Ocean Wilsons Holdings reported a stronger third quarter on Tuesday, driven by a 4.9 per cent investment portfolio gain that pushed year-to-date performance into double-digit territory.

The Bermudian-based investment holding company said its implied net asset value stood at $812.4 million at September 30, or $28.72 per share. The portfolio itself was valued at $355.5 million, with the remaining $456.9 million held in cash following the disposal of Wilson Sons.

The portfolio has now returned 10.2 per cent for the year to date, a result the company linked to its long-term, diversified approach during a period of shifting interest-rate expectations and geopolitical uncertainty.

The investment manager noted that the rapid rise of artificial intelligence-linked markets has raised questions about overheating, but said conditions “have not yet reached bubble territory”. Diversification across geographies, sectors and styles remains the core of the portfolio strategy, the update said.

The quarter also featured significant corporate activity. Ocean Wilsons returned £109.1 million (about $143.5 million) to shareholders through a July tender offer and later announced a recommended all-share combination with Hansa Investment Co Ltd. Shareholders have already approved the deal, but it remains subject to a ruling by the Supreme Court of Bermuda.

A minority shareholder, Arnhold LLC, objected to the scheme, prompting the court to delay its sanction hearing until October 30. The court heard final arguments on November 3 and indicated it expects to deliver a judgment “as soon as possible”.