Hansa total return surges despite volatile market backdrop
Hansa Investment Co Ltd on Wednesday reported an increased net asset value after "the third year in a row of robust returns".
The Bermuda-based, closed-ended investment company's NAV per share was 496.0p as of March 31, up 29% from 384.2p one year prior.
Shares in Hansa were marginally higher at 320.10p on Wednesday afternoon in London.
Hansa reported an NAV total return of plus 29.4% for the year ended March 31, improved from plus 2.3% for the previous year.
"In a year which has been characterised by a rollercoaster ride in sentiment, the end outcome was one that is very positive for those investors who blocked out the noise, held their noses and stayed in equity markets," Chief Investment Officer Alec Letchfield stated, adding that "2025/26 was the third year in a row of robust returns."
He noted that following US President Donald Trump's 2025 'Liberation Day' tariff sweep, "markets subsequently set off on what has been quite an extraordinary run driven by the boom in AI and the Magnificent 7 (M7), while the Trump Always Chickens Out (TACO) mantra continued to hold, with most tariffs negotiated down...Geopolitics has been a feature throughout the year with conflicts raging in Ukraine, the Middle East and other parts of Africa and Asia, with Venezuela and Iran the most recent places to join this ignominious list.
"Despite this...markets remained remarkably resilient for most of the year, before declining in the last month on fears of the Iranian conflict persisting and causing a wider impact on inflation and global trade."
The company declared a 2p per share dividend for financial 2026, and said it will keep its dividend policy under review.
Hansa had previously paused regular dividend payments due to the acquisition of Ocean Wilson Holdings Ltd, which it completed in December. It most recently paid an 0.8p dividend on May 30, 2025.
Looking ahead, Letchfield noted: "Clearly there are risks and the conflict with Iran led to a worrying spike in energy prices. Should the conflict drag on, and energy prices remain elevated the impact will be larger...Nonetheless, we see the situation being resolved and...if anything, are inclined to lean in when opportunities arise."
He added: "Overall, we recognise that returns in the coming years are unlikely to be as high as we have seen in the last three years, with higher volatility and a meaningful pullback possible, but we will continue to utilise our key strengths - our time horizon, our multi-asset nature and our great managers."
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