Not just Stellantis

Exor, the Agnelli family's holding company, is often seen as primarily tied to mass-market automotive through its stake in Stellantis (Fiat and Chrysler). However, its largest asset is Ferrari, a luxury brand that extends beyond the automotive sector. In fact, Exor's exposure to mass-market automotive through Stellantis represents only 13% of its gross asset value (GAV). The company also holds significant investments in other sectors, including Philips (healthcare technology) and CNH Industrial (specialized machinery for agriculture and construction). Our analysis indicates that Exor is currently trading at a 46% discount to its net asset value (NAV), making this diversified holding a core position in our portfolios.