April 2018

2

Hansa Trust is a proprietor based investment trust blending best-in-class third party funds, a global equity portfolio and a strategic holding in Ocean Wilsons Holdings

Managed by Hansa Capital Partners the trust adopts a long-term approach, ignoring short-term noise, with a focus on the growth and preservation of capital.

We are fully aligned with our investors, with significant internal money under management, in addition to third-party mandates

This patient approach to managing money leads to natural bias towards equities albeit one that is dynamically dialled up and down as influenced by the economic cycle

The strategic holding in Wilson Sons, held through the stake in Ocean Wilsons Holdings, gives access to the large and growing Brazilian logistics and container industries. Wilsons has created significant economic value through time which has been reflected in exceptional long-term share price performance

3

HANSA TRUSTIndex

• History of Hansa & Strategic Review

• Performance Review

• Portfolio Positioning & Characteristics

• Ocean Wilsons Holdings

• Market Outlook

• Appendix

History of Hansa & Strategic Review

4

5

HANSA TRUSTHansa timeline

A history of buying and selling large strategic stakes

Hansa Trust began life as Scottish and Mercantile Investment Company

Rea Brothers was formedThe Salomon Family obtain control of

Rea Brothers

Rea Brothers acquire a number of investment companies, including

Scottish and Mercantile

Rea Brothers purchases 58% of Ocean Wilsons

Holdings LimitedScottish and

Mercantile becomes Finsbury Trust

Rea Brothers was sold

Finsbury Trust becomes Hansa Trust

Ocean Wilsons successfully floats 41.75% of Wilson Sons Limited on the Sao Paulo and the Luxembourg Stock

Exchanges

Strategic review of Hansa Trust initiated

1900 1920 1940 1960 1980 2000 2020

6

HANSA TRUSTCorporate structure

HANSA TRUSTStrategic Review

7

Description Portfolio Weight

Core Regional

Thematic

Core Regional exposure based on the output of the Hansa House View.

Thematic Growth sectors such as biotechnology and technology

34.3%

5.6%

Global Equities Equity exposure through direct global holdings 16.5%

Diversifying Diversifying investments. As business cycles mature we seek to dynamically shift to those asset classes and sectors which will add portfolio protection

12.5%

Strategic Stakes

Diversifying

Wilson Sons – Brazilian operating assets

Ocean Wilsons Investments Limited – Fund portfolio

19.7%

11.3%

The ‘Four Silo Approach’ - By blending assets and managers with different characteristics we aim to develop the optimal portfolio

Description Portfolio Weight

UK Equities

Special situation UK equities but also included larger UK holdings

65%

Strategic Stakes

Wilson Sons – Brazilian operating assets

(includes Ocean Wilsons Investment portfolio)

35%

Hansa TrustJanuary 2014

Hansa TrustMarch 2018

Performance Review

8

HANSA TRUSTPerformance to end March 2018

9

Source: Hansa Trust internal, unaudited data: Bloomberg, FTSE

3 months One year 5 years (p.a.) 15 years (p.a.)

NAV Performance TR -2.0% 6.3% 5.9% 12.9%NAV Performance ex. OWHL TR -1.8% 6.0% 8.5% 10.9%Ordinary Share TR -4.6% 16.5% 5.6% 12.7%‘A’ Ordinary Share TR -3.7% 17.3% 5.8% 12.6%FTSE All-Stocks Gilts TR 0.3% 10.5% 4.2% 5.3%UK CPI 0.1% 2.4% 1.4% 2.2%MSCI All Country World Index NR GBP -5.0% 2.2% 11.0% 10.0%FTSE All Share TR -6.9% 1.2% 6.6% 9.1%

0%

100%

200%

300%

400%

500%

600%

Mar

-03

Sep-

03

Mar

-04

Sep-

04

Mar

-05

Sep-

05

Mar

-06

Sep-

06

Mar

-07

Sep-

07

Mar

-08

Sep-

08

Mar

-09

Sep-

09

Mar

-10

Sep-

10

Mar

-11

Sep-

11

Mar

-12

Sep-

12

Mar

-13

Sep-

13

Mar

-14

Sep-

14

Mar

-15

Sep-

15

Mar

-16

Sep-

16

Mar

-17

Sep-

17

Mar

-18

NAV Cum Income TR Ord Share TR A Ord Share TR

10

HANSA TRUSTPerformance of the different silos one year to 31 March 2018

-2%

0%

2%

4%

6%

8%

10%

12%

14%

Core Regional Funds Global Equities Thematic Diversifying (exOWHL)

Ocean WilsonsHoldings Limited

Cash/FX

23,0

16,5

50

2,83

2,91

21,

068,

450

816,

907

694,

973

673,

764

494,

845

479,

033

236,

077

233,

144

228,

411

189,

381

188,

020

129,

847

103,

317

1,50

8,40

81,

448,

902

700,

800

439,

928

290,

615

203,

345

198,

651

192,

113

176,

242

156,

477

122,

656

57,9

89

1,41

7,24

31,

859,

927

62,9

80

239,

874

189,

801

67,1

5052

,739

29,3

13

10,1

82,8

37

236,

109

36,9

7625

8,61

91,

158,

996

17,8

7065

,864

121,

197

177,

179

231,

307

243,

857

257,

585

343,

938

500,

878

562,

954

52,7

02 1,45

724

,780

38,0

8582

,747

282,

822

441,

909

77,0

85

207,

821

£-

£5,000,000

£10,000,000

£15,000,000

£20,000,000

£25,000,000

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11

Private Equity

Global Equities DiversifyingCore Regional Funds

HANSA TRUSTPerformance Contribution 1 Year to end March 2018

OWHL

Thematic

71,2

12,6

67

3,93

8,52

43,

324,

895

2,72

5,30

22,

678,

145

2,09

4,90

81,

908,

942

1,53

0,36

81,

119,

126

548,

810

524,

761

365,

289

228,

411

189,

381

3,97

1,56

92,

209,

040

1,56

6,58

01,

508,

408

290,

615

250,

507

203,

345

198,

651

192,

113

176,

242

156,

477

122,

656

57,9

89

3,70

6,15

44,

556,

847

97,6

30

896,

232

829,

888

415,

941

394,

818

225,

581

67,1

5052

,739

50,2

8338

,733

29,3

13

33,5

12,8

3674

9,95

133

8,52

7

36,9

7614

6,22

930

7,65

23,

020,

361

17,8

7065

,864

121,

197

177,

179

231,

307

243,

857

257,

585

343,

938

500,

878

562,

954

52,7

02

194,

295

550,

169

£-

£10,000,000

£20,000,000

£30,000,000

£40,000,000

£50,000,000

£60,000,000

£70,000,000

£80,000,000

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12

Private Equity

Global Equities DiversifyingCore Regional Funds

OWHL

Thematic

HANSA TRUSTPerformance Contribution 3 Years to end March 2018

13

HANSA TRUSTPerformance of less correlated funds 1 June 2016 to 31 March 2018A basket of lower-correlated funds have been purchased since June/July 2016. The performance since has been positive and outperformed bonds and cash.

8.1%6.6%

4.7%2.3%

-15%

-10%

-5%

0%

5%

10%

15%

20%

25%

Perf

orm

ance

(GBP

)

14

HANSA TRUSTTransactions 1 April 2017 to 31 March 2018

• Equity Purchases £42.0m:

– White Mountains Insurance Group £3.0m– CK Hutchison £2.8m– Exor NV £2.7m– Berkshire Hathaway £2.7m– Samsung £2.6m– Orange £2.6m– Softbank £2.5m– Alphabet £2.4m– Liberty Global £2.3m– CVS Health £2.1m– Interactive Brokers £2.1m– Coca-Cola Bottlers Japan Holdings £2.1m– Bayer AG £2.1m– Howard Hughes Corp £1.9m– Orion Engineered Carbons £1.9m– Nutrien £1.8m– CBRE Group Inc. £1.7m– TripAdvisor £1.4m– Iridium Communications Inc. £1.3m

• Fund Purchases £15.8m:

– iShares EURO STOXX Mid UCITS ETF £5.1m– SR Global Fund Frontier Markets £2.6m– Blackrock Frontiers Investment Trust £2.4m– Pareturn Gladwyne Absolute Credit UCITS GBP £1.6m– Worldwide Healthcare Trust £1.6m– GAM Systematic Core Macro Fund £1.3m– CZ Absolute Alpha UCITS Fund £1.3m

• Equity Sales £36.2m:

– NCC Group - £6.4m (profit of £4.3m)– Experian Group Limited £6.3m (profit of £4.1m)– UBM PLC - £5.5m (profit of £1.9m)– Galliford Try PLC - £4.9m (profit of £2.6m)– Cape PLC £4.1m (loss of £0.5m)– Brooks Macdonald Group PLC £3.9m (profit of £1.5m)– Goals Soccer Centres £2.3m (loss of £0.5m)– Hargreaves Services £2.3m (loss of 49k)– Altitude Group PLC - £1.5m (profit of £0.7m)– ImmuPharma - £0.6m (loss of £0.3m)– RedT Energy PLC - £0.1m (loss of £0.8m)– CAP-XX Ltd - £0.1m (loss of £1.0m)– Gordon Dadds Group £64k (loss of £1.1m)

• Fund Sales £12.8m:

– SSgA GBP Liquidity Fund - £3.8m (profit of 3k)– JLP Credit Opportunity Fund £2.3m (profit of £0.3m)– iShares Core EM IMI UCITS ETF - £2.0m (profit of £11k)– Schroder ISF Asian Total Return Fund - £2.2m (profit of £0.6m)– Argentiere Fund - £1.7m (loss of £0.2m)– Global Event Partners £1.6m (profit of £0.2m)– Cantab CCP Core Macro Fund £1.3m (profit of £29k)

15

HANSA TRUSTGlobal Equities – performance by size of holding 31 March 2018

Security NameInitial Purchase

Date

Value 31/03/18

(GBP)

% of Total NAV

% of Global Equity Silo

1 YearPerformance

(or since initial

purchase)

3 YearPerformance

(or since initial

purchase)

Hansteen Holdings PLC 25/11/2005 4,553,692 1.4% 8.5% 13.8% 25.1%

Interactive Brokers Group Inc 05/04/2017 3,592,882 1.1% 6.7% 72.0% 72.0%

UBM PLC 15/10/2010 3,569,606 1.1% 6.7% 26.9% 95.6%

Hilton Food Group PLC 23/04/2014 2,993,000 0.9% 5.6% 30.0% 102.7%

EXOR NV 05/09/2017 2,888,547 0.9% 5.4% 5.9% 5.9%

Berkshire Hathaway Inc 03/04/2017 2,842,810 0.9% 5.3% 6.6% 6.6%

Samsung Electronics Co Ltd 08/08/2017 2,740,305 0.8% 5.1% 4.6% 4.6%

White Mountains Insurance 11/04/2017 2,617,978 0.8% 4.9% -17.2% -17.2%

Alphabet Inc - A Shares 18/04/2017 2,584,598 0.8% 4.8% 8.3% 8.3%

CK Hutchison 01/12/2017 2,555,944 0.8% 4.8% -9.2% -9.2%

Orange 20/02/2018 2,541,542 0.8% 4.8% -0.8% -0.8%

Coca-Cola Bottlers Japan 22/01/2018 2,282,363 0.7% 4.3% 9.2% 9.2%

SoftBank Group Corp 08/05/2017 2,237,678 0.7% 4.2% -9.8% -9.8%

Orion Engineered Carbons SA 17/07/2017 2,027,576 0.6% 3.8% 7.8% 7.8%

CBRE Group Inc 12/07/2017 2,017,529 0.6% 3.8% 16.8% 16.8%

Howard Hughes Corp 10/04/2017 1,982,756 0.6% 3.7% 3.0% 3.0%

Bayer AG 05/04/2017 1,813,872 0.6% 3.4% -11.4% -11.4%

Liberty Global Plc 05/04/2017 1,784,808 0.6% 3.3% -21.9% -21.9%

Nutrien 29/11/2017 1,613,985 0.5% 3.0% -9.2% -9.2%

CVS Health Corp 10/04/2017 1,507,154 0.5% 2.8% -27.1% -27.1%

TripAdvisor Inc 11/09/2017 1,339,946 0.4% 2.5% -14.0% -14.0%

Iridium Communications Inc 12/07/2017 1,197,093 0.4% 2.2% -5.9% -5.9%

Acertec Limited 10/05/2006 11,699 0.0% 0.0% 0.0% 8.7%

Total Global Equities Silo 53,297,362 16.5% 100.0%

Primary Exchange or Equity Index

S&P 500, 19.3%

NASDAQ, 15.4%

FTSE 250, 15.2%

Kospi, 9.9%

Russell 1000, 8.6%

Nikkei 225, 8.5%

DAX, 8.2%

FTSE Small Cap, 5.6%

Borsa Italiana,

5.4% NYSE, 3.8%

HANSA TRUSTGlobal Equities as at end March 2018

Europe 41%

US40%

Asia 19%

Geographic Exposure by Listing

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

10%

World Index FTSE 100 Global Equities Performance

Performance 1 April 2017 to 31 March 2018

Portfolio Positioning & Characteristics

17

18

HANSA TRUSTCurrent Positioning (as at 31 March 2018)

12.9%

7.0% 6.3%

3.7% 3.2%

1.2%

4.1%

0.4% 1.0%

13.1%

3.4%

7.0%

3.6%1.8%

19.7%

11.3%

0.2%0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

19

HANSA TRUSTPortfolio Characteristics (as at 31 March 2018)

Look-through analysis of Hansa Trust portfolio, including holdings in Ocean Wilsons (Investments) Ltd*

Note: The exposures are based on the underlying holdings of the investments*Exposures in Ocean Wilson (Investments) Ltd. are based on the top 30 positions. These are subsequently grossed up to 100%. Dealing Frequency has been excluded from the look-through analysis.

48.6%

19.7%

16.5%

7.0%

3.6% 2.7% 1.7% 0.2%

Asset Type

Long Only Wilson Sons Direct Equities Market Neutral

Private Equity Long-Short Fixed Income Cash

41.2%

31.0%

12.3%

8.1% 3.6% 3.6% 0.2%

Dealing Frequency

Daily Ocean Wilsons Holdings LtdMonthly QuarterlyFixed Life Investment Period Complete Weekly> 1 year

26.2%

20.4%11.3%

9.0%

8.2%

8.2%

8.0%7.0%

1.0% 0.4%

0.2%

Geographic Exposure

North America Latin America Middle East & AfricaUK Diversifying Hedge Funds Developed Europe ex UKJapan Asia Pacific ex Japan Middle East & AfricaEmerging Europe Cash/Liquidity Funds

22.8%

12.8%

11.3%10.7%8.2%

8.0%

7.8%

5.1%4.5% 3.6%

3.5%1.0% 0.5%

0.2%

Sector Exposure

Industrials Information Technology Middle East & AfricaFinancials Diversifying Hedge Funds Consumer DiscretionaryConsumer Staples Health Care MaterialsReal Estate Telecommunications EnergyUtilities Cash/Liquidity Funds

20

HANSA TRUSTOther Portfolio Characteristics (as at 31 March 2018)

Look-through analysis of Hansa Trust portfolio, including holdings in Ocean Wilson (Investments) Ltd.

0%46%

0 < x ≤ 1%48%

1 < x ≤ 1.5%3%

1.5 < x ≤ 2%3%

Annual 3rd Party Management Fees on Underlying Holdings

Cash0%

1 Week38%

1 month9%

3 months12%

6 months5%

> 6 months4%

Fixed32%

Liquidity

Weighted average management fee = 1.09%. This includes management fees paid to third parties and to Hansa Capital Partners LLP.

21

HANSA TRUSTDividend Profile

Dividend Policy

The Trust’s dividend policy was updated in 2014, and it is now to pay two similar interim dividends each year.Barring unforeseen circumstances, the dividend is expected to grow over time reflecting the longer term returnsof the portfolio.

An interim dividend of 8p was announced on 12th April 2018 and will be paid on 31st May 2018.

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

0

5

10

15

20

25

30

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

12 m

onth

yie

ld

Net

div

iden

d (p

ence

)

Dividend Payments and Annual Yield

Net dividends paid during calendar year (LHS) 12 month yield (RHS)

22

HANSA TRUSTDiscount

A significant discount to asset value both absolute and relative to the broader investment trust sector. Even more so on a look through basis

-50%

-45%

-40%

-35%

-30%

-25%

-20%

-15%

-10%

-5%

0%

Dec-

07

Jun-

08

Dec-

08

Jun-

09

Dec-

09

Jun-

10

Dec-

10

Jun-

11

Dec-

11

Jun-

12

Dec-

12

Jun-

13

Dec-

13

Jun-

14

Dec-

14

Jun-

15

Dec-

15

Jun-

16

Dec-

16

Jun-

17

Dec-

17

Hansa Trust Ord and A combined

Discount Look-through discount

-45%-40%-35%-30%-25%-20%-15%-10%

-5%0%5%

10%

May

-08

Nov

-08

May

-09

Nov

-09

May

-10

Nov

-10

May

-11

Nov

-11

May

-12

Nov

-12

May

-13

Nov

-13

May

-14

Nov

-14

May

-15

Nov

-15

May

-16

Nov

-16

May

-17

Nov

-17

Hansa Trust Ord and A combined (relative to AIC overall average discount)

Discount Look-through discount

Ocean Wilsons Holdings

23

24

HANSA TRUSTOcean Wilsons Holdings

Ocean Wilsons Holdings is a Bermudian investment holding company whose main assets are a controlling interest in Wilsons Sons and an international investment portfolio, both run with a long-term view. The Oceans holding is controlled by the Hansa Trust board

25

HANSA TRUSTWilson Sons

Wilson Sons is among Brazil’s largest and oldest port, maritime and logistics services companies

Revenue EBITDA

26

HANSA TRUSTWilson Sons

Despite the challenges faced in Brazil in recent years, Wilsons has generated significant economic value

27

HANSA TRUSTWilson Sons

Wilson Sons operates in a market with significant structural growth potential

28

HANSA TRUSTOcean Wilsons Investments (Limited) as at 31 December 2017

Ocean Wilsons Investments (Limited) is an investment portfolio focused on achieving long-term returns while emphasising capital generation and possessing an emerging market bias

13.3%

9.4%8.2%

6.5% 6.4%

3.0% 2.1% 2.0%

28.8%

3.2% 2.7% 2.3%1.0% 1.0%

6.6%

0.5% 0.4%2.6%

0%

5%

10%

15%

20%

25%

30%

Market Outlook

29

HANSA TRUSTMarket outlook…..a choppy to start to the year

…….markets raced ahead in January only to collapse in late January and early February. Net net little change

30

Source: Bloomberg

Local Currency Returns as of 17 Apr 2018Start of year (1 Jan 2018)

to Peak (26 Jan 2018)Peak (26 Jan 2018) to Trough (8 Feb 2018) Q1 2018 YTD

Equities - RegionsMSCI ACWI + FM NR USD 7.3 -9.0 -0.9 1.2MSCI World (Developed) NR USD 7.0 -9.0 -1.3 0.9MSCI EM (Emerging Markets) NR USD 10.0 -8.6 1.5 3.3MSCI Frontier Markets NR USD 6.6 -5.1 5.1 4.2MSCI EM Asia NR USD 9.5 -8.7 0.9 2.2MSCI EM ex Asia NR USD 11.5 -8.4 3.0 6.4MSCI Europe NR EUR 2.9 -6.7 -4.3 -2.3Equities - CountriesMSCI North America NR USD 7.2 -10.0 -1.1 1.3MSCI United Kingdom NR GBP -0.2 -6.4 -7.3 -5.3MSCI Japan NR JPY 3.8 -5.8 -4.8 -2.4MSCI China NR USD 14.5 -11.4 1.8 5.3MSCI India NR INR 5.0 -4.8 -4.1 -1.5MSCI Brazil NR BRL 12.5 -4.7 12.6 12.1MSCI Russia NR USD 12.3 -5.4 9.4 13.6Equities - SectorMSCI ACWI Financials NR USD 8.5 -8.2 -1.0 2.9MSCI ACWI Energy NR USD 7.2 -11.6 -3.8 -4.5MSCI ACWI Information Technology NR USD 9.1 -10.2 3.2 6.4MSCI ACWI Health Care NR USD 9.1 -10.6 -1.0 1.0MSCI ACWI Biotech NR USD 12.9 -11.5 -1.6 4.0Fixed IncomeiBoxx USD Treasuries TR -1.2 -1.0 -1.2 -2.2iBoxx USD Liquid IG -1.0 -1.7 -2.9 -3.2iBoxx USD Liquid HY 0.8 -1.6 -1.0 -0.5FTSE UK Gilts All Stocks TR GBP -1.7 -1.2 0.3 -1.8FTSE UK Govt Index Linked All Stocks TR GBP -2.0 -1.9 0.0 -2.4iBoxx GBP Non-Gilts TR -0.6 -1.4 -1.2 -1.7JPM GBI-EM Global Diversified TR USD 4.7 -2.2 4.4 3.4JPM EMBI Global TR USD 0.1 -1.9 -1.8 -2.2JPM Corp EMBI USD 0.1 -0.8 -1.2 -1.0CommoditiesBloomberg Commodity Index TR USD 3.1 -4.1 -0.4 0.2Gold Bullion USD 3.6 -2.3 1.7 1.2Copper Index USD -2.9 -3.7 -8.7 -5.5European Dated Brent Index USD 5.1 -8.6 3.5 -3.5WTI Cushing CR USD 9.5 -7.5 7.5 2.0

HANSA TRUSTMarket outlook…..reasons for volatility

….the catalyst for the correction appeared to be disappointing inflation numbers. Certainly the market had started to bake in persistently low inflation but another key factor is market complacency

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Source: FactSetSource: Deutsche Bank

HANSA TRUSTMarket outlook……correction or crash?

……under a wide range of valuation measures, equity markets are increasingly fully valued, especially the US stock market

0%10%20%30%40%50%60%70%80%90%

100%

P/E to Growth EV/Sales EV/EBITDA Price/Book Forward P/E FCF yield Cyclicallyadjusted P/E

Aggregate Index Historical Percentile

S&P500 STOXX600

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HANSA TRUSTMarket outlook……correction or crash?

…….economic growth is largely improving in both developed and emerging markets. No sign of recession any time soon

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Source: Deutsche Bank

HANSA TRUSTMarket outlook……correction or crash?

…..stronger economic growth is feeding through to improved corporate profitability.

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Source: Standard & Poors. Thompson Financial. FactSet. Credit Suisse

HANSA TRUSTMarket outlook……correction or crash?

…….clearly we are at an inflection point in the liquidity cycle but still huge amounts of liquidity being pumped into the system. A significant jump in yields may limit equity returns

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HANSA TRUSTMarket outlook……correction or crash?

………some tentative signs that excess & exuberance are re-entering the system but not at the extremes you would normally associate with a downturn

Arguments for….. Arguments against…..Pockets of consumer excess in areas such auto debt

Mortgage debt, which is far more important, is well under control

Overall country debt levels still high in developed economies and also in China

Banks are key to healthy economies and they appear well controlled

Some signs that retail investors are increasingly viewing equities as the ‘best asset class’

Investors still feel the pain of previous bear markets and are keen to forecast the next downturn

Volatility low Fund manager cash levels still high (4.7% on Merrill Lynch fund manager survey)

Bitcoin – market manias

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Excess & Exuberance

Global Financial

Crisis Liquidity pumped into the system

via zero interest rate policies and

QE

The avoidance of a global collapse in

economies and the banking system saw valuations

normalise across asset classes

Bond yields collapse through

zero interest rate policies and massive demand

via QE

Equities rise as investors

forced up the risk spectrum in pursuit of

returns

Liquidity cycle

inflects

?

HANSA TRUSTMarket outlook……correction or crash?

…..much has happened in this cycle. The question is, how close are we to the end?

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HANSA TRUSTPositioning……technology and innovation

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……despite the strong performance, valuations remain attractive, especially if growth is taken into consideration. Tech has important implications geographically and for existing industries

Source: GAM. New Relic

HANSA TRUSTPositioning……emerging and frontier markets

39

…..EM and FM remain structurally attractive combined with lower valuations

Source: GAM. Statista Digital Market Outlook

HANSA TRUSTPositioning……bonds

…..bonds remain unattractive albeit we watch the current rise in yields

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HANSA TRUSTSummary as at 31 March 2018

Riskier AssetsLower Risk Assets

Strategic Allocation

…..we’re currently running 10% in defensive assets. We’re minded to progressively increase this albeit with the provision of identifying the right assets

Equities58.5%

Directional Hedge Funds4.2%

Private Equity7.5%

Bonds1.9%

Cash0.4%

Hedge Funds (non directional)

7.7%

Strategic19.7%

Look-through analysis of Hansa Trust portfolio, including top 30 holdings in Ocean Wilson (Investments) which are grossed up to 100%.

HANSA TRUSTConclusion

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• Clearly markets are in the more mature stages of their lifecycle

• Higher valuations remove the safety net and can lead to higher portfolio volatility and being susceptible to disappointment

• For this reason we are getting prepared to add to more defensive positions as the cycle evolves

• It is also the case though that for now we see continued upside in equities…….often the later, momentum stages of stock market cycles can represent powerful periods for performance