Ayalon (4D) Global Stocks, managed by Ayalon Trust Funds Ltd. on Exor N.V.
Thesis
Exor is a longstanding family-controlled holding company that the fund views as a durable compounder with strong capital allocation and a history of successful acquisitions. Its portfolio includes major stakes in Ferrari, Stellantis and CNH Industrial alongside other private and public assets. During 2025 Exor sold part of its Ferrari holding and directed a large portion of the proceeds into repurchasing its own shares, which the manager views as intelligent capital allocation. Despite a difficult period in which net asset value and the share price declined, the fund believes Exor remains economically robust and meets its criteria for a long-term investment.
“There is no doubt that this company is economically robust, firmly complying with all of the criteria I believe in for long term investments”
Key risks
- Net asset value declined in 2025
- The share price has remained weak despite the long-term thesis