MONITOR PORTFOLIO WEIGHTS

“The crown jewel of everything they own in their portfolio is Ferrari. And Exor holds around 20% of Ferrari's total shares outstanding. And they actually have extra voting rights attached that gives them about 30% control over the governance of the company. So they are easily the largest shareholder in Ferrari.”

“Stilantis and CNH are two examples of that because they're both spinoffs or in some way derivative of that original fiat business. And CNH, which is basically an alternative competitor to John Deere, it's a very, very cyclical industry and it's currently in a down cycle. And then Stilantis is really not only in a historically bad industry for investors, which is automotive, but they've also struggled operationally too.”

“Alphabet has been one of our earliest additions to the portfolio. And it has been our biggest position ever since. So especially after it doubled for us when it got past the AI fears, I think it's currently close to 14% of the portfolio. And then the next biggest stocks are Airbnb at 11.5%, Uber at 10.5% and Adobe at close to 8%.”

“Holding company discounts are not at all unusual. You basically discount them because you are also forced to hold assets that you're not that excited about. And there's a lot more friction if you were to hold those companies yourself. And if Exor wants to sell a stake, for example, they first have to pay taxes. And it's also quite difficult just given the size of the positions that Exor actually holds.”

“The general idea has been to run a portfolio with about 15 to 20 names. And that means that, in theory, every position would be about 5 to 6% of the portfolio. And there are obviously different levels of conviction and risk profiles depending on each stock. So, for example, Alphabet has been one of our earliest additions to the portfolio.”

“The crown jewel of everything they own in their portfolio is Ferrari. And Exor holds around 20% of Ferrari's total shares outstanding. And they actually have extra voting rights attached that gives them about 30% control over the governance of the company. So they are easily the largest shareholder in Ferrari.”

“Stilantis and CNH are two examples of that because they're both spinoffs or in some way derivative of that original fiat business. And CNH, which is basically an alternative competitor to John Deere, it's a very, very cyclical industry and it's currently in a down cycle. And then Stilantis is really not only in a historically bad industry for investors, which is automotive, but they've also struggled operationally too.”

“Alphabet has been one of our earliest additions to the portfolio. And it has been our biggest position ever since. So especially after it doubled for us when it got past the AI fears, I think it's currently close to 14% of the portfolio. And then the next biggest stocks are Airbnb at 11.5%, Uber at 10.5% and Adobe at close to 8%.”

“Holding company discounts are not at all unusual. You basically discount them because you are also forced to hold assets that you're not that excited about. And there's a lot more friction if you were to hold those companies yourself. And if Exor wants to sell a stake, for example, they first have to pay taxes. And it's also quite difficult just given the size of the positions that Exor actually holds.”

“The general idea has been to run a portfolio with about 15 to 20 names. And that means that, in theory, every position would be about 5 to 6% of the portfolio. And there are obviously different levels of conviction and risk profiles depending on each stock. So, for example, Alphabet has been one of our earliest additions to the portfolio.”