Hansa Investment Company (HAN/HANA) fund manager Alec Letchfield argues that investors should not be overly distracted by the fund’s exposure to Brazil via its c 13% position in maritime services company Wilson Sons (WSON). The holding should be beneficial to overall performance, as the business has proved financially resilient despite the currently challenging world trade environment, and WSON’s share price has recovered from its summer lows, significantly outpacing the recovery in the main Bovespa Index. However, the remaining c 87% of the portfolio is much more significant. Here, performance has not been immune to recent market declines, but Hansa IC has outperformed the MSCI All Country World Index during 2022 YTD. The company’s healthy mix of growth, value and defensive/uncorrelated strategies, gained via funds and direct equity investments, suggests that its persistent +30% share price discount to NAV may be unwarranted, especially considering Hansa offers investors a quality portfolio of hard-to-access funds with a growth tilt, value-biased global equities, a defensive allocation and an interesting play on Brazilian growth and global trade.