Discount = Opportunity

Exor, the holding company of the Agnelli family, currently trades at a holding discount above 45% to its Net Asset Value. This Net Asset Value is measured daily by Mister Market as around 80% of the portfolio are listed assets traded in the stock market. Main holdings are Ferrari, Stellantis (with the Fiat and Jeep brands), CNH (tractors) and lately Philips. The unlisted assets include French shoemaker Louboutin and The Economist. The holding is well managed under the lead of well-known John Elkann. We can not think of a better way in Europe to access at a 45% discount a well-managed portfolio of quality companies.