Highlights

  • Ocean Wilsons reports Q3 investment portfolio return of 4.9% in USD terms.
  • Implied NAV stands at USD 812.4 million following Wilson Sons disposal.
  • Court decision on proposed combination with Hansa Investment Company is pending.

Ocean Wilsons Holdings Limited (LSE:OCN) released its business update for Q3 2025, reporting an implied net asset value (NAV) of USD 812.4 million (GBP 604.0 million) as of 30 September 2025. This translates to an implied NAV per share of USD 28.72 (GBP 21.35).

The investment portfolio was valued at USD 355.5 million, representing USD 12.57 (GBP 9.34) per share, while the remaining USD 456.9 million was held in cash. The elevated cash position reflects proceeds from the earlier disposal of Wilson Sons.

During the third quarter, the investment portfolio delivered a 4.9% return in USD terms, bringing year-to-date gross performance to 10.2%. According to the Company, this reflected its long-term investment approach during a period characterised by broad macroeconomic uncertainty, evolving interest rate expectations, and geopolitical developments. The portfolio’s diversified structure continued to influence portfolio performance throughout the period.

Market Outlook from Investment Manager

The Company noted that the recent acceleration in AI-related markets has prompted discussions around potential market bubble dynamics. The Investment Manager commented that current conditions have not escalated to bubble levels and that market momentum may persist in the near term. Within this context, maintaining diversification by geography, asset class, and style remains an important component of its investment process. This approach, according to the update, is intended to balance exposure to growth areas while managing concentration risks.

Corporate Developments and Scheme Progress

During the quarter, the Company returned GBP 109.1 million to shareholders through a tender offer completed on 23 July. Shortly after, on 28 July, Ocean Wilsons announced a recommended all-share combination with Hansa Investment Company Limited, proposed to be executed via a court-sanctioned scheme of arrangement.

On 12 September, shareholders voted in favour of the Scheme, subject to several conditions, including approval by the Supreme Court of Bermuda. A minority shareholder, Arnhold LLC, which holds roughly 3% of the Company's issued share capital, sought additional time to present objections, leading to the Court Sanction Hearing being adjourned to 30 October.

The Company later confirmed that the hearing concluded on 3 November and that the Court intends to deliver judgment on the sanctioning of the Scheme as soon as possible. Further updates will be provided when available.

Share performance of OCN

OCN’s shares traded at GBX 1,124.91per share on 06 November 2025, down by 0.0080% from its previous close of GBX 1125.0.