 29.6% 15.8% 22.3% 5.4% -16.7% ‘A’ non-voting Ordinary Shar
Slide 53: Important notice
Important notice Please read this disclaimer carefully before using the information contained in this presentation. It outlines important regulatory and legal restrictions relating to investment services, the use and distribution of the information contained herein, and the distribution of shares in
Slide 54: Hansa Investment Company
Hansa Investment Company

Hansa Investment Company — Investor Presentation (October 2026) on 6ix

Hansa Investment — Investor Presentation (October 2026)

Slide 1: Shareholder Presentation

Slide 2: Chairman's Welcome

Slide 3: Share Price and Total Returns

Slide 4: Market and Portfolio Update

Slide 5: Index

Slide 6: Why HICL & The Deal

Slide 7: Hansa Investment Company Limited (HICL)

Slide 8: Simplified structure

Slide 9: Benefits of the Combination

Slide 10: The Combined Portfolio

Slide 11: Market Update

Slide 12: 2026: Markets are following a very similar pattern to 2025

Slide 13: An increasingly risky world

Slide 14: An increasingly risky world – geopolitics

Slide 15: An increasingly risky world – AI

Slide 16: An increasingly risky world – Bond yields normalising or a warning flag?

Slide 17: An increasingly risky world – excess

Slide 18: Fundamentals Remain Supportive

Slide 19: Fundamentals remain supportive – Economies remain buoyant

Slide 20: Fundamentals remain supportive – Company earnings surprising on the upside

Slide 21: Fundamentals remain supportive – AI is a risk but we may still be early

Slide 22: Fundamentals remain supportive – Policy supportive

Slide 23: Portfolio Positioning

Slide 24: Positioning – Fully invested; our default

Slide 25: Positioning… but diversification essential

Slide 26: Positioning: a portfolio diversified by geography and sector

Slide 27: Track Record

Slide 28: Overall performance

Slide 29: Top performing holdings

Slide 30: Direct Global Equity performance

Slide 31: Diversifying Assets performance

Slide 32: Private Equity performance

Slide 33: Comparing the combined structure to peers

Slide 34: The Discount

Slide 35: Discount… tackling the challenge head-on

Slide 36: Discount… tackling the challenge head-on

Slide 37: Appendix

Slide 38: Gross time-weighted performance of the different sleeves

Slide 39: Gross time-weighted performance of the different sleeves

Slide 40: The Combination

Slide 41: Case study

Slide 42: Case study

Slide 43: Case study

Slide 44: Case study

Slide 45: Case study

Slide 46: HICL's History

Slide 47: Board of Directors

Slide 48: Investment Manager

Slide 49: Biographies

Slide 50: Biographies

Slide 51: Responsible Investing

Slide 52: Discrete Performance

Slide 53: Important notice

Slide 54: Hansa Investment Company